Leejam Sports Q4 2020 performance reasonable; revises 2021 estimates: CEO

Leejam Sports Co. (Fitness Time) reported reasonable performance in Q4 2020, despite the COVID-19 outbreak and the equipment write-off, Chief Executive Officer Justin Musgrove told Argaam in an exclusive.

“The fourth-quarter figures have improved, compared to Q3 2020,” Musgrove said, adding that the company is well-prepared for the new lockdown measures, compared to the previous period.

Leejam’s forecast for 2021 was promising before the Saudi government’s recently-announced precautionary measures, Musgrove said, indicating the company will now have to revise its estimates.

“We are working on establishing 13 new Xpress Fitness Centers and opening one of them by April. We are also bracing for opening 30 new Xpress Fitness Centers and 6 Fitness Time centers over 2021,” Musgrove noted.

Leejam reported SAR 511,000 in losses in Q4 2020, versus SAR 67.9 million in profit in the year-earlier period, Argaam reported.