Armah Sports widens losses to SAR 21.2 mln in 2022

23/10/2023 Argaam Exclusive

Armah Sports Co., which is slated to be listed on the Nomu-Parallel Market, said its net loss widened to SAR 21.2 million in 2022 from SAR 11.2 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 0.44 13.19 2912.1 %
Gross Income (1.64) (1.87) (13.8 %)
Operating Income (10.81) (24.92) (130.5 %)
Net Income (11.15) (25.24) (126.3 %)
Average Shares 5.26 28.75 -
EPS (Riyals) (2.12) (0.88) 58.6 %


Current Half Annual Comparison (M)

Compared With The
Item H2 2021 H2 2022 Change‬

The losses were attributed to a lower operating profit margin, which fell from 24.6% in 2021 to 1.57% in 2022 on an 89% rise in general and administrative expenses to SAR 16.3 million from SAR 8.6 million a year earlier.

 

Financing costs reached SAR 4.7 million, resulting from an increase in loan financing costs by more than 100% year-on-year (YoY). This was in addition to a rise in the cost of revenue and selling and marketing expenses.

 

However, gross profit margin rose from 3.7% in 2021 to 14.6% in 2022 due to the increase in revenues by more than 100% YoY.

 

Meanwhile, revenue grew to SAR 13.2 million in 2022 from SAR 437,000 in 2021 due to increased revenues from subscriptions, memberships and personal training.

 

Other income also jumped to SAR 3.9 million in 2022 from SAR 124,000 a year earlier due to the inclusion of income from rental concessions and profits from lease terminations.

 

Total shareholders’ equity, no minority interest, stood at SAR 255.10 million by the end of 2022, from SAR 27.46 million a year earlier. 

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Share Price

Armah Sports Co.
85.80
(2.10) (2.39 %)

Armah Sports Co. (ARMAH)

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Financial Ratios
Current
Market Cap (M Riyal) 2,819.39
Enterprise Value (EV) (M) 3,034.24
Shares Outstanding ((M)) 32.86
Book Value (BV) ( Riyal) 11.50
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 7.46
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 4.25 - (1.23) - (7.82) -
H2 2022 8.94 - (0.64) - (17.09) -
2022 13.19 2912.1 % (1.87) (13.8 %) (24.92) (130.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 (3.10) - (0.11) - (3.10) (0.11)
H2 2022 (22.14) - (0.77) (3.75) (18.39) (0.64)
2022 (25.24) (126.3 %) (0.88) (3.75) (21.49) (0.75)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 (14.14 %) (101.49 %) (162.90 %)
2022 (14.14 %) (101.49 %) (162.88 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 28.75 - - 8.87
H2 2022 28.75 (0.88) (0.75) 8.58

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -

Business Segments (Million)

Compared With The
Period Female Fitness Centres Male Fitness Centers
Q2 2022 4.23 0.02
Q4 2022 8.71 0.23

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