Armah swings to SAR 762,000 profit in 2023
26/03/2024
Argaam Exclusive
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Armah Sports Co. reported a net profit of SAR 762,000 in 2023, versus a net loss of SAR 25.2 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 13.19 | 80.11 | 507.2 % |
| Gross Income | (1.87) | 30.65 | 1742.8 % |
| Operating Income | (24.92) | 10.46 | 142.0 % |
| Net Income | (25.24) | 0.76 | 103.0 % |
| Average Shares | 28.75 | 32.86 | 14.3 % |
| EPS (Riyals) | (0.88) | 0.02 | 102.6 % |
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 8.94 | 54.04 | 504.3 % |
| Gross Income | (0.64) | 24.90 | 4015.6 % |
| Operating Income | (17.09) | 13.64 | 179.8 % |
| Net Income | (22.14) | 6.90 | 131.2 % |
| Average Shares | 28.75 | 32.86 | 14.3 % |
| EPS (Riyals) | (0.77) | 0.21 | 127.3 % |
The turnaround was buoyed by higher revenue from personal training and membership, despite the higher revenue cost and increased cost of finance.
Total shareholders’ equity, no minority interest, rose to SAR 378 million as of Dec. 31, 2023, compared to SAR 246.6 million a year ago.
Accumulated losses reached SAR 54.4 million by Dec. 31, 2023, accounting for 16.6% of the company’s capital.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 26.07 | 513.5 % | 5.75 | 567.6 % | (3.17) | 59.4 % |
| H2 2023 | 54.04 | 504.3 % | 24.90 | 4015.6 % | 13.64 | 179.8 % |
| 2023 | 80.11 | 507.2 % | 30.65 | 1742.8 % | 10.46 | 142.0 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | (6.14) | (98.1 %) | (0.21) | - | (6.14) | (0.21) |
| H2 2023 | 6.90 | 131.2 % | 0.21 | - | 6.90 | 0.21 |
| 2023 | 0.76 | 103.0 % | 0.02 | - | 0.76 | 0.02 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 14.61 % | (7.30 %) | (70.06 %) |
| H2 2023 | 38.26 % | 39.21 % | 0.95 % |
| 2023 | 38.26 % | 39.21 % | 0.95 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 28.75 | (0.98) | (0.85) | 8.66 |
| H2 2023 | 32.86 | 0.02 | 0.02 | 11.50 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | More than 100 | More than 100 | 4.26 |
Business Segments (Million)
Q4 2023
| Period | Female Fitness Centres | Male Fitness Centers |
|---|---|---|
| Q2 2023 | 13.42 | 12.65 |
| Q4 2023 | 23.15 | 30.89 |
| Current | |
| Market Cap (M Riyal) | 2,793.10 |
| Enterprise Value (EV) (M) | 3,007.96 |
| 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 | 7.39 |
Share Price
Armah Sports Co. (ARMAH)
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