Leejam posts net profit of SAR 43.9 mln in H1 2021

Leejam posts net profit of SAR 43.9 mln in H1 2021

08/08/2021 Argaam Exclusive

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Leejam Sports (Fitness Time) turned to a net profit after Zakat and tax of SAR 43.9 million in the first half of 2021, against a net loss of SAR 84.8 million in the year-ago period.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 222.03 370.42 66.8 %
Gross Income (10.66) 119.21 1217.9 %
Operating Income (56.92) 68.69 220.7 %
Net Income (84.78) 43.92 151.8 %
Average Shares 52.38 52.38 -
EPS (Riyals) (1.62) 0.84 151.8 %

The company attributed the positive performance to an increase of SAR 148.4 million year-on-year (YoY) in revenue, amid higher membership and personal training revenue. Leejam also cited a decline of SAR 4.57 million YoY in finance cost, due to a lower number of loans and decreased interest rates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 24.36 221.87 810.9 %
Gross Income (62.66) 88.73 241.6 %
Operating Income (77.81) 64.11 182.4 %
Net Income (91.02) 50.89 155.9 %
Average Shares 52.38 52.38 -
EPS (Riyals) (1.74) 0.97 155.9 %

In Q2 2021, the company reported a net profit after Zakat and tax of 50.9 million against a net loss of SAR 91 million a year earlier, backed by higher revenue.

 

On a sequential basis, the company turned profitable from a net loss of SAR 7 million.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 177.31 - 70.89 - 47.03 -
Q2 2017 176.30 - 66.21 - 43.58 -
Q3 2017 184.83 - 70.63 - 47.01 -
Q4 2017 194.44 - 70.67 - 49.07 -
Q1 2018 177.53 0.1 % 58.24 (17.8 %) 34.58 (26.5 %)
Q2 2018 186.99 6.1 % 67.20 1.5 % 43.24 (0.8 %)
Q3 2018 210.29 13.8 % 85.78 21.5 % 58.87 25.2 %
Q4 2018 225.14 15.8 % 94.11 33.2 % 55.53 13.2 %
Q1 2019 217.32 22.4 % 75.09 28.9 % 51.18 48.0 %
Q2 2019 219.03 17.1 % 81.52 21.3 % 62.90 45.5 %
Q3 2019 238.37 13.4 % 85.03 (0.9 %) 62.00 5.3 %
Q4 2019 270.21 20.0 % 118.56 26.0 % 90.64 63.2 %
Q1 2020 197.67 (9.0 %) 52.00 (30.8 %) 20.89 (59.2 %)
Q2 2020 24.36 (88.9 %) (62.66) (176.9 %) (77.81) (223.7 %)
Q3 2020 211.48 (11.3 %) 68.71 (19.2 %) 45.56 (26.5 %)
Q4 2020 229.09 (15.2 %) 81.84 (31.0 %) 55.53 (38.7 %)
Q1 2021 148.54 (24.9 %) 30.47 (41.4 %) 4.58 (78.1 %)
Q2 2021 221.87 810.9 % 88.73 241.6 % 64.11 182.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 42.06 - 0.80 - 42.06 0.80
Q2 2017 40.47 - 0.77 - 40.47 0.77
Q3 2017 43.18 - 0.82 - 43.18 0.82
Q4 2017 48.49 - 0.93 - 48.49 0.93
Q1 2018 32.71 (22.2 %) 0.62 - 32.71 0.62
Q2 2018 39.76 (1.8 %) 0.76 - 39.76 0.76
Q3 2018 53.76 24.5 % 1.03 - 53.76 1.03
Q4 2018 53.86 11.1 % 1.03 - 53.86 1.03
Q1 2019 39.60 21.1 % 0.76 - 39.60 0.76
Q2 2019 49.59 24.7 % 0.95 - 49.59 0.95
Q3 2019 48.81 (9.2 %) 0.93 (0.11) 48.92 0.93
Q4 2019 67.92 26.1 % 1.30 (9.07) 76.99 1.47
Q1 2020 6.25 (84.2 %) 0.12 - 6.25 0.12
Q2 2020 (91.02) (283.5 %) (1.74) (0.47) (90.55) (1.73)
Q3 2020 26.57 (45.6 %) 0.51 - 26.57 0.51
Q4 2020 (0.51) (100.8 %) (0.01) (43.11) 42.60 0.81
Q1 2021 (6.97) (211.6 %) (0.13) - (6.97) (0.13)
Q2 2021 50.89 155.9 % 0.97 - 50.89 0.97

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 37.99 % 32.31 % 23.77 %
Q1 2018 36.25 % 34.21 % 22.49 %
Q2 2018 35.86 % 37.31 % 22.07 %
Q3 2018 36.65 % 37.99 % 22.71 %
Q4 2018 38.17 % 37.73 % 22.51 %
Q1 2019 38.37 % 40.22 % 22.27 %
Q2 2019 38.60 % 43.42 % 22.58 %
Q3 2019 37.31 % 45.58 % 21.33 %
Q4 2019 38.12 % 49.41 % 22.76 %
Q1 2020 36.43 % 47.64 % 19.64 %
Q2 2020 26.41 % 41.65 % 5.70 %
Q3 2020 25.10 % 40.24 % 2.74 %
Q4 2020 21.11 % 37.72 % (2.28 %)
Q1 2021 19.29 % 38.18 % (4.62 %)
Q2 2021 33.26 % 46.24 % 13.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 52.38 - - -
Q2 2017 52.38 - - -
Q3 2017 52.38 - - -
Q4 2017 52.38 3.33 3.33 12.01
Q1 2018 52.38 3.15 3.15 12.14
Q2 2018 52.38 3.13 3.13 12.56
Q3 2018 52.38 3.34 3.34 13.58
Q4 2018 52.38 3.44 3.44 13.62
Q1 2019 52.38 3.57 3.57 12.03
Q2 2019 52.38 3.76 3.76 12.56
Q3 2019 52.38 3.66 3.66 12.98
Q4 2019 52.38 3.93 4.11 13.78
Q1 2020 52.38 3.29 3.47 13.89
Q2 2020 52.38 0.61 0.79 12.14
Q3 2020 52.38 0.19 0.37 12.64
Q4 2020 52.38 (1.12) (0.29) 12.69
Q1 2021 52.38 (1.37) (0.54) 12.55
Q2 2021 52.38 1.34 2.16 13.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 16.04 16.04 3.94
Q4 2018 17.10 17.10 4.32
Q1 2019 19.33 19.33 5.74
Q2 2019 19.96 19.96 5.97
Q3 2019 22.28 22.27 6.29
Q4 2019 20.63 19.75 5.89
Q1 2020 15.85 15.04 3.76
Q2 2020 95.89 73.65 4.82
Q3 2020 More than 100 More than 100 5.65
Q4 2020 NEG NEG 6.09
Q1 2021 NEG NEG 5.77
Q2 2021 58.24 36.04 5.75

Business Segments (Million)

Compared With The
Period Male fitness center Female fitness center
Q3 2017 181.04 3.79
Q1 2018 159.48 18.04
Q2 2018 163.58 23.41
Q3 2018 174.66 35.63
Q4 2018 178.16 46.98
Q1 2019 166.43 50.89
Q2 2019 169.38 49.65
Q3 2019 182.93 55.44
Q4 2019 199.51 70.70
Q1 2020 145.52 52.15
Q2 2020 17.13 7.23
Q3 2020 159.40 52.08
Q4 2020 178.30 54.37
Q1 2021 112.07 36.47
Q2 2021 167.56 54.31

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 32.90 50.89 54.69 %

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
Al Rajhi Capital 40.00 50.89 27.2 %
SNB Capital 31.00 50.89 64.2 %
AlJazira Capital 27.70 50.89 83.7 %


Financial Ratios
Current
Market Cap (M Riyal) 9,858.48
Enterprise Value (EV) (M) 9,836.41
Shares Outstanding ((M)) 52.38
EPS ( Riyal) (TTM) 9.23
Book Value (BV) ( Riyal) 23.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.20
P/E (TTM) 20.39
Price/book 7.85
Return on Average Assets (%) (TTM) 14.1
Return on Average Equity (%) (TTM) 42.6
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Share Price

Leejam Sports Co.
188.20
1.40 0.75 %

Leejam Sports Co. (Leejam Sports)

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