Leejam 2022 profit jumps 25% to SAR 257.3 mln; Q4 at SAR 107.2 mln

Leejam 2022 profit jumps 25% to SAR 257.3 mln; Q4 at SAR 107.2 mln

05/03/2023 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a rise of 25% in its annual net profit to SAR 257.3 million, compared to SAR 206 million in 2021. 



Financials (M)

Item 2021 2022 Change‬
Revenues 885.28 1,065.79 20.4 %
Gross Income 373.04 433.62 16.2 %
Operating Income 259.53 314.43 21.2 %
Net Income 206.02 254.76 23.7 %
Average Shares 52.38 52.38 -
EPS (Riyals) 3.93 4.86 23.7 %

The gym operator reported higher revenue, thanks to an increase in the number of operating centers after opening 11 new centers during the year, various promotional campaigns, in addition to the increase in number of operating days, compared to 2021.  

 

The better revenue was driven by a rise in subscriptions and membership revenue by SAR 157.4 million. Personal training (PT) revenue also increased by SAR 12.7 million, with rental income and other income growing by SAR 10.4 million in the same period. 

 

The fourth-quarter net profit also climbed 25% to SAR 107.2 million, from SAR 85.91 million in Q4 2021.

 

Leejam’s net profit rose 57.5% in Q4 2022 from SAR 68.06 million in Q3 2022.  



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 261.03 336.72 29.0 %
Gross Income 125.38 162.68 29.7 %
Operating Income 101.15 117.88 16.5 %
Net Income 85.91 104.66 21.8 %
Average Shares 52.38 52.38 -
EPS (Riyals) 1.64 2.00 21.8 %

Total shareholders’ equity, no minority interest, increased to SAR 938.5 million as of Dec. 31, 2022, compared to SAR 804.6 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2021 253.84 20.0 % 128.46 87.0 % 89.70 96.9 %
Q4 2021 261.03 13.9 % 125.38 53.2 % 101.15 82.2 %
Q1 2022 231.62 55.9 % 85.72 181.3 % 59.06 1190.8 %
Q2 2022 232.99 5.0 % 78.05 (12.0 %) 52.04 (18.8 %)
Q3 2022 264.45 4.2 % 107.18 (16.6 %) 85.46 (4.7 %)
Q4 2022 336.72 29.0 % 162.68 29.7 % 117.88 16.5 %
2022 1,065.79 20.4 % 433.62 16.2 % 314.43 21.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2021 76.20 186.8 % 1.45 - 76.20 1.45
Q4 2021 85.91 16813.0 % 1.64 - 85.91 1.64
Q1 2022 46.01 759.8 % 0.88 - 46.01 0.88
Q2 2022 36.02 (29.2 %) 0.69 - 36.02 0.69
Q3 2022 68.06 (10.7 %) 1.30 - 68.06 1.30
Q4 2022 104.66 21.8 % 2.00 6.17 98.49 1.88
2022 254.76 23.7 % 4.86 6.17 248.59 4.75

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2021 38.61 % 49.16 % 19.07 %
Q4 2021 42.14 % 52.76 % 23.27 %
Q1 2022 44.23 % 54.42 % 26.75 %
Q2 2022 42.63 % 53.18 % 24.93 %
Q3 2022 40.03 % 52.70 % 23.84 %
Q4 2022 40.69 % 51.31 % 23.32 %
2022 40.69 % 51.31 % 23.32 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2021 52.38 2.28 3.11 14.53
Q4 2021 52.38 3.93 3.93 14.95
Q1 2022 52.38 4.94 4.94 15.37
Q2 2022 52.38 4.66 4.66 15.60
Q3 2022 52.38 4.51 4.51 16.55
Q4 2022 52.38 4.86 4.75 17.46

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2021 45.81 33.68 7.20
Q4 2021 27.71 27.71 7.29
Q1 2022 25.48 25.48 8.20
Q2 2022 19.20 19.20 5.74
Q3 2022 17.16 17.16 4.67
Q4 2022 17.27 17.70 4.81

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
Q3 2021 189.23 64.61
Q4 2021 195.94 65.09
Q1 2022 175.45 56.17
Q2 2022 180.60 52.39
Q3 2022 200.12 64.33
Q4 2022 251.99 84.73

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 76.35 104.66 37.08 %

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
Sico 86.00 104.66 21.7 %
Hermes 84.00 104.66 24.6 %
AlJazira Capital 76.80 104.66 36.3 %
Al Rajhi Capital 72.00 104.66 45.4 %
SNB Capital 70.30 104.66 48.9 %
U-Capital 69.00 104.66 51.7 %

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

Share Price

188.20
1.40 0.75 %

Leejam Sports Co. (Leejam Sports)


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