Leejam’s net profit up 40% to SAR 356M in 2023, Q4 at SAR 129M

Leejam’s net profit up 40% to SAR 356M in 2023, Q4 at SAR 129M

19/03/2024 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a net profit of SAR 356 million for 2023, an increase of 40% from SAR 255 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,065.79 1,325.41 24.4 %
Gross Income 433.62 584.55 34.8 %
Operating Income 314.43 448.35 42.6 %
Net Income 254.76 356.24 39.8 %
Average Shares 52.38 52.38 -
EPS (Riyals) 4.86 6.80 39.8 %

Revenue for 2023 rose 24% year-on-year (YoY) to SAR 1.32 billion, driven by an increase in the number of members and operating centers. The company also recorded SAR 14 million profit from short-term Murabaha.

 

Meanwhile, the overall cost of revenue rose 17% YoY due to the increase in the operating centers since the end of Q4 2022, in addition to the increase in maintenance, repair, and cleaning costs driven by higher number of members.

 

Earnings were also weighed down by assets write-off related to the two centers that were closed in 2023 for expropriated areas in favor of the Diriyah Gate Project.

 

Finance costs rose due to higher interest rates compared to 2022.

 

Q4 2023 net profit rose 23% YoY to SAR 129 million, driven by an increase in the number of members and operating centers.

 

On a quarterly basis, net profit grew 39.9%, from SAR 92.18 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 336.72 398.45 18.3 %
Gross Income 162.68 191.71 17.8 %
Operating Income 117.88 152.11 29.0 %
Net Income 104.66 128.93 23.2 %
Average Shares 52.38 52.38 -
EPS (Riyals) 2.00 2.46 23.2 %

Total shareholders’ equity, no minority interest, stood at SAR 1.09 billion by Dec. 31, 2023, compared to SAR 915 million a year earlier.

 

Attached Document:

 

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2023 276.97 19.6 % 108.67 26.8 % 78.02 32.1 %
Q2 2023 301.77 29.5 % 124.47 59.5 % 91.52 75.9 %
Q3 2023 348.21 31.7 % 159.94 49.2 % 126.48 48.0 %
Q4 2023 398.45 18.3 % 191.71 17.8 % 152.11 29.0 %
2023 1,325.41 24.4 % 584.55 34.8 % 448.35 42.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2023 62.63 36.1 % 1.20 - 62.63 1.20
Q2 2023 72.75 101.9 % 1.39 - 72.75 1.39
Q3 2023 92.18 35.4 % 1.76 (11.42) 103.61 1.98
Q4 2023 128.93 23.2 % 2.46 - 128.93 2.46
2023 356.24 39.8 % 6.80 (11.42) 367.67 7.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 41.09 % 51.24 % 23.87 %
Q2 2023 42.63 % 51.99 % 25.59 %
Q3 2023 43.98 % 52.20 % 26.71 %
Q4 2023 44.12 % 52.83 % 27.76 %
2023 44.10 % 52.86 % 27.74 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 52.38 5.18 5.06 17.55
Q2 2023 52.38 5.88 5.76 18.33
Q3 2023 52.38 6.34 6.44 19.35
Q4 2023 52.38 6.81 7.02 20.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 20.27 20.74 5.98
Q2 2023 21.93 22.38 7.04
Q3 2023 22.42 22.07 7.35
Q4 2023 29.89 28.96 9.78

Business Segments (Million)

Compared With The
Period Male fitness center Female fitness center Other Business
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 -
Q1 2023 208.11 68.86 -
Q2 2023 228.78 72.50 0.49
Q3 2023 261.76 84.14 2.31
Q4 2023 295.65 102.80 -

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 121.75 128.93 5.89 %

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
AlJazira Capital 126.10 128.93 2.2 %
GIB Capital 134.00 128.93 (3.8) %
Al Rajhi Capital 124.00 128.93 4.0 %
SNB Capital 120.00 128.93 7.4 %
Sico 116.00 128.93 11.1 %
U-Capital 110.40 128.93 16.8 %

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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