Leejam Q1 2023 profit rises 36% to SAR 62.7 mln

Leejam Q1 2023 profit rises 36% to SAR 62.7 mln

09/05/2023 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a net profit of SAR 62.7 million in the first quarter of 2023, compared to SAR 46 million in the year-earlier period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 231.62 276.97 19.6 %
Gross Income 85.72 108.67 26.8 %
Operating Income 59.06 78.02 32.1 %
Net Income 46.01 62.63 36.1 %
Average Shares 52.38 52.38 -
EPS (Riyals) 0.88 1.20 36.1 %

The profit growth was driven by higher revenue due to the increase in the number of operating centers, as 10 new centers were opened since the end of Q1 2022.

 

This was despite a 15% increase in the overall cost of revenue compared to Q1 2022 due to a rise in the costs of employees, utilities and depreciation. 

 

The financing cost also increased due to the interest rate hike compared to Q1 2022.

 

Compared to the previous quarter, Q1 2023 profit fell 41.5% from SAR 107.16 million.

 

Shareholders’ equity, no minority interest, reached SAR 943.1 million in Q1 2023, compared to SAR 805 million in the year-ago period.

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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 %


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

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 %


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

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

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
Q1 2023 208.11 68.86

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 56.93 62.63 10.00 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Sico 62.00 62.63 1.0 %
SNB Capital 62.00 62.63 1.0 %
Al Rajhi Capital 61.00 62.63 2.7 %
AlJazira Capital 57.10 62.63 9.7 %
Hermes 52.00 62.63 20.4 %
U-Capital 47.50 62.63 31.8 %


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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