Leejam 9M 2023 profit up 51% to SAR 227.3 mln; Q3 at SAR 92.2 mln

Leejam 9M 2023 profit up 51% to SAR 227.3 mln; Q3 at SAR 92.2 mln

29/10/2023 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a net profit of SAR 227.3 million for the first nine months of 2023, an increase of 51% compared to SAR 150.1 million in the year-earlier period. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 729.07 926.96 27.1 %
Gross Income 270.95 392.84 45.0 %
Operating Income 196.55 296.24 50.7 %
Net Income 150.10 227.32 51.4 %
Average Shares 52.38 52.38 -
EPS (Riyals) 2.87 4.34 51.4 %

The higher profit was driven by a 27% year-on-year (YoY) revenue leap due to an increase in the number of operating centers. As many as 11 new branches were opened since the end of Q3 2022.  

 

Membership revenue increased by 27% YoY in nine months of 2023, while revenue from personal training and other paid programs, including swimming, rose 41% YoY.   

 

However, the overall cost of revenue increased by 17% YoY due to the addition of 11 Fitness centers since the end of Q3 2022, in addition to the increase in maintenance, repair, and cleaning costs driven by the rise in the number of members and the continuation of club refurbishment program, Your Club has Changed. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 264.45 348.21 31.7 %
Gross Income 107.18 159.94 49.2 %
Operating Income 85.46 126.48 48.0 %
Net Income 68.06 92.18 35.4 %
Average Shares 52.38 52.38 -
EPS (Riyals) 1.30 1.76 35.4 %

Net profit jumped 36% YoY to SAR 92.2 million in Q3 2023 on higher revenue and a SAR 3 million profit from short-term Murabaha.  

 

The company’s net profit rose 27.2% in Q3 2023 from SAR 72.47 million in Q2 2023.  

 

Total shareholders’ equity, no minority interest, reached SAR 1.03 billion as of Sept. 30, 2023, compared to SAR 867.1 million a year ago.   



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 %


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

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 %


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

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

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

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 72.24 92.18 27.61 %

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
SNB Capital 78.20 92.18 17.9 %
Sico 77.00 92.18 19.7 %
AlJazira Capital 74.10 92.18 24.4 %
U-Capital 66.90 92.18 37.8 %
Al Rajhi Capital 65.00 92.18 41.8 %

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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