Leejam reports 49% net profit growth to SAR 94M in Q1 2024

Leejam reports 49% net profit growth to SAR 94M in Q1 2024

06/05/2024 Argaam Exclusive

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Leejam Sports Co. (Fitness Time) reported a net profit of SAR 94 million in Q1 2024, a jump of 49%, from SAR 63 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 276.97 343.54 24.0 %
Gross Income 108.67 139.39 28.3 %
Operating Income 78.02 98.68 26.5 %
Net Income 62.63 94.22 50.4 %
Average Shares 52.38 52.38 -
EPS (Riyals) 1.20 1.80 50.4 %

Revenue grew 24% year-on-year (YoY) to SAR 344 million driven by the increase in number of members and operating centers, as 35 new facilities were added since the end of Q1 2023.

 

Subscriptions and membership grew by revenue by 19% YoY, revenue from paid programs rose by 49% YoY, while rent and other revenue led up 92% YoY.

 

Q1 2024 cost of revenue increased 21% YoY as 18 Fitness Time centers were added, along with an increase in maintenance, repair, and cleaning costs due to higher number of subscribers. General, administrative, selling and marketing expenses jumped by 30%, driven by increased spending on marketing and investments in digital solutions and human capital development, in line with the company's strategic plan.

 

The company also cited higher cost of finance due to the hike in interest rates.

 

Q1 2024 also included a one-off income of SAR 18 from renting a previously impaired center in Ras Al Khaimah, in addition to SAR 3.4 million gains from short-term Murabaha.

 

On a quarterly basis, net earnings declined 27.1% from SAR 128.93 million.

 

Shareholders’ equity, after minority interest, reached SAR 1.11 billion by March 31, 2024, compared to SAR 919 million in the prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2024 343.54 24.0 % 139.39 28.3 % 98.68 26.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2024 94.22 50.4 % 1.80 13.73 80.49 1.54

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2024 44.22 % 52.51 % 27.71 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 52.38 7.41 7.36 21.26

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 29.45 29.63 10.26

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 -
Q1 2024 248.23 87.49 7.82

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 75.15 94.22 25.38 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
AlJazira Capital 83.80 94.22 12.4 %
Sico 82.70 94.22 13.9 %
SNB Capital 75.20 94.22 25.3 %
GIB Capital 72.00 94.22 30.9 %
Al Rajhi Capital 71.00 94.22 32.7 %
U-Capital 66.20 94.22 42.3 %

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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