Leejam turns to SAR 206 mln net profit in 2021; Q4 at SAR 85.9 mln

06/02/2022 Argaam Exclusive

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Leejam Sports Company (Fitness Time) swung to a net profit after Zakat and tax of SAR 206 million for 2021, versus a net loss of SAR 58.7 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	662.60	885.28	33.6 %
Gross Income	139.89	373.04	166.7 %
Operating Income	44.16	259.53	487.7 %
Net Income	(58.72)	206.02	450.8 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(1.12)	3.93	450.8 %

The company attributed the strong performance mainly to SAR 222.68 million growth in revenue, a decrease of by SAR 9.75 million in the cost of revenue and a net decrease of SAR 32.31 million in all other costs, including finance costs and Zakat.

The company recorded higher revenue from subscriptions and membership income; personal training income; as well as the rental and other income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	229.09	261.03	13.9 %
Gross Income	81.84	125.38	53.2 %
Operating Income	55.53	101.15	82.2 %
Net Income	(0.51)	85.91	16813.0 %
Average Shares	52.38	52.38	-
EPS (Riyals)	(0.01)	1.64	16813.0 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	253.84	261.03	2.8 %
Gross Income	128.46	125.38	(2.4 %)
Operating Income	89.70	101.15	12.8 %
Net Income	76.20	85.91	12.7 %
Average Shares	52.38	52.38	-
EPS (Riyals)	1.45	1.64	12.7 %

In Q4 2021, the gym operator turned to a net profit after Zakat and tax of SAR 85.9 million, against a net loss of SAR 0.52 million in the year-ago period.

Shareholders’ equity, after minority interest, grew by 21% to SAR 804.6 million in 2021, from SAR 664.5 million in 2020.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	450.30	-	202.68	-	142.79	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	594.84	32.1 %	262.24	29.4 %	192.79	35.0 %
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	700.89	17.8 %	305.32	16.4 %	221.01	14.6 %
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	-
2017	732.88	4.6 %	278.40	(8.8 %)	186.68	(15.5 %)
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 %
2018	799.95	9.2 %	305.33	9.7 %	192.21	3.0 %
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 %
2019	944.93	18.1 %	360.19	18.0 %	266.71	38.8 %
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 %)
2020	662.60	(29.9 %)	139.89	(61.2 %)	44.16	(83.4 %)
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 %
2021	885.28	33.6 %	373.04	166.7 %	259.53	487.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	450.30	-	202.68	-	142.79	-
2015	594.84	32.1 %	262.24	29.4 %	192.79	35.0 %
2016	700.89	17.8 %	305.32	16.4 %	221.01	14.6 %
2017	732.88	4.6 %	278.40	(8.8 %)	186.68	(15.5 %)
2018	799.95	9.2 %	305.33	9.7 %	192.21	3.0 %
2019	944.93	18.1 %	360.19	18.0 %	266.71	38.8 %
2020	662.60	(29.9 %)	139.89	(61.2 %)	44.16	(83.4 %)
2021	885.28	33.6 %	373.04	166.7 %	259.53	487.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	137.76	-	2.63	-	137.76	2.63
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	180.98	31.4 %	3.46	-	180.98	3.46
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	203.13	12.2 %	3.88	-	203.13	3.88
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
2017	174.20	(14.2 %)	3.33	-	174.20	3.33
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
2018	180.09	3.4 %	3.44	-	180.09	3.44
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
2019	205.92	14.3 %	3.93	(9.18)	215.10	4.11
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
2020	(58.72)	(128.5 %)	(1.12)	(43.58)	(15.14)	(0.29)
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
2021	206.02	450.8 %	3.93	-	206.02	3.93

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	137.76	-	2.63	-	137.76	2.63
2015	180.98	31.4 %	3.46	-	180.98	3.46
2016	203.13	12.2 %	3.88	-	203.13	3.88
2017	174.20	(14.2 %)	3.33	-	174.20	3.33
2018	180.09	3.4 %	3.44	-	180.09	3.44
2019	205.92	14.3 %	3.93	(9.18)	215.10	4.11
2020	(58.72)	(128.5 %)	(1.12)	(43.58)	(15.14)	(0.29)
2021	206.02	450.8 %	3.93	-	206.02	3.93

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	45.01 %	43.93 %	30.59 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	44.09 %	43.79 %	30.43 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	43.56 %	42.91 %	28.98 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	37.99 %	32.31 %	23.77 %
2017	37.99 %	38.45 %	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 %
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 %
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 %)
2020	21.11 %	37.72 %	(2.29 %)
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 %
2021	42.14 %	52.76 %	23.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	45.01 %	43.93 %	30.59 %
2015	44.09 %	43.79 %	30.43 %
2016	43.56 %	42.91 %	28.98 %
2017	37.99 %	38.45 %	23.77 %
2018	38.17 %	37.73 %	22.51 %
2019	38.12 %	49.41 %	22.76 %
2020	21.11 %	37.72 %	(2.29 %)
2021	42.14 %	52.76 %	23.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
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	39.98 %	-	23.72 %
Q2 2017	37.56 %	-	22.96 %
Q3 2017	38.21 %	38.67 %	23.36 %
Q4 2017	36.35 %	38.44 %	24.94 %
Q1 2018	32.81 %	34.37 %	18.43 %
Q2 2018	35.94 %	37.60 %	21.26 %
Q3 2018	40.79 %	40.98 %	25.57 %
Q4 2018	41.80 %	37.44 %	23.92 %
Q1 2019	34.56 %	44.60 %	18.22 %
Q2 2019	37.22 %	50.71 %	22.64 %
Q3 2019	35.67 %	49.44 %	20.52 %
Q4 2019	43.88 %	52.21 %	28.49 %
Q1 2020	26.31 %	35.82 %	3.16 %
Q2 2020	(257.26 %)	(104.36 %)	(371.76 %)
Q3 2020	32.49 %	45.74 %	12.56 %
Q4 2020	35.73 %	47.07 %	18.59 %
Q1 2021	20.51 %	37.09 %	(4.69 %)
Q2 2021	39.99 %	51.99 %	22.94 %
Q3 2021	50.60 %	55.65 %	30.02 %
Q4 2021	48.03 %	59.53 %	32.91 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	52.38	2.63	2.63	8.51
2015	52.38	3.46	3.46	8.46
2016	52.38	3.88	3.88	10.00
2017	52.38	3.33	3.33	12.01
2018	52.38	3.44	3.44	13.62
2019	52.38	3.93	4.11	13.78
2020	52.38	(1.12)	(0.29)	12.69
2021	52.38	3.93	3.93	14.95

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	17.10	17.10	4.32
2019	20.63	19.75	5.89
2020	NEG	NEG	6.09
2021	27.71	27.71	7.29

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

Period	Male fitness center	Female fitness center
2018	675.89	124.06
2019	718.24	226.69
2020	496.77	165.83
2021	664.80	220.48

Analysts Estimates (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change‬
Average	80.53	85.91	6.68 %

Estimates vs Actual (Million)

Item	Q4 2021 (e)	Q4 2021 (a)	Change
SNB Capital	82.00	85.91	4.8 %
Sico	82.00	85.91	4.8 %
AlJazira Capital	80.10	85.91	7.2 %
Al Rajhi Capital	78.00	85.91	10.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	9,848.00
Enterprise Value (EV) (M)	9,825.93
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)	26.17
P/E (TTM)	20.37
Price/book	7.84
Return on Average Assets (%) (TTM)	14.1
Return on Average Equity (%) (TTM)	42.6

Leejam Sports Co. (Leejam Sports)

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Leejam turns to SAR 206 mln net profit in 2021; Q4 at SAR 85.9 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Leejam Sports Co. (Leejam Sports)

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Leejam turns to SAR 206 mln net profit in 2021; Q4 at SAR 85.9 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2021

Revenue by Business Segment (Latest) 2021 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Leejam Sports Co. (Leejam Sports)

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