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FinancialNews
06-02-22
Biggest gym operator in Saudi registers record high revenue in 2021
(MENAFN) The operator of the biggest gym chain in Saudi Arabia, Fitness Time, has embarked into its largest ever yearly revenue for the past year as more Saudis resorted to working out at the gym after the covid-related lockdowns that emerged two years ago.
Based on bourse filing, Leejam Sports Co. registered a net profit of SR206 million (USD54.9 million) after wiping out losses of SR58.7 million (USD15.64 million) from the preceding year.
According to the firm’s statement, this was propped up by an expansion in profits of SR223 million (USD 59.43 million), a SR9.75 million (USD 2.59 million) drop in the cost of profit, and a decrease in other prices by SR32.3 million (USD 8.60 million).
As sporting boom remained in the country, the fitness firm witnessed the rebound of its subscriptions and renewals from covid-hit 2020, making SR193 million (about USD 51.4) in profit.
MENAFN06022022000045013568ID1103647484
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