Saudi: Fitness Time records 51.4% rise in 9M-23 profits; dividends unveiled for Q3

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The net profits of Leejam Sports Company (Fitness Time) surged by 51.43% year-on-year (YoY) to SAR 227.30 million in the first nine months (9M) of 2023, compared to SAR 150.10 million in the same period of the previous year.

Earnings per share (EPS) increased to SAR 4.34 in 9M-23 from SAR 2.87 in 9M-22, according to the interim financial statements.

Revenues jumped by 27.14% YoY to SAR 927 million in 9M-23 from SAR 729.10 million.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, Fitness Time recorded 35.39% higher net profits to SAR 92.20 million from SAR 68.10 million in Q3-22.

The revenues increased by 31.64% to SAR 348.20 million during July-September 2023, compared with SAR 264.50 million in the corresponding period a year earlier.

On a quarterly basis, the Q3-23 net profits rose by 27.17% from SAR 72.50 million in Q2-23, while the revenues grew by 15.37% from SAR 301.80 million.

Dividends

The board members of Fitness Time approved, on 26 October 202, to distribute cash dividends worth SAR 49.76 million for the three-month period that ended on 30 September 2023.

The dividends amount to SAR 0.95 per share, accounting for 9.50% of the share’s par value, for 52.38 million eligible shares.

Meanwhile, the eligibility and payment dates for the Q3-23 dividends are set as 31 October and 14 November 2023, respectively.

Last August, Fitness Time distributed SAR 39.28 million as cash dividends for Q2-23.