RIYADH: The operator of the largest Saudi gym chain Fitness Time, has swung into its highest ever annual profit in 2021 as more Saudis went back to sport after the lockdowns of 2020.
Leejam Sports Co. reported a net profit of SR206 million ($54.9 million) after erasing losses of SR58.7 million from a year ago, according to a bourse filing.
This was buoyed by a growth in revenues of SR223 million, a SR9.75 million decrease in the cost of revenue, and a fall in other costs by SR32.3 million, the company said in a statement.
As sporting activity resumed in the Kingdom, the fitness company saw its subscriptions and renewals recover from pandemic-hit 2020, generating SR193 million in income.
Further, income from personal training was up SR20.5 million and rental income surged due to new rental contracts during the year.