RIYADH: The operator of the Saudi gym chain Fitness Time has posted an 87 percent profit surge for the first half of 2022, as sporting activity resumed in the Kingdom post the pandemic.
Leejam Sports Co. almost doubled its profit to SR82 million ($22 million) from SR44 million in the same period a year ago, according to a bourse filing.
This was buoyed by a growth in revenues of SR94 million to SR465 million, despite a SR50 million rise in the cost of revenue and an increase in other costs by SR6 million.
During the second quarter, Leejam recorded a revenue of SR233 million with 18 new centers opening during the previous 12 months continuing its gradual improvement.
The company expects the current market conditions to drive similar performance during the second half of the year.