Leejam Sports (Fitness Time) incurred losses amounting to 58.72 million riyals, compared to 205.92 million riyals profits during the year 2020.
The company's revenues fell by 30% to 659.6 million riyals, compared to 994.93 million riyals profits during the corresponding period.
And according to Arabnet in a company statement, it is for the first time in its history that it has recorded losses. This is mainly due to the significant decrease in revenues amounting to 285.3 million riyals compared to last year as a result of the suspension of sports activity in the Kingdom from March 15, 2020 AD until June 20, 2020 AD to control the outbreak of the ongoing pandemic of Coronavirus (COVID-19) and apply the precautionary measures since that date. / p>
and explained that the decline in revenues is due to the decrease in subscriptions and membership income of 264 million Saudi riyals as a result of the decrease in the number of new subscriptions and renewals during the year compared to last year due to the suspension of sports activity in the Kingdom. From March 15, 2020 until June 20, 2020, to control the outbreak of the ongoing pandemic of the Coronavirus, and a decrease in personal training income by 17 million Saudi riyals due to the suspension of personal training sessions in clubs.
The company's operations improved mainly during the fourth quarter of 2020, with net profit for the quarter (excluding the written-off assets) amounting to 43 million riyals compared to 26 million Saudi riyals for the three period Months ending September 30, 2020.
