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Fitness Time gym operator records first loss in 2020

RIYADH: The Leejam Sports Company, owner of Saudi gym chain Fitness Time, reported a net loss after Zakat and tax of SR58.7 million ($15.65 million) for the fiscal year ended December 2020, the first time the company has recorded a loss.
The gym operator attributed the losses to a decrease in revenue of SR285.3 million, as sporting activity in the Kingdom was suspended last year between March and June, as a result of the novel coronavirus (COVID-19) pandemic.
In a statement to the Saudi Stock Exchange (Tadawul), the company said it was “the first time in its history” it had recorded a yearly loss. According published financial results, revenue for 2020 amounted to SR659.63 million, a year-on-year decline of 30.2 percent. ....

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Saudi Arabia's largest fitness operator fights back after pandemic slump

RIYADH: Leejam Sports Co., Saudi Arabia’s largest fitness company, on Dec. 13 opened its first gym in Jeddah under its newly launched brand Fitness Time Xpress Ladies.
More launches have since followed, bringing the total number of outlets Leejam operates to 138 and demonstrating that despite one of the most challenging years since it opened in 2005, it is pushing ahead with its ambitious expansion plans.
When coronavirus disease (COVID-19) struck earlier this year, all gyms in Saudi Arabia were closed on March 15 and did not reopen until June 21.
“COVID-19 was pretty devastating because we had to close the doors, having an income of millions of riyals to zero overnight,” Leejam CEO Justin Musgrove told Arab News. ....

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