Riyadh – Leejam Sports Company (Fitness Time) has signed a non-binding memorandum of understanding (MoU) with the Saudi Ministry of Municipal and Rural Affairs and Housing to endorse the quality of life (QOL) for the population in the Kingdom.
The MoU focuses on evaluating the feasibility of establishing, operating, utilising, and investing in park sites owned by the ministry nationwide, as per a bourse filing.
The cooperation agreement has a duration of 12 months starting from the signing date, 13 November 2023.
The sports services company noted that the MoU with the Saudi government will not have an impact on its financial statements.
It is worth highlighting that in the first nine months (9M) of 2023, Fitness Time achieved a net profit of SAR 227.30 million and revenues of SAR 927 million.
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