Riyadh – Mubasher: Leejam Sports Company (Fitness Time) swung to net losses of SAR 58.72 million in 2020, versus net profits of SAR 205.92 million in 2019.
Revenue for the last year amounted to SAR 659.63 million, a decline of 30.2% from SAR 944.93 million a year earlier, according to a bourse statement on Sunday.
The company has incurred net losses for the first time in its history mainly due to an annual shrinkage in revenue by SAR 285.3 million, attributed to the suspension of sports activity in Saudi Arabia as part of precautionary measures aimed at combating the COVID-19 outbreak.
Source: Mubasher
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