Saudi Arabia's Leejam confirms extension of gym closures

Fitness centre operator posts first annual loss of $15.6mln

  
A Saudi man wearing a protective face mask exercises at a gym after the announcement of the easing of lockdown measures amid the coronavirus disease (COVID-19) outbreak, in Riyadh, Saudi Arabia June 23, 2020.

A Saudi man wearing a protective face mask exercises at a gym after the announcement of the easing of lockdown measures amid the coronavirus disease (COVID-19) outbreak, in Riyadh, Saudi Arabia June 23, 2020.

REUTERS/Ahmed Yosri

Saudi Arabia’s Leejam Sports Company (Fitness Time) has extended its gym closures in Saudi Arabia for a further 20 days after authorities announced the renewal of precautionary measures to prevent the spread of COVID-19.

In a statement to the Saudi Stock Exchange (Tadawul), the sports and fitness firm said all of its fitness centres in the kingdom would remain closed for a further 20 days from February 14.

The company first announced that gyms would close for 10 days on February 4.

Last night, Leejam posted its first annual loss, 58.72 million riyals ($15.6 million) compared to a profit of 205.92 million riyals in 2019.

Its revenues decreased year-on-year by 285.3 million riyals.

The reduction was attributed to factors including a decrease in subscriptions and renewals worth 264 million riyals. Personal training income also fell by 17 million riyals.

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)

Imogen.Lillywhite@refinitiv.com

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