The company obtained preferential rates in all financing products from banks
The CEO of Leejam Sports Company, Adnan Al-Khalaf, said that the company continues to expand, as it added a number of clubs last year at the same rate recorded in the past five years since listing.
Al-Khalaf added in an interview with Al-Arabiya that the growth recorded in the company was in terms of men’s and women’s clubs, as well as new and existing clubs for 15 years.
He pointed out that the growth in all sectors of the company was close, ranging between 20% and 30%.
Al-Khalaf explained that Leejam recorded good numbers in terms of revenues, profits and number of subscribers last year.
He pointed to the establishment of a subsidiary company in the field of investments to specialize in additional sports, and work is currently underway to activate children’s sports.
Al-Khalaf said that the company’s new projects may take between 8 to 24 months to generate revenues, expecting to continue with the same current expense rates and sales growth at the same rates recorded in the last period.
He continued, “If we add other revenue lines, it may contribute to facing any inflation in expenses, whether due to direct or indirect operational costs.”
He explained that the company obtained preferential prices in all financing products from banks, which reduced the financing cost, and this came thanks to the company’s rapid recovery from the Corona pandemic, compared to all companies in the region.
He revealed that the company registered the highest balance of deferred revenues, amounting to 400 million riyals, and this helps in providing financing, increases the company’s cash flows, and helps in expansions with less reliance on financing costs.
