Riyadh – Mubasher: The investment subsidiary of Leejam Sports Company (Fitness Time) fully acquired Al Tatheer Sports Company at a value of SAR 12 million on 14 June.
The acquisition aligned with the listed firm’s expansion strategy to widen its business base and enhance its services, according to a bourse filing.
Meanwhile, Fitness Time launches its new business sector, which is specialised fitness studios.
Through the deal, the total number of Leejam’s centers and studio chains operating inside and outside Saudi Arabia will stand at 173. This is besides further new openings which will be announced in the coming period.
This transaction, which was fully funded from Fitness Time’s operating cash flows, will reflect on the company’s income statements during the third quarter (Q3) of 2023.
Al Tatheer Sports offers sports and fitness consulting services in addition to providing government and private entities with sports and fitness equipment.
During January-March 2023, Fitness Time logged net profits after Zakat and tax valued at SAR 62.70 million, higher by 36.30% than SAR 46 million in Q1-22.
