Saudi gym chain operator Leejam Sports Co., owner of Fitness Time, plans to set up an investment unit in Riyadh, aimed at establishing joint ventures and acquiring stakes in existing entities.
Subject to obtaining regulatory approvals, the move to establish a fully-owned subsidiary comes in a bid to achieve the company’s wider goals and strategy, it said in a bourse filing.
The decision to establish a subsidiary was approved by Leejam’s board on June 16, according to the filing.
The Saudi-listed firm has been witnessing an improvement in its financials post-pandemic, supported by fewer restrictions and the reopening of centers.
It swung into a profit of SR46 million ($12.3 million) in the first quarter of 2022, which was mainly attributable to strong revenues.
Revenue was up by SR83 million, due to the opening of new centers and an increase in subscriptions during the quarter as compared to the same quarter last year.
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