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Overview of Sport Clubs financial, segment performance in 2024
Sport Clubs Co., which establishes, manages and operates sports clubs, reported net earnings of SAR 38.1 million for 2024, an increase of 52% year-on-year (YoY) from nearly SAR 25.1 million.
This growth was spurred by a 21% rise YoY in revenues to SAR 327.4 million, primarily due to higher subscriptions and continued network expansion. The company had 56 branches at the end of 2024. It also reported improved revenues from Body Experts.
Gross profit margins expended by 3.3% to 30.1% in 2024, from 26.7% a year earlier despite an increase in the direct cost of sales on fitness club expansion. Sport Club also recorded an increase in the number of employees, along with higher amortization and maintenance costs. Direct costs include wages, direct salaries, and the equivalent.
On the other hand, financing costs curbed profit growth on rising by 17% YoY to SAR 31.4 million as the company obtained more credit facilities, in addition to increased lease contract liabilities and sales on credit costs.
Key Income Statement Items (SAR mln)
Item
2023
2024
Change %
Revenues
270.6
327.4
+21%
Gross Profit
72.4
98.5
+36%
Gross Profit Margin (%)
26.7%
30.1%
+3.3%
Financing Costs
(27.0)
(31.4)
(17%)
Net Income
25.1
38.1
+52%
No. of Shares (mln)
104.0
104.0
--
EPS (SAR)
0.24
0.37
+52%
Between 2021 and 2021, revenues saw a compound annual growth rate (CAGR) of 17%, reaching SAR 327.4 million. Gross profit margins jumped by 12.2% to 30.1%.
Net earnings stood at SAR 38.1 million in 2024, recording a CAGR of 68% from about SAR 8 million in 2021.
Income Statement– SAR mln (YoY)
Item
2021
2022
2023
2024
CAGR %
Revenue
204.4
268.0
270.6
327.4
+17%
Gross Profit
36.5
69.3
72.4
98.5
+39%
Gross Profit Margin (%)
17.9 %
25.8 %
26.7 %
30.1 %
+12.2%
Finance Costs
(16.9)
(25.1)
(27.0)
(31.4)
(23%)
Net Income
8.0
22.7
25.1
38.1
+68%
No. of Shares (mln)
104.0
104.0
104.0
104.0
--
EPS (SAR)
0.08
0.22
0.24
0.37
+68%
By segment, the company's revenues are classified into three categories:
- Club Subscriptions: Representing the core operations and the largest contributor to total revenues.
- Health Club Services: Including personal training, nutritional consultations, and others.
- Sports Solutions: Revenues from operational sales, sports equipment sales, and special projects.
Subscription revenues rose to SAR 260.1 million in 2024, driven by growth in subscriptions and the opening of 15 new branches from 2021 to September 2024.
Health club services also saw revenue growth due to the increase in the number of subscribers. Meanwhile, the sports solutions segment generated SAR 26.9 million in 2024.
Operating Revenues by Activity – SAR mln (YoY)
Activity
2021
2022
2023
2024
Subscriptions
184.4
233.6
237.9
260.1
Health Club Services
19.8
32.0
30.8
40.4
Sports Solutions
0.2
2.4
2.0
26.9
Total
204.4
268.0
270.6
327.4
The following chart illustrates the contribution of each operating activity to total revenues from 2021 to 2024:
Geographically, the Central Region accounted for the largest share of revenue, reaching approximately SAR 220.8 million in 2024. This performance is attributed to the region's high population density, strong purchasing power, and the presence of major commercial and service businesses headquarters, particularly in Riyadh.
All other regions also recorded year-on-year (YoY) revenue growth, indicating that expansion remains concentrated in economically vibrant areas. In contrast, growth opportunities remain limited in less developed regions due to relatively modest economic activity and geographic reach.
Geographic Revenue Distribution (SAR million)
Region
2021
2022
2023
2024
Central
121.6
168.8
172.8
220.8
Western
27.3
35.7
36.6
38.5
Eastern
35.0
39.5
35.9
37.6
Northern
12.0
14.8
15.6
20.1
Southern
8.5
9.2
9.8
10.4
Total
204.4
268.0
270.6
327.4
The following chart demonstrates geographic revenue breakdown:
According to the latest data available, the Body Masters club brand (Premium and Express) accounted for the largest share of revenues, reaching SAR 172.8 million in 2021. Revenues increased to SAR 207 million in 2024, driven by the growth in the number of fitness centers to 41 branches, as well as an increase in the number of subscribers, to approximately 100,000 members by the end of 2024.
Performance of Body Masters Clubs (Premium & Express)
Item
2021
2022
2023
2024
Revenues (SAR million)
172.8
195.5
196.0
207.0
Number of Clubs
42
41
40
41
Meanwhile, Body Motions clubs also recorded significant growth, with revenues rising from SAR 31.4 million in 2021 to SAR 93.6 million in 2024. The number of centers reached 15, serving more than 23,000 subscribers in 2024.
Performance of Body Motions Clubs
Item
2021
2022
2023
2024
Revenues (SAR million)
31.4
69.6
71.8
93.6
Number of Clubs
12
13
14
15
Balance Sheet
Total assets climbed to SAR 798.4 million by end-2024, up from SAR 667.0 million in 2021.
Liabilities rose to SAR 629.6 million from SAR 558.6 million over the same period, due to financing construction activities.
Details are shown in the table below:
Key Balance Sheet Items (SAR mln)- (Annual)
Item
2021
2022
2023
2024
Current Assets
32.9
42.7
34.5
75.2
Non-Current Assets
634.1
623.2
722.6
723.2
Total Assets
667.0
665.9
757.1
798.4
Current Liabilities
132.3
154.2
197.1
240.5
Non-Current Liabilities
426.2
385.8
416.6
389.1
Total Liabilities
558.6
540.0
613.7
629.6
Share Capital
104.0
104.0
104.0
104.0
Shareholders' Equity
108.4
125.9
143.4
168.8
Liabilities & Equity
667.0
665.9
757.1
798.4
Cash Flows
Operating cash flows remained positive at SAR 103.1 million, reflecting solid cash generation from core operations.
Investment cash flows were negative at SAR 90 million, due to continued asset expansion and renewal.
Financing cash flows stood at negative SAR 16.8 million, used to support new club expansion projects.
It is worth noting that the company plans to use the net proceeds from the offering to build and equip new fitness clubs, including interior fit-outs. This supports continued growth, geographic expansion within and beyond the Kingdom, and an increase in membership base.
The new club locations scheduled to open in 2025 and 2026 include:
Expected Club Openings
Body Masters (Uhud)
Dammam
Under construction and finishing
Q2 2025
Body Masters (AlUla)
AlUla
Under construction and finishing
Q3 2025
Body Motions (AlUla)
AlUla
Under construction and finishing
Body Motions (Al Munsiyah)
Riyadh
Lease signed, in design phase
Q4 2025
Body Masters (Al Munsiyah)
Riyadh
Lease signed, in design phase
Body Masters (North Obhur)
Jeddah
Lease signed, in design phase
Body Motions (North Obhur)
Jeddah
Lease signed, in design phase
Body Masters (Al Manar)
Riyadh
Lease signed, in design phase
Body Masters (Buraidah)
Qassim
Lease signed, in design phase
Q1 2026
Body Motions (Buraidah)
Qassim
Lease signed, in design phase
Body Motions (Al Nada)
Dammam
Under construction and finishing
Body Masters (Taif)
Taif
Lease signed, in design phase
Q3 2026
Body Motions (Taif)
Taif
Lease signed, in design phase
Body Masters (Al Yarmouk)
Riyadh
In licensing process for construction and design
Body Motions (Al Yarmouk)
Riyadh
In licensing process for construction and design
