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Losama for Sports profits fall to 63M
Lajam Sports Company, owner of the Time Fitness brand, recorded a 12.5% decline in its net profits for the second quarter of 2026 on an annual basis, totaling 63 million SAR compared to 72 million SAR in the same period last year. The company attributed the profit decline to a 2% decrease in gross profit margin resulting from expansion projects, a 17% increase in general, administrative, and selling expenses, and a 32% rise in financing costs due to increased loans and capital expenditures. Despite this, the company recorded non-recurring profits of 3.1 million SAR from the settlement of previous losses, and growth in revenue by 9% along with the absence of losses from its associate company helped mitigate the impact of the downturn. For the first half, the company's profits declined by 21.68% to 112 million SAR compared to 143 million SAR in the same period last year.
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