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Saudi Fitness Time obtains $40mln financing from Emirates NBD
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On December 21, 2023, Leejam Sports Company, known for Fitness Time, signed a Sharia-compliant credit agreement worth SAR 150 million with Emirates NBD.
The facilities include a short-term loan to finance the company’s working capital and a letter of credit to purchase the fitness equipment for its operations in the UAE, according to a bourse filing.
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Guaranteed by promissory notes, the short-term loan carries a three-month duration period, while the letter of credit holds a tenor of 12 months.
In the first nine months (9M) of 2023, Fitness Time recorded 51.43% higher net profits after Zakat and tax at SAR 227.30 million, compared to SAR 150.10 million in 9M-22.
The UAE lender logged net profits valued at AED 17.49 billion during the January-September 2023 period, higher by 92% year-on-year (YoY) than AED 9.09 billion.
Source: zawya
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