The opinions shared in the GymNation blog articles are solely those of the respective authors and may not represent the perspectives of GymNation or any member of the GymNation team.
Saudi Fitness Time obtains $40mln financing from Emirates NBD
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.
🔍 Read More: Ready to elevate your fitness journey? Dive deeper with our BMI Calculator, BMR Calculator, TDEE Calculator, and Body Fat Calculator. Uncover the science behind your health!
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.