Armah Sports’ Listing on TASI: Greater Liquidity and

Saudi Exchange has approved the transfer and listing of Armah Sports Company’s shares from the Parallel Market (Nomu) to the Main Market, with trading in its shares set to begin on Sunday, August 30, 2026.

This important step follows the company’s previous announcement issued on August 9, 2026, marking its presence on the Main Market within the Consumer Services sector under ticker (6022). The daily price fluctuation limit for the share was set at 10%.

The move reinforces the company’s market position by contributing to expanding its shareholder base and increasing liquidity and trading volume in its shares. This supports its expansion plans and enhances its governance transparency and alignment with advanced disclosure standards in the Saudi financial market.

Al Yamamah University students discussed the dimensions and strategic and financial implications of this move for the sector as follows:

A Broader Trader Base and a Test of the Ability to Face Competition
Student "Rimas Almashali" @Rimas Almashali explained her view, saying: "I believe that moving to the Main Market (TASI) enhances the company’s attractiveness to investors, particularly given the broader trader base compared with the 'Nomu' market. However, the real test lies in Armah Sports’ ability to maintain revenue growth and profitability amid the increasing competition in the sports club sector."

Meeting Growth Requirements and Enhancing Transparency in a Promising Sector
For her part, student "Jumana Alshahri" @Jumana Alshehri outlined the assessment, saying: "Armah Sports’ move reflects its success in meeting regulatory and structural requirements. It also gives the company an opportunity to reach a larger pool of investors and increase share liquidity. In addition, the move contributes to strengthening governance, disclosure, and transparency, thereby increasing shareholder confidence. At the sports-sector level, the industry has good growth opportunities supported by the focus on quality of life. However, maintaining market share remains dependent on the company’s ability to compete, expand, and deliver sustainable financial performance."

Higher Liquidity Is Not Enough Without Sustainable Strategic Growth
Student "Ghadah Alwallan" @Ghadah Alwallan shared her analysis, saying: "The move to 'TASI' is a positive step in terms of enhancing liquidity and governance and disclosure standards, which supports investor confidence. However, higher liquidity alone is not sufficient, as the company’s future assessment will primarily focus on its ability to expand and achieve sustainable growth."

Removing Trading Restrictions and Testing Actual Financial Results
Student "Arwa Alhuwaiti" @Arwa Alhuwaiti added from her perspective: "One of the key benefits of the move is broadening the investor base, particularly since the requirements of 'Nomu' restricted some traders from entering. With the share listed on the Main Market, liquidity and trading volume are expected to rise. However, increased liquidity remains insufficient on its own, as the company’s financial performance and actual results remain the primary driver of the share’s attractiveness."

Measured Expansion as a Condition for Maintaining Market Share
Student "@ثناء الشايب" commented: "This step reflects Armah’s reaching an advanced stage of growth and its ability to meet the transfer requirements. Trading on the Main Market will contribute to increasing liquidity by making the share available to a broader segment, compared with its previous restriction to qualified investors. Compliance with 'TASI' governance and disclosure requirements also enhances market participants’ confidence. While the sports sector presents significant opportunities in line with the Quality of Life objectives, competition will intensify, making measured expansion and service development essential to maintaining market share."

From Qualified Investors to a Broader Investor Base
Student "Mohammad Alghaihab" @Mohammad Alghaihab said in his analysis: "Armah’s move to 'TASI' is a positive step that opens the door to a broader segment of investors, after previously being limited to qualified investors on 'Nomu'. This strengthens liquidity, the shareholder base, and the company’s presence in the market. However, the long-term sustainability of this positive impact depends on the company’s ability to translate growth in the sports sector and its own expansion into sustainable profits and revenues."

Margin Pressure and Converting Growth into Cash Flows
Student "Fahad Al-Shaibani highlighted the operational aspect, saying: "The move is a positive step that improves liquidity levels and expands the base of market participants. However, the key challenge following this step is maintaining operational growth. Given the clear expansion of the sports club sector and increasing competition, the decisive factor will be the company’s ability to expand without putting pressure on profit margins and to convert the increase in the number of clubs and subscribers into sustainable profits and cash flows."

Expansion Efficiency and Maintaining Service Quality
Student "Alwaleed Al-Nafie" concluded the discussion, saying: "Moving to the Main Market is a positive step that supports increased liquidity and broadens the investor base, in addition to enhancing the company’s governance and transparency. With the sports sector’s promising outlook and growing interest in sports participation, the competitive environment requires companies to expand with high operational efficiency while maintaining the quality of the services provided."

A Strategic Step in the Consumer Sector

Mr. Abdulaziz Khrais shared his opinion, saying:

"The Main Market is witnessing the listing of Armah Sports this week, on Sunday, August 30, 2026, following its transfer from the Parallel Market (Nomu) after completing the period for reviewing the transfer document and the specified trading suspension in accordance with Saudi Exchange procedures. The company is thus joining the sector’s listed companies and transferring its operations to TASI under ticker (6022)."

Armah Sports Company share data:

- TASI ticker: 6022

- Sector: Consumer Services

- Capital: SAR 328,591,660

- Number of shares: 32,859,166 shares

- Par value: SAR 10

- Market capitalization: SAR 1,807,254,130.00

- Main Market listing date: Sunday, August 30, 2026

An Analytical Review of Financial and Regulatory Performance

In an analytical review of the company’s performance, financial and economic analyst "Hamad Al-Saeed" @Hamad Alsaeed explains: Armah Sports’ transfer to the Main Market is neither an offering nor a capital increase, but rather a transfer of listing that retains the same capital and number of shares. The real change lies in regulation and trading behavior. The daily price fluctuation limit narrows from 30% on the Parallel Market to 10%, disclosure shifts from semiannual to quarterly, and the share becomes available to individuals and funds without the restrictions applicable to qualified investors. These are not merely formal details; they mean more frequent price oversight based on the same figures.

In terms of financial performance, which is most important to investors, "Armah" recorded first-half revenue of SAR 113.7 million, up 11%, but net profit declined to SAR 24.3 million from SAR 27.5 million in the comparable period, a decrease of 11.7%. The announced 35% growth was measured against an adjusted base of SAR 18.0 million after excluding a SAR 9.5 million sublease gain recognized in the first quarter of 2025. In addition, part of the second-quarter improvement came from lower financing costs following the decline in SAIBOR and the reduction in the loan balance.

It is worth noting that the market reflected this during the share’s first trading days: it jumped 10% in its first session to approximately SAR 60.50, then retreated to SAR 54.05, below the reference price itself.