Nayifat’s profit sheds 48% to SAR 88.7M in 2023; Q4 at SAR 15.9M

12/03/2024 Argaam Exclusive

Nayifat Finance Co. witnessed a 48% profit drop to SAR 88.7 million in 2023, compared to SAR 171.5 million in the year before.



Financials (M)

Item 2022 2023 Change‬
Net income from finance commissions 275.57 257.89 (6.4 %)
Net Income 171.46 88.71 (48.3 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 1.43 0.74 (48.3 %)

The weaker bottom line was attributed to the increase in financing costs in 2023, given the soaring SAIBOR rate during the year.

 

Additionally, provisions for expected credit losses spiked in 2023, mainly due to higher non-performing loans in the unsecured loan portfolio for the same year.

 

This was offset by an uptick in revenues for 2023 on growth of the company’s financing portfolio by year-end.

 

In Q4 2023, Nayifat’s net income shrank by 56% to SAR 15.9 million, from SAR 36.15 million in the corresponding period a year ago.

 

Net profit also slumped from SAR 19.14 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Net income from finance commissions 68.71 59.01 (14.1 %)
Net Income 36.15 15.87 (56.1 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.30 0.13 (56.1 %)

Total shareholders’ equity, no minority interest, climbed to SAR 1.37 billion by the end of Dec. 31, 2023, from SAR 1.28 billion in the previous year.

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Share Price

Nayifat Finance Co.
14.78
0.20 1.37 %

Nayifat Finance Co. (NAYIFAT)

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Financial Ratios
Current
Market Cap (M) 1,773.60
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) 0.92
Book Value (BV) ( Riyal) 12.26
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.08
P/E (TTM) 16.08
Price/book 1.21
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 7.8
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