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.
| 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.
| 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 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 64.05 | 59.01 | (7.9 %) |
| Net Income | 19.14 | 15.87 | (17.1 %) |
| Average Shares | 120.00 | 120.00 | - |
| EPS (Riyals) | 0.16 | 0.13 | (17.1 %) |
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