Nayifat H1 2023 profits down 42% to SAR 53.7 mln; Q2 at SAR 21.3 mln

31/07/2023 Argaam Exclusive

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Nayifat Finance Co.
13.34
0.04 0.30 %

Nayifat Finance Co. (NAYIFAT)

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Nayifat Finance Co. reported a net profit of SAR 53.7 million in H1 2023, a decline of 42% from SAR 93.3 million in the year-earlier period. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Net income from finance commissions 135.11 134.83 (0.2 %)
Net Income 93.27 53.71 (42.4 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.78 0.45 (42.4 %)

The profit decline was attributed to the increase in finance costs, which is directly linked with the rise in SAIBOR rates, in addition to the higher expected credit loss impairment charge. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Net income from finance commissions 69.83 66.93 (4.2 %)
Net Income 43.74 21.25 (51.4 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.36 0.18 (51.4 %)

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