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

31/07/2023 Argaam Exclusive

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 %)

The company’s net profit fell 51.4% in Q2 2023 to SAR 21.3 million from SAR 43.7 million in Q2 2022. 

 

On a quarterly basis, net earnings dropped by 34.5% from SAR 32.45 million. 

 

Total shareholders’ equity, no minority interest, stood at SAR 1.34 billion as of June 30, 2023, compared to SAR 1.21 billion in the prior-year period. 

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Share Price

Nayifat Finance Co.
15.12
0.04 0.27 %

Nayifat Finance Co. (NAYIFAT)

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Financial Ratios
Current
Market Cap (M) 1,814.40
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) 16.45
P/E (TTM) 16.45
Price/book 1.23
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 7.8
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Financial results (Million)

Period Commission income from finance and investments Change Net income from finance commissions Change
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 99.57 - 64.75 -
Q2 2017 81.65 - 45.40 -
Q3 2017 81.60 - 45.01 -
Q4 2017 95.10 - 39.61 -
Q1 2018 84.02 (15.6 %) 51.38 (20.7 %)
Q2 2018 79.79 (2.3 %) 49.68 9.4 %
Q3 2018 76.72 (6.0 %) 43.98 (2.3 %)
Q4 2018 81.75 (14.0 %) 44.22 11.7 %
Q1 2019 84.97 1.1 % 49.61 (3.4 %)
Q2 2019 93.62 17.3 % 57.31 15.4 %
Q3 2019 102.47 33.6 % 63.43 44.2 %
Q4 2019 108.83 33.1 % 67.58 52.8 %
Q1 2020 108.43 27.6 % 69.60 40.3 %
Q2 2020 100.80 7.7 % 67.37 17.5 %
Q3 2020 104.43 1.9 % 68.66 8.2 %
Q4 2020 100.81 (7.4 %) 67.16 (0.6 %)
Q1 2021 99.06 (8.6 %) 72.27 3.8 %
Q2 2021 97.39 (3.4 %) 72.58 7.7 %
Q3 2021 97.27 (6.9 %) 71.34 3.9 %
Q4 2021 97.13 (3.6 %) 67.89 1.1 %
Q1 2022 94.13 (5.0 %) 65.28 (9.7 %)
Q2 2022 98.88 1.5 % 69.83 (3.8 %)
Q3 2022 100.60 3.4 % 71.76 0.6 %
Q4 2022 98.43 1.3 % 68.71 1.2 %
Q1 2023 99.34 5.5 % 67.90 4.0 %
Q2 2023 101.70 2.9 % 66.93 (4.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 48.25 - 0.40 - 48.25 0.40
Q2 2017 35.41 - 0.30 - 35.41 0.30
Q3 2017 39.00 - 0.32 - 39.00 0.32
Q4 2017 46.92 - 0.39 - 46.92 0.39
Q1 2018 39.29 (18.6 %) 0.33 - 39.29 0.33
Q2 2018 33.38 (5.7 %) 0.28 - 33.38 0.28
Q3 2018 36.85 (5.5 %) 0.31 - 36.85 0.31
Q4 2018 67.04 42.9 % 0.56 - 67.04 0.56
Q1 2019 41.31 5.1 % 0.34 - 41.31 0.34
Q2 2019 67.62 102.6 % 0.56 - 67.62 0.56
Q3 2019 46.73 26.8 % 0.39 - 46.73 0.39
Q4 2019 63.17 (5.8 %) 0.53 - 63.17 0.53
Q1 2020 53.75 30.1 % 0.45 - 53.75 0.45
Q2 2020 37.37 (44.7 %) 0.31 - 37.37 0.31
Q3 2020 49.48 5.9 % 0.41 - 49.48 0.41
Q4 2020 60.88 (3.6 %) 0.51 - 60.88 0.51
Q1 2021 57.92 7.8 % 0.48 - 57.92 0.48
Q2 2021 58.10 55.5 % 0.48 - 58.10 0.48
Q3 2021 57.63 16.5 % 0.48 - 57.63 0.48
Q4 2021 51.44 (15.5 %) 0.43 - 51.44 0.43
Q1 2022 49.52 (14.5 %) 0.41 - 49.52 0.41
Q2 2022 43.74 (24.7 %) 0.36 - 43.74 0.36
Q3 2022 42.04 (27.1 %) 0.35 - 42.04 0.35
Q4 2022 36.15 (29.7 %) 0.30 - 36.15 0.30
Q1 2023 32.45 (34.5 %) 0.27 - 32.45 0.27
Q2 2023 21.25 (51.4 %) 0.18 - 21.25 0.18

Balance Sheet (B)

Period Assets Change Net Finance Investments Change
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 1.90 - 1.52 -
Q1 2018 1.82 - 1.45 -
Q2 2018 1.77 - 1.43 -
Q3 2018 1.71 - 1.42 -
Q4 2018 1.75 (8.0 %) 1.46 (4.1 %)
Q1 2019 1.78 (2.3 %) 1.50 3.1 %
Q2 2019 1.92 8.7 % 1.59 11.2 %
Q3 2019 1.93 12.4 % 1.65 16.1 %
Q4 2019 1.99 13.4 % 1.73 18.7 %
Q1 2020 2.15 21.0 % 1.70 13.6 %
Q2 2020 2.13 11.1 % 1.61 1.2 %
Q3 2020 1.97 2.0 % 1.54 (6.4 %)
Q4 2020 1.87 (6.0 %) 1.52 (12.0 %)
Q1 2021 1.84 (14.8 %) 1.55 (8.8 %)
Q2 2021 1.89 (11.5 %) 1.56 (3.3 %)
Q3 2021 1.89 (3.7 %) 1.56 0.9 %
Q4 2021 1.87 (0.1 %) 1.57 3.5 %
Q1 2022 1.90 3.3 % 1.62 4.4 %
Q2 2022 1.91 1.1 % 1.65 5.8 %
Q3 2022 1.96 3.6 % 1.68 7.9 %
Q4 2022 1.94 3.8 % 1.75 11.1 %
Q1 2023 2.06 8.7 % 1.88 16.3 %
Q2 2023 2.09 9.2 % 1.89 15.1 %

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - 47.38 %
Q1 2018 - 19.90 % 46.91 %
Q2 2018 - 19.39 % 46.57 %
Q3 2018 - 18.34 % 46.61 %
Q4 2018 9.65 % 19.58 % 54.79 %
Q1 2019 9.91 % 18.95 % 55.25 %
Q2 2019 11.54 % 21.91 % 63.14 %
Q3 2019 12.23 % 22.45 % 61.38 %
Q4 2019 11.70 % 22.28 % 56.12 %
Q1 2020 11.76 % 22.46 % 55.95 %
Q2 2020 9.92 % 19.00 % 47.80 %
Q3 2020 10.46 % 18.78 % 48.23 %
Q4 2020 10.44 % 18.87 % 48.61 %
Q1 2021 10.31 % 18.30 % 50.76 %
Q2 2021 11.26 % 20.42 % 56.35 %
Q3 2021 12.15 % 20.18 % 59.44 %
Q4 2021 12.05 % 19.47 % 57.59 %
Q1 2022 11.61 % 17.91 % 56.15 %
Q2 2022 10.66 % 17.08 % 52.23 %
Q3 2022 9.69 % 15.13 % 47.79 %
Q4 2022 9.01 % 13.82 % 43.73 %
Q1 2023 7.80 % 12.05 % 38.86 %
Q2 2023 6.60 % 10.33 % 32.97 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 120.00 - - 5.99
Q2 2017 120.00 - - 6.24
Q3 2017 120.00 - - 6.52
Q4 2017 120.00 1.41 1.41 7.13
Q1 2018 120.00 1.34 1.34 7.46
Q2 2018 120.00 1.32 1.32 7.39
Q3 2018 120.00 1.30 1.30 7.69
Q4 2018 120.00 1.47 1.47 7.90
Q1 2019 120.00 1.49 1.49 8.24
Q2 2019 120.00 1.77 1.77 8.81
Q3 2019 120.00 1.86 1.86 8.84
Q4 2019 120.00 1.82 1.82 8.47
Q1 2020 120.00 1.93 1.93 8.92
Q2 2020 120.00 1.68 1.68 8.83
Q3 2020 120.00 1.70 1.70 9.24
Q4 2020 120.00 1.68 1.68 9.33
Q1 2021 120.00 1.71 1.71 9.81
Q2 2021 120.00 1.89 1.89 9.65
Q3 2021 120.00 1.95 1.95 10.13
Q4 2021 120.00 1.88 1.88 9.94
Q1 2022 120.00 1.81 1.81 10.35
Q2 2022 120.00 1.69 1.69 10.09
Q3 2022 120.00 1.56 1.56 10.44
Q4 2022 120.00 1.43 1.43 10.74
Q1 2023 120.00 1.29 1.29 11.01
Q2 2023 120.00 1.10 1.10 11.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 13.97 13.97 2.64
Q1 2022 14.03 14.03 2.45
Q2 2022 12.50 12.50 2.09
Q3 2022 12.78 12.78 1.90
Q4 2022 11.07 11.07 1.47
Q1 2023 11.93 11.93 1.39
Q2 2023 15.38 15.38 1.51

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 31.00 21.25 (31.4 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
HSBC 31.00 21.25 (31.4) %

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