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.
14.40
(0.04) (0.28 %)

Nayifat Finance Co. (NAYIFAT)

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Financial Ratios
Current
Market Cap (M) 1,728.00
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) 15.67
P/E (TTM) 15.67
Price/book 1.17
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 7.8
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