Nayifat H1 2024 profits up 3% to SAR 55.5M; Q2 at SAR 38.3M

05/09/2024 Argaam Exclusive

Nayifat Finance Co. reported a net profit of SAR 55.5 million in H1 2024, an increase of 3% from SAR 53.7 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Net income from finance commissions 134.83 110.58 (18.0 %)
Net Income 53.71 55.49 3.3 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.45 0.46 3.3 %

The profit increase is driven by lower expected credit impairment provision because of enhanced write-off recoveries and reduced impairment provisions. This was partially offset by lower revenues under consumer financing segments.

 

This came despite a decrease in revenues, mainly due to the diversification in product segments and income suspension from delinquent customers.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Net income from finance commissions 66.93 61.38 (8.3 %)
Net Income 21.25 38.32 80.3 %
Average Shares 120.00 120.00 -
EPS (Riyals) 0.18 0.32 80.3 %

The company’s net profit grew 80% in Q2 2024 to SAR 38.3 million from SAR 21.25 million in Q2 2023.

 

On a quarterly basis, net earnings more than doubled from SAR 17.18 million in Q1 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.43 billion as of June 30, 2024, compared to SAR 1.34 billion in the prior-year period.

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Share Price

Nayifat Finance Co.
14.94
(0.12) (0.80 %)

Nayifat Finance Co. (NAYIFAT)

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Financial Ratios
Current
Market Cap (M) 1,792.80
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) 16.26
P/E (TTM) 16.26
Price/book 1.22
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 7.8
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