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. 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 %)

Item	Q1 2023	Q2 2023	Change‬
Net income from finance commissions	67.90	66.93	(1.4 %)
Net Income	32.45	21.25	(34.5 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.27	0.18	(34.5 %)

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