Nayifat’s 9M 2023 profit dips 46% to SAR 72.8 mln; Q3 at SAR 19.1 mln

26/10/2023 Argaam Exclusive

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Nayifat Finance Co. reported a net profit of SAR 72.8 million in the first nine months of 2023, a drop of 46% from SAR 135.3 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Net income from finance commissions	206.87	198.88	(3.9 %)
Net Income	135.30	72.84	(46.2 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	1.13	0.61	(46.2 %)

The nine-month results were hurt by higher finance costs (FCs), for being directly linked to Saudi Arabian Interbank Offered Rate (SAIBOR). Nayifat also reported a year-on-year (YoY) increase in the provisions for expected credit losses (ECL).

In Q3 2023, net earnings fell by 55% to SAR 19.1 million from SAR 42 million in Q3 2022 on increased FCs and ECL provisions.

On a quarterly basis, the Q3 net profit declined 10% from SAR 21.25 million. This was due to a quarter-on-quarter decrease in income from financing, along with higher operating expenses including ECL impairment charges.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Net income from finance commissions	71.76	64.05	(10.7 %)
Net Income	42.04	19.14	(54.5 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.35	0.16	(54.5 %)

Item	Q2 2023	Q3 2023	Change‬
Net income from finance commissions	66.93	64.05	(4.3 %)
Net Income	21.25	19.14	(10.0 %)
Average Shares	120.00	120.00	-
EPS (Riyals)	0.18	0.16	(10.0 %)

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