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

05/09/2024 Argaam Exclusive

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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	178.17	154.90	(13.1 %)
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	89.01	81.36	(8.6 %)
Net Income	21.25	38.32	80.3 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.18	0.32	80.3 %

Item	Q1 2024	Q2 2024	Change‬
Net income from finance commissions	73.55	81.36	10.6 %
Net Income	17.18	38.32	123.1 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.14	0.32	123.1 %

View More Financial Results

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