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.
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.
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 % |
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