Nayifat 9M 2024 profit leaps 30% to SAR 94.4M; Q3 at SAR 38.9M

29/10/2024 Argaam Exclusive

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Nayifat Finance Co. reported a net profit of SAR 94.4 million in the first nine months of 2024, a leap of 30% from SAR 72.8 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Net income from finance commissions	265.11	235.79	(11.1 %)
Net Income	72.84	94.42	29.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.61	0.79	29.6 %

The profit growth was attributed to a decrease in net credit impairment charges and derived by an enhanced collection and write off recoveries.

However, the company recorded lower revenues from credit cards and consumer finance as a result of portfolio segmentation mix.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Net income from finance commissions	86.94	80.89	(7.0 %)
Net Income	19.14	38.92	103.4 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.16	0.32	103.4 %

Item	Q2 2024	Q3 2024	Change‬
Net income from finance commissions	61.38	80.89	31.8 %
Net Income	38.32	38.92	1.6 %
Average Shares	120.00	120.00	-
EPS (Riyals)	0.32	0.32	1.6 %

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