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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Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	81.68	4.6 %	0.68	-	81.68	0.68
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	107.49	31.6 %	0.90	-	107.49	0.90
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	148.59	38.2 %	1.24	-	148.59	1.24
Q1 2017	48.25	-	0.40	-	48.25	0.40
Q2 2017	35.41	-	0.30	-	35.41	0.30
Q3 2017	39.00	-	0.32	-	39.00	0.32
Q4 2017	46.92	-	0.39	-	46.92	0.39
2017	169.58	14.1 %	1.41	-	169.58	1.41
Q1 2018	39.29	(18.6 %)	0.33	-	39.29	0.33
Q2 2018	33.38	(5.7 %)	0.28	-	33.38	0.28
Q3 2018	36.85	(5.5 %)	0.31	-	36.85	0.31
Q4 2018	67.04	42.9 %	0.56	-	67.04	0.56
2018	176.56	4.1 %	1.47	-	176.56	1.47
Q1 2019	41.31	5.1 %	0.34	-	41.31	0.34
Q2 2019	67.62	102.6 %	0.56	-	67.62	0.56
Q3 2019	46.73	26.8 %	0.39	-	46.73	0.39
Q4 2019	63.17	(5.8 %)	0.53	-	63.17	0.53
2019	218.82	23.9 %	1.82	-	218.82	1.82
Q1 2020	53.75	30.1 %	0.45	-	53.75	0.45
Q2 2020	37.37	(44.7 %)	0.31	-	37.37	0.31
Q3 2020	49.48	5.9 %	0.41	-	49.48	0.41
Q4 2020	60.88	(3.6 %)	0.51	-	60.88	0.51
2020	201.47	(7.9 %)	1.68	-	201.47	1.68
Q1 2021	57.92	7.8 %	0.48	-	57.92	0.48
Q2 2021	58.10	55.5 %	0.48	-	58.10	0.48
Q3 2021	57.63	16.5 %	0.48	-	57.63	0.48
Q4 2021	51.44	(15.5 %)	0.43	-	51.44	0.43
2021	225.09	11.7 %	1.88	-	225.09	1.88
Q1 2022	49.52	(14.5 %)	0.41	-	49.52	0.41
Q2 2022	43.74	(24.7 %)	0.36	-	43.74	0.36
Q3 2022	42.04	(27.1 %)	0.35	-	42.04	0.35
Q4 2022	36.15	(29.7 %)	0.30	-	36.15	0.30
2022	171.46	(23.8 %)	1.43	-	171.46	1.43
Q1 2023	32.45	(34.5 %)	0.27	-	32.45	0.27
Q2 2023	21.25	(51.4 %)	0.18	-	21.25	0.18

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	78.11	-	0.65	-	78.11	0.65
2014	81.68	4.6 %	0.68	-	81.68	0.68
2015	107.49	31.6 %	0.90	-	107.49	0.90
2016	148.59	38.2 %	1.24	-	148.59	1.24
2017	169.58	14.1 %	1.41	-	169.58	1.41
2018	176.56	4.1 %	1.47	-	176.56	1.47
2019	218.82	23.9 %	1.82	-	218.82	1.82
2020	201.47	(7.9 %)	1.68	-	201.47	1.68
2021	225.09	11.7 %	1.88	-	225.09	1.88
2022	171.46	(23.8 %)	1.43	-	171.46	1.43

Financial results (Million)

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
2014	212.49	18.2 %	137.72	14.1 %
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
2015	310.72	46.2 %	177.05	28.6 %
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
2016	344.66	10.9 %	194.87	10.1 %
Q1 2017	99.57	-	64.75	-
Q2 2017	81.65	-	45.40	-
Q3 2017	81.60	-	45.01	-
Q4 2017	95.10	-	39.61	-
2017	357.92	3.8 %	194.76	(0.1 %)
Q1 2018	84.02	(15.6 %)	51.38	(20.7 %)
Q2 2018	79.79	(2.3 %)	49.68	9.4 %
Q3 2018	76.72	(6.0 %)	43.98	(2.3 %)
Q4 2018	81.75	(14.0 %)	44.22	11.7 %
2018	322.28	(10.0 %)	189.26	(2.8 %)
Q1 2019	84.97	1.1 %	49.61	(3.4 %)
Q2 2019	93.62	17.3 %	57.31	15.4 %
Q3 2019	102.47	33.6 %	63.43	44.2 %
Q4 2019	108.83	33.1 %	67.58	52.8 %
2019	389.89	21.0 %	237.93	25.7 %
Q1 2020	108.43	27.6 %	69.60	40.3 %
Q2 2020	100.80	7.7 %	67.37	17.5 %
Q3 2020	104.43	1.9 %	68.66	8.2 %
Q4 2020	100.81	(7.4 %)	67.16	(0.6 %)
2020	414.47	6.3 %	272.79	14.7 %
Q1 2021	99.06	(8.6 %)	72.27	3.8 %
Q2 2021	97.39	(3.4 %)	72.58	7.7 %
Q3 2021	97.27	(6.9 %)	71.34	3.9 %
Q4 2021	97.13	(3.6 %)	67.89	1.1 %
2021	390.86	(5.7 %)	284.09	4.1 %
Q1 2022	94.13	(5.0 %)	65.28	(9.7 %)
Q2 2022	98.88	1.5 %	69.83	(3.8 %)
Q3 2022	100.60	3.4 %	71.76	0.6 %
Q4 2022	98.43	1.3 %	68.71	1.2 %
2022	392.04	0.3 %	275.57	(3.0 %)
Q1 2023	99.34	5.5 %	67.90	4.0 %
Q2 2023	101.70	2.9 %	66.93	(4.2 %)

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
2013	179.82	-	120.68	-
2014	212.49	18.2 %	137.72	14.1 %
2015	310.72	46.2 %	177.05	28.6 %
2016	344.66	10.9 %	194.87	10.1 %
2017	357.92	3.8 %	194.76	(0.1 %)
2018	322.28	(10.0 %)	189.26	(2.8 %)
2019	389.89	21.0 %	237.93	25.7 %
2020	414.47	6.3 %	272.79	14.7 %
2021	390.86	(5.7 %)	284.09	4.1 %
2022	392.04	0.3 %	275.57	(3.0 %)

Profitability

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	6.98 %	18.17 %	38.44 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	7.01 %	19.75 %	34.59 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	8.12 %	22.46 %	43.11 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	47.38 %
2017	9.10 %	21.45 %	47.38 %
Q1 2018	-	19.90 %	46.91 %
Q2 2018	-	19.39 %	46.57 %
Q3 2018	-	18.34 %	46.61 %
Q4 2018	9.65 %	19.58 %	54.79 %
2018	9.65 %	19.58 %	54.79 %
Q1 2019	9.91 %	18.95 %	55.25 %
Q2 2019	11.54 %	21.91 %	63.14 %
Q3 2019	12.23 %	22.45 %	61.38 %
Q4 2019	11.70 %	22.28 %	56.12 %
2019	11.70 %	22.28 %	56.12 %
Q1 2020	11.76 %	22.46 %	55.95 %
Q2 2020	9.92 %	19.00 %	47.80 %
Q3 2020	10.46 %	18.78 %	48.23 %
Q4 2020	10.44 %	18.87 %	48.61 %
2020	10.44 %	18.87 %	48.61 %
Q1 2021	10.31 %	18.30 %	50.76 %
Q2 2021	11.26 %	20.42 %	56.35 %
Q3 2021	12.15 %	20.18 %	59.44 %
Q4 2021	12.05 %	19.47 %	57.59 %
2021	12.05 %	19.47 %	57.59 %
Q1 2022	11.61 %	17.91 %	56.15 %
Q2 2022	10.66 %	17.08 %	52.23 %
Q3 2022	9.69 %	15.13 %	47.79 %
Q4 2022	9.01 %	13.82 %	43.73 %
2022	9.01 %	13.82 %	43.73 %
Q1 2023	7.80 %	12.05 %	38.86 %
Q2 2023	6.60 %	10.33 %	32.97 %

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
2013	-	-	43.44 %
2014	6.98 %	18.17 %	38.44 %
2015	7.01 %	19.75 %	34.59 %
2016	8.12 %	22.46 %	43.11 %
2017	9.10 %	21.45 %	47.38 %
2018	9.65 %	19.58 %	54.79 %
2019	11.70 %	22.28 %	56.12 %
2020	10.44 %	18.87 %	48.61 %
2021	12.05 %	19.47 %	57.59 %
2022	9.01 %	13.82 %	43.73 %

Balance Sheet (B)

Period	Assets	Change	Net Finance Investments	Change
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	1.90	-	1.52	-
Q1 2018	1.82	-	1.45	-
Q2 2018	1.77	-	1.43	-
Q3 2018	1.71	-	1.42	-
Q4 2018	1.75	(8.0 %)	1.46	(4.1 %)
Q1 2019	1.78	(2.3 %)	1.50	3.1 %
Q2 2019	1.92	8.7 %	1.59	11.2 %
Q3 2019	1.93	12.4 %	1.65	16.1 %
Q4 2019	1.99	13.4 %	1.73	18.7 %
Q1 2020	2.15	21.0 %	1.70	13.6 %
Q2 2020	2.13	11.1 %	1.61	1.2 %
Q3 2020	1.97	2.0 %	1.54	(6.4 %)
Q4 2020	1.87	(6.0 %)	1.52	(12.0 %)
Q1 2021	1.84	(14.8 %)	1.55	(8.8 %)
Q2 2021	1.89	(11.5 %)	1.56	(3.3 %)
Q3 2021	1.89	(3.7 %)	1.56	0.9 %
Q4 2021	1.87	(0.1 %)	1.57	3.5 %
Q1 2022	1.90	3.3 %	1.62	4.4 %
Q2 2022	1.91	1.1 %	1.65	5.8 %
Q3 2022	1.96	3.6 %	1.68	7.9 %
Q4 2022	1.94	3.8 %	1.75	11.1 %
Q1 2023	2.06	8.7 %	1.88	16.3 %
Q2 2023	2.09	9.2 %	1.89	15.1 %

Period	Assets	Change	Net Finance Investments	Change
3m 2014	-	-	-	-
6m 2014	-	-	-	-
9m 2014	-	-	-	-
12m 2014	1.23	10.5 %	1.12	16.9 %
3m 2015	-	-	-	-
6m 2015	-	-	-	-
9m 2015	-	-	-	-
12m 2015	1.84	49.4 %	1.70	52.1 %
3m 2016	-	-	-	-
6m 2016	-	-	-	-
9m 2016	-	-	-	-
12m 2016	1.82	(0.7 %)	1.59	(6.8 %)
3m 2017	-	-	-	-
6m 2017	-	-	-	-
9m 2017	-	-	-	-
12m 2017	1.90	4.5 %	1.52	(4.5 %)
3m 2018	1.82	-	1.45	-
6m 2018	1.77	-	1.43	-
9m 2018	1.71	-	1.42	-
12m 2018	1.75	(8.0 %)	1.46	(4.1 %)
3m 2019	1.78	(2.3 %)	1.50	3.1 %
6m 2019	1.92	8.7 %	1.59	11.2 %
9m 2019	1.93	12.4 %	1.65	16.1 %
12m 2019	1.99	13.4 %	1.73	18.7 %
3m 2020	2.15	21.0 %	1.70	13.6 %
6m 2020	2.13	11.1 %	1.61	1.2 %
9m 2020	1.97	2.0 %	1.54	(6.4 %)
12m 2020	1.87	(6.0 %)	1.52	(12.0 %)
3m 2021	1.84	(14.8 %)	1.55	(8.8 %)
6m 2021	1.89	(11.5 %)	1.56	(3.3 %)
9m 2021	1.89	(3.7 %)	1.56	0.9 %
12m 2021	1.87	(0.1 %)	1.57	3.5 %
3m 2022	1.90	3.3 %	1.62	4.4 %
6m 2022	1.91	1.1 %	1.65	5.8 %
9m 2022	1.96	3.6 %	1.68	7.9 %
12m 2022	1.94	3.8 %	1.75	11.1 %
3m 2023	2.06	8.7 %	1.88	16.3 %
6m 2023	2.09	9.2 %	1.89	15.1 %

Period	Assets	Change	Net Finance Investments	Change
2013	1.11	-	0.96	-
2014	1.23	10.5 %	1.12	16.9 %
2015	1.84	49.4 %	1.70	52.1 %
2016	1.82	(0.7 %)	1.59	(6.8 %)
2017	1.90	4.5 %	1.52	(4.5 %)
2018	1.75	(8.0 %)	1.46	(4.1 %)
2019	1.99	13.4 %	1.73	18.7 %
2020	1.87	(6.0 %)	1.52	(12.0 %)
2021	1.87	(0.1 %)	1.57	3.5 %
2022	1.94	3.8 %	1.75	11.1 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	120.00	-	-	5.99
Q2 2017	120.00	-	-	6.24
Q3 2017	120.00	-	-	6.52
Q4 2017	120.00	1.41	1.41	7.13
Q1 2018	120.00	1.34	1.34	7.46
Q2 2018	120.00	1.32	1.32	7.39
Q3 2018	120.00	1.30	1.30	7.69
Q4 2018	120.00	1.47	1.47	7.90
Q1 2019	120.00	1.49	1.49	8.24
Q2 2019	120.00	1.77	1.77	8.81
Q3 2019	120.00	1.86	1.86	8.84
Q4 2019	120.00	1.82	1.82	8.47
Q1 2020	120.00	1.93	1.93	8.92
Q2 2020	120.00	1.68	1.68	8.83
Q3 2020	120.00	1.70	1.70	9.24
Q4 2020	120.00	1.68	1.68	9.33
Q1 2021	120.00	1.71	1.71	9.81
Q2 2021	120.00	1.89	1.89	9.65
Q3 2021	120.00	1.95	1.95	10.13
Q4 2021	120.00	1.88	1.88	9.94
Q1 2022	120.00	1.81	1.81	10.35
Q2 2022	120.00	1.69	1.69	10.09
Q3 2022	120.00	1.56	1.56	10.44
Q4 2022	120.00	1.43	1.43	10.74
Q1 2023	120.00	1.29	1.29	11.01
Q2 2023	120.00	1.10	1.10	11.19

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	120.00	0.65	0.65	3.41
2014	120.00	0.68	0.68	4.09
2015	120.00	0.90	0.90	4.98
2016	120.00	1.24	1.24	6.04
2017	120.00	1.41	1.41	7.13
2018	120.00	1.47	1.47	7.90
2019	120.00	1.82	1.82	8.47
2020	120.00	1.68	1.68	9.33
2021	120.00	1.88	1.88	9.94
2022	120.00	1.43	1.43	10.74

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	13.97	13.97	2.64
Q1 2022	14.03	14.03	2.45
Q2 2022	12.50	12.50	2.09
Q3 2022	12.78	12.78	1.90
Q4 2022	11.07	11.07	1.47
Q1 2023	11.93	11.93	1.39
Q2 2023	15.38	15.38	1.51

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	13.97	13.97	2.64
2022	11.07	11.07	1.47

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	31.00	21.25	(31.4 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
HSBC	31.00	21.25	(31.4) %

Financial Ratios

	Current
Market Cap (M)	1,730.40
Shares Outstanding ((M))	120.00
EPS ( Riyal) (TTM)	0.92
Book Value (BV) ( Riyal)	12.26
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	15.69
P/E (TTM)	15.69
Price/book	1.18
Return on Average Assets (%) (TTM)	5.3
Return on Average Equity (%) (TTM)	7.8

Nayifat Finance Co. (NAYIFAT)

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Nayifat H1 2023 profits down 42% to SAR 53.7 mln; Q2 at SAR 21.3 mln

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Balance Sheet (B)

Balance Sheet Performance (B)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Nayifat Finance Co. (NAYIFAT)

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Nayifat H1 2023 profits down 42% to SAR 53.7 mln; Q2 at SAR 21.3 mln

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Balance Sheet (B)

Balance Sheet Performance (B)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Nayifat Finance Co. (NAYIFAT)

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