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.
| 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.
| 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 %) |
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}