The net profits of Nayifat Finance Company plummeted by 48.26% ye to SAR 88.71 million in 2023 from SAR 171.45 million in 2022.

The revenues amounted to SAR 396.96 million as of 31 December 2023, up 1.18% year-on-year (YoY) from SAR 392.33 million, according to the financial results.

The higher revenues are mainly attributable to an increase in the loan portfolio during the current year.

In addition, the earnings per share (EPS) hit SAR 0.74 last year, versus SAR 1.43 in 2022.

During the first nine months (9M) of 2023, Nayifat witnessed 46.16% YoY lower net profit after Zakat and tax at SAR 72.84 million, compared to SAR 135.30 million.

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