Saudi: Nayifat registers 34.5% lower profits in Q1-23 initial results

The net profits after zakat and tax of Nayifat Finance Company plunged by 34.47% year-on-year (YoY) to SAR 32.45 million in the first quarter (Q1) of 2023, versus SAR 49.52 million.

The Saudi firm posted revenues amounting to SAR 100.40 million in Q1-23, an annual rise of 6.33% from SAR 94.43 million, according to the interim financial results.

Earnings per share (EPS) decreased to SAR 0.32 as of 31 March 2023 from SAR 0.50 in Q1-22.

On a quarterly basis, the Q1-23 net profits after Zakat and tax retreated by 10.23% from SAR 36.15 million in Q4-22, while the revenues grew by 2% from SAR 98.43 million.

In the January-December 2022 period, Nayifat recorded 23.83% YoY lower net profits after Zakat and tax at SAR 171.45 million from SAR 225.08 million.

Revenues edged down to SAR 392.33 million in 2022 from SAR 392.34 million a year earlier, while the EPS plummeted to SAR 1.71 from SAR 2.25.

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