Saudi: Nayifat’s net profits up in H1-24; revenues hit over $47mln

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Riyadh: Nayifat Finance Company logged net profits amounting to SAR 55.49 million in the first half (H1) of 2024, an annual growth of 3.32% from SAR 53.70 million.

The group registered revenues valued at SAR 179.04 million in H1-24, lower by 11.50% year-on-year (YoY) than SAR 202.32 million, according to the interim financial results.

Earnings per share (EPS) went up to SAR 0.46 as of 30 June 2024 from SAR 0.45 in H1-23.

Income Results for Q2-24

In the second quarter (Q2) of 2024, Nayifat recorded an 80.28% YoY leap in net profit to SAR 38.31 million, compared to SAR 21.25 million.

Revenues dropped by 8.45% to SAR 93.30 million in April-June 2024 from SAR 101.91 million in Q2-23.

Quarter-on-quarter (QoQ), the profits in Q2-24 hiked by 123.07% from SAR 17.17 million in Q1-24, while the revenues increased by 8.81% from SAR 85.74 million.