Nayifat Profits Increase to SR225 mln End of 2021 by 12%

Nayifat Finance Company net profit after zakat and tax increased to SR225.08 million during the year 2021, compared to SR201.46 million in the year before last, at a rate of 12%.

This came after the announcement today of the annual financial results ending on 31.12.2021.

The operational profit during the current year amounted to SR250.58 million, compared to SR225.76 million in the year before last, a growth of 10.9%.

The gross profit decreased during the current year SR372.76 million, compared to 416.9% in the year before last, a decrease of 5.8%.

Profits per share reached SR2.25 in the current year, compared to SR2.04 in the year before last.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is:

Net income before Zakat and income tax reached SR250.6 million, an increase of 11% over the previous year mainly due to decrease in the cost of funds by 54.8% and reduction in general expenses by 54.9% due to decrease in staff expenses by 11.5%, other general and administrative expenses by 7.7% and depreciation by 13.3%.

The increase was offset by decrease in gross revenue by 5.7% and net impairment charge by 24%. Net income after zakat reached SAR 225.1 million as compared to SAR 201.5 million, resulting in an increase of 11.8%