Nayifat Profits Fell to SR44 mln during 2Q, by 25%

The net profit after zakat and tax for Nayifat Finance Company decreased to SR44 million during the 2Q, compared to SR58 million in the same quarter of last year, at a rate of 25%.

This came after the announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022. (6 months).

The operational profit amounted to SR49 million in the 2Q, compared to SR65 million in the same quarter of the previous year, down 24%.

The gross profit in the 2Q amounted to SR93.11 million, compared to SR93.4 million in the same quarter of last year, down by 0.34%.

The net profit in the 6-month period was SR93.26 million, compared to SR116 million in the same period last year, a decrease of 20%.

Profits per share in the current period reached SR0.93, compared to SR1.16 in the same period last year.

The reason for decline in net profit is due to increase in operating expenses, including staff related cost, marketing expense and cyber security upgradation expenses.

The reason for decline in net profit is due to increase in operating expenses.

The reason for decline in net profit is due to decrease in income and increase in operating expenses, including staff related cost, marketing expense and cyber security upgradation expenses.

Certain reclassification have been made in the financial statements for better presentation and have no impact on the statement of comprehensive income.