Nayifat 2024 Profit Jumps 48% to SAR 131 Million

Nayifat Finance Co. announced on Thursday that its net profit increased by 48% to SAR 131 million by the end of 2024, compared to SAR 89 million in 2023, following the announcement today of the annual financial results ending on Dec. 31, 2024.

Operational profit increased by 40% to SAR 149 million by the end of 2024, compared to SAR 107 million last year.

Total equity (after excluding non-controlling interests) increased by 5% to SAR 1.4 billion in the current period, compared to SAR 1.37 billion in the corresponding period of 2023.

The profits per share for the current year amounted to SAR 1,091.6, compared to SAR 0.74 in the corresponding period of 2023.

The Company stated in a statement today on “Tadawul” that the reason for the decrease in revenues is mainly due to the decrease in consumer finance commission income due to the suspension of income from non-performing customers.