Riyadh – Mubasher: Nayifat Finance Company has registered net profits after Zakat and tax worth SAR 49.52 million during the first quarter (Q1) of 2022, down 14.50% from SAR 57.92 million in Q1-21.

The Saudi listed company generated SAR 94.43 million in revenue in Q1-22, a 4.98% year-on-year (YoY) drop from SAR 99.38 million, according to a recent bourse disclosure.

Meanwhile, the earnings per share (EPS) plummeted to SAR 0.50 in Q1-22 from SAR 0.58 in Q1-21.

On a quarterly basis, the revenues in Q1-22 inched down by 1.59% from SAR 95.95 million in Q4-21, while the net profits decreased by 3.72% from SAR 51.44 million.

It is worth noting that Nayifat inaugurated its 28th branch in Al Majmaah last December.