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Nayifat posts 19.6% drop in H1-22 net profits

Nayifat posts 19.6% drop in H1-22 net profits
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NAYIFAT
4081
-2.18% 26.90 -0.60

Riyadh – Mubasher: Nayifat Finance Company logged net profits after Zakat and tax worth SAR 93.26 million in the first half (H1) of 2022, a year-on-year (YoY) decrease of 19.61% from SAR 116.02 million.

Revenues edged down by 1.75% YoY in H1-22 to SAR 193 million, compared to SAR 196.44 million, according to the interim financial results.

Meanwhile, the earnings per share (EPS) stood at SAR 0.93 during the first six months (6M) of 2022, versus SAR 1.16 in the year-ago period.

During the second quarter (Q2) of 2022, the company’s net profits after Zakat and tax fell by 24.70% YoY to SAR 43.74 million from SAR 58.09 million.

The Saudi firm generated SAR 98.88 million in revenue during the April-June 2022 period, an annual growth of 1.53% from SAR 97.38 million.

In the January-March 2022 period, Nayifat recorded net profits after Zakat and tax of SAR 49.52 million, a drop of 14.50% when compared to SAR 57.92 million during the same period a year earlier.