Riyadh – Mubasher: Nayifat Finance Company posted a 46.16% year-on-year (YoY) drop in net profit after Zakat and tax to SAR 72.84 million during the first nine months (9M) of 2023, versus SAR 135.30 million.

Earnings per share (EPS) stood at SAR 0.61 in 9M-23, compared to SAR 1.13 a year earlier, according to the interim financial results.

The Saudi firm recorded a 2.80% YoY rise in revenue to SAR 302.12 million during the January-September 2023 period from SAR 293.89 million.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the net profits after Zakat and tax retreated by 54.48% to SAR 19.13 million from SAR 42.03 million in Q3-22.

Nayifat’s revenues edged down by 0.55% YoY to SAR 99.80 million during the three-month period that ended on 30 September 2023 from SAR 100.35 million.

On a quarterly basis, the Q3-23 net profits declined by 9.96% from the SAR 21.25 million generated in Q2-23, while the revenues dropped by 2.07% from SAR 101.91 million.