Nayifat’s profit sheds 48% to SAR 88.7M in 2023; Q4 at SAR 15.9M

Nayifat’s profit sheds 48% to SAR 88.7M in 2023; Q4 at SAR 15.9M

12/03/2024 Argaam Exclusive

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Nayifat Finance Co. witnessed a 48% profit drop to SAR 88.7 million in 2023, compared to SAR 171.5 million in the year before.



Financials (M)

Item 2022 2023 Change‬
Net income from finance commissions 275.57 257.89 (6.4 %)
Net Income 171.46 88.71 (48.3 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 1.43 0.74 (48.3 %)

The weaker bottom line was attributed to the increase in financing costs in 2023, given the soaring SAIBOR rate during the year.

 

Additionally, provisions for expected credit losses spiked in 2023, mainly due to higher non-performing loans in the unsecured loan portfolio for the same year.

 

This was offset by an uptick in revenues for 2023 on growth of the company’s financing portfolio by year-end.

 

In Q4 2023, Nayifat’s net income shrank by 56% to SAR 15.9 million, from SAR 36.15 million in the corresponding period a year ago.

 

Net profit also slumped from SAR 19.14 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Net income from finance commissions 68.71 59.01 (14.1 %)
Net Income 36.15 15.87 (56.1 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.30 0.13 (56.1 %)

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Financial results (Million)

Period Commission income from finance and investments Change Net income from finance commissions Change Net Income Change EPS(Riyal)
Q1 2014 - - - - - - -
Q2 2014 - - - - - - -
Q3 2014 - - - - - - -
Q4 2014 - - - - - - -
Q1 2015 - - - - - - -
Q2 2015 - - - - - - -
Q3 2015 - - - - - - -
Q4 2015 - - - - - - -
Q1 2016 - - - - - - -
Q2 2016 - - - - - - -
Q3 2016 - - - - - - -
Q4 2016 - - - - - - -
Q1 2017 99.57 - 64.75 - 48.25 - 0.40
Q2 2017 81.65 - 45.40 - 35.41 - 0.30
Q3 2017 81.60 - 45.01 - 39.00 - 0.32
Q4 2017 95.10 - 109.64 - 46.92 - 0.39
Q1 2018 84.02 (15.6 %) 51.38 (20.7 %) 39.29 (18.6 %) 0.33
Q2 2018 79.79 (2.3 %) 49.68 9.4 % 33.38 (5.7 %) 0.28
Q3 2018 76.72 (6.0 %) 43.98 (2.3 %) 36.85 (5.5 %) 0.31
Q4 2018 81.75 (14.0 %) 125.25 14.2 % 67.04 42.9 % 0.56
Q1 2019 84.97 1.1 % 49.61 (3.4 %) 41.31 5.1 % 0.34
Q2 2019 93.62 17.3 % 57.31 15.4 % 67.62 102.6 % 0.56
Q3 2019 102.47 33.6 % 63.43 44.2 % 46.73 26.8 % 0.39
Q4 2019 108.83 33.1 % 67.58 (46.0 %) 63.17 (5.8 %) 0.53
Q1 2020 108.43 27.6 % 69.60 40.3 % 53.75 30.1 % 0.45
Q2 2020 100.80 7.7 % 67.37 17.5 % 37.37 (44.7 %) 0.31
Q3 2020 104.43 1.9 % 68.66 8.2 % 49.48 5.9 % 0.41
Q4 2020 100.81 (7.4 %) 67.16 (0.6 %) 60.88 (3.6 %) 0.51
Q1 2021 99.06 (8.6 %) 72.27 3.8 % 57.92 7.8 % 0.48
Q2 2021 97.39 (3.4 %) 72.58 7.7 % 58.10 55.5 % 0.48
Q3 2021 97.27 (6.9 %) 71.34 3.9 % 57.63 16.5 % 0.48
Q4 2021 97.13 (3.6 %) 67.89 1.1 % 51.44 (15.5 %) 0.43
Q1 2022 94.13 (5.0 %) 65.28 (9.7 %) 49.52 (14.5 %) 0.41
Q2 2022 98.88 1.5 % 69.83 (3.8 %) 43.74 (24.7 %) 0.36
Q3 2022 100.60 3.4 % 71.76 0.6 % 42.04 (27.1 %) 0.35
Q4 2022 98.43 1.3 % 68.71 1.2 % 36.15 (29.7 %) 0.30
Q1 2023 99.34 5.5 % 67.90 4.0 % 32.45 (34.5 %) 0.27
Q2 2023 101.70 2.9 % 66.93 (4.2 %) 21.25 (51.4 %) 0.18
Q3 2023 99.59 (1.0 %) 64.05 (10.7 %) 19.14 (54.5 %) 0.16
Q4 2023 94.62 (3.9 %) 59.01 (14.1 %) 15.87 (56.1 %) 0.13
2023 395.26 0.8 % 257.89 (6.4 %) 88.71 (48.3 %) 0.74

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - 47.38 %
Q1 2018 - 19.90 % 46.91 %
Q2 2018 - 19.39 % 46.57 %
Q3 2018 - 18.34 % 46.61 %
Q4 2018 9.65 % 19.58 % 54.79 %
Q1 2019 9.91 % 18.95 % 55.25 %
Q2 2019 11.54 % 21.91 % 63.14 %
Q3 2019 12.23 % 22.45 % 61.38 %
Q4 2019 11.70 % 22.28 % 56.12 %
Q1 2020 11.76 % 22.46 % 55.95 %
Q2 2020 9.92 % 19.00 % 47.80 %
Q3 2020 10.46 % 18.78 % 48.23 %
Q4 2020 10.44 % 18.87 % 48.61 %
Q1 2021 10.31 % 18.30 % 50.76 %
Q2 2021 11.26 % 20.42 % 56.35 %
Q3 2021 12.15 % 20.18 % 59.44 %
Q4 2021 12.05 % 19.47 % 57.59 %
Q1 2022 11.61 % 17.91 % 56.15 %
Q2 2022 10.66 % 17.08 % 52.23 %
Q3 2022 9.69 % 15.13 % 47.79 %
Q4 2022 9.01 % 13.82 % 43.73 %
Q1 2023 7.80 % 12.05 % 38.86 %
Q2 2023 6.60 % 10.33 % 32.97 %
Q3 2023 5.39 % 8.34 % 27.31 %
Q4 2023 4.42 % 6.66 % 22.44 %
2023 4.42 % 6.66 % 22.44 %

Balance Sheet (B)

Period Assets Change Net Finance Investments Change
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 1.90 - 1.52 -
Q1 2018 1.82 - 1.45 -
Q2 2018 1.77 - 1.43 -
Q3 2018 1.71 - 1.42 -
Q4 2018 1.75 (8.0 %) 1.46 (4.1 %)
Q1 2019 1.78 (2.3 %) 1.50 3.1 %
Q2 2019 1.92 8.7 % 1.59 11.2 %
Q3 2019 1.93 12.4 % 1.65 16.1 %
Q4 2019 1.99 13.4 % 1.73 18.7 %
Q1 2020 2.15 21.0 % 1.70 13.6 %
Q2 2020 2.13 11.1 % 1.61 1.2 %
Q3 2020 1.97 2.0 % 1.54 (6.4 %)
Q4 2020 1.87 (6.0 %) 1.52 (12.0 %)
Q1 2021 1.84 (14.8 %) 1.55 (8.8 %)
Q2 2021 1.89 (11.5 %) 1.56 (3.3 %)
Q3 2021 1.89 (3.7 %) 1.56 0.9 %
Q4 2021 1.87 (0.1 %) 1.57 3.5 %
Q1 2022 1.90 3.3 % 1.62 4.4 %
Q2 2022 1.91 1.1 % 1.65 5.8 %
Q3 2022 1.96 3.6 % 1.68 7.9 %
Q4 2022 1.94 3.8 % 1.75 11.1 %
Q1 2023 2.06 8.7 % 1.88 16.3 %
Q2 2023 2.09 9.2 % 1.89 15.1 %
Q3 2023 2.08 6.0 % 1.90 13.4 %
Q4 2023 2.08 7.1 % 1.87 7.1 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 120.00 - - 5.99
Q2 2017 120.00 - - 6.24
Q3 2017 120.00 - - 6.52
Q4 2017 120.00 1.41 1.41 7.13
Q1 2018 120.00 1.34 1.34 7.46
Q2 2018 120.00 1.32 1.32 7.39
Q3 2018 120.00 1.30 1.30 7.69
Q4 2018 120.00 1.47 1.47 7.90
Q1 2019 120.00 1.49 1.49 8.24
Q2 2019 120.00 1.77 1.77 8.81
Q3 2019 120.00 1.86 1.86 8.84
Q4 2019 120.00 1.82 1.82 8.47
Q1 2020 120.00 1.93 1.93 8.92
Q2 2020 120.00 1.68 1.68 8.83
Q3 2020 120.00 1.70 1.70 9.24
Q4 2020 120.00 1.68 1.68 9.33
Q1 2021 120.00 1.71 1.71 9.81
Q2 2021 120.00 1.89 1.89 9.65
Q3 2021 120.00 1.95 1.95 10.13
Q4 2021 120.00 1.88 1.88 9.94
Q1 2022 120.00 1.81 1.81 10.35
Q2 2022 120.00 1.69 1.69 10.09
Q3 2022 120.00 1.56 1.56 10.44
Q4 2022 120.00 1.43 1.43 10.74
Q1 2023 120.00 1.29 1.29 11.01
Q2 2023 120.00 1.10 1.10 11.19
Q3 2023 120.00 0.91 0.91 11.35
Q4 2023 120.00 0.74 0.74 11.47

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 13.97 13.97 2.64
Q1 2022 14.03 14.03 2.45
Q2 2022 12.50 12.50 2.09
Q3 2022 12.78 12.78 1.90
Q4 2022 11.07 11.07 1.47
Q1 2023 11.93 11.93 1.39
Q2 2023 15.38 15.38 1.51
Q3 2023 15.50 15.50 1.24
Q4 2023 20.05 20.05 1.29


Financial Ratios
Current
Market Cap (M) 1,459.20
Shares Outstanding ((M)) 120.00
EPS ( Riyal) (TTM) 0.61
Book Value (BV) ( Riyal) 11.62
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.87
P/E (TTM) 19.87
Price/book 1.05
Return on Average Assets (%) (TTM) 3.6
Return on Average Equity (%) (TTM) 5.4
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Share Price

Nayifat Finance Co.
12.16
0.00 0.00 %

Nayifat Finance Co. (NAYIFAT)

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