Nayifat’s 9M 2023 profit dips 46% to SAR 72.8 mln; Q3 at SAR 19.1 mln

Nayifat’s 9M 2023 profit dips 46% to SAR 72.8 mln; Q3 at SAR 19.1 mln

26/10/2023 Argaam Exclusive

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Nayifat Finance Co. reported a net profit of SAR 72.8 million in the first nine months of 2023, a drop of 46% from SAR 135.3 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Net income from finance commissions 206.87 198.88 (3.9 %)
Net Income 135.30 72.84 (46.2 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 1.13 0.61 (46.2 %)

The nine-month results were hurt by higher finance costs (FCs), for being directly linked to Saudi Arabian Interbank Offered Rate (SAIBOR). Nayifat also reported a year-on-year (YoY) increase in the provisions for expected credit losses (ECL).

 

In Q3 2023, net earnings fell by 55% to SAR 19.1 million from SAR 42 million in Q3 2022 on increased FCs and ECL provisions.

 

On a quarterly basis, the Q3 net profit declined 10% from SAR 21.25 million. This was due to a quarter-on-quarter decrease in income from financing, along with higher operating expenses including ECL impairment charges.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Net income from finance commissions 71.76 64.05 (10.7 %)
Net Income 42.04 19.14 (54.5 %)
Average Shares 120.00 120.00 -
EPS (Riyals) 0.35 0.16 (54.5 %)

View More Financial Results

 


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

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 %

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 %


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

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


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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