Saudi: Nayifat achieves $4.53mln net profits in Q1-24; revenues decline 15%

Reuters Images/Ahmed Yosri

On a quarterly basis, the net profits in Q1-24 were 8.22% higher

Staff Writer, Mubasher

May 8, 2024

PHOTO

Riyadh – Nayifat Finance Company recorded net profits worth SAR 17.17 million during the first quarter (Q1) of 2024, signalling a 47.07% plunge from SAR 32.45 million in Q1-23.

The revenues also plummeted by 14.60% to SAR 85.74 million during January-March 2024 when compared with SAR 100.40 million in the same quarter a year earlier, according to the income statement.

The earnings per share (EPS) decreased to SAR 0.14 as of 31 March 2024 from SAR 0.27 in the corresponding period last year.

On a quarterly basis, the net profits in Q1-24 were 8.22% higher than SAR 15.87 million in Q4-23, while the revenues declined by 9.58% from SAR 94.83 million.

In 2023, Nayifat achieved net profits worth SAR 88.71 million and revenues of SAR 396.96 million.

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