Nayifat Finance Company posted 1.12% year-on-year growth in its revenues during the first quarter of 2019.
Total revenues of Saudi Arabia’s leading non-bank financial institution hit SAR 84.9 million in Q1-19, according to the company’s statement on Thursday.The company’s net income recorded SAR 46.64 million during the first three months of 2019, while gross asset portfolio stood at SAR 2.23 billion.
“Our quarterly performance has held stable as we prepare for a period of expansion. The sector has experienced headwinds during the last two years, driven by macroeconomic pressures. These prompted us to maximize controls on financing in order to minimize risk in the portfolio. As market conditions improve, we have identified a number of opportunities for expansion, which will see significant growth on the loan book between 2019 and 2023,” Abdulmohsen Al Sowailem, CEO of Nayifat Finance Company, commented.
Operating highlights in the first quarter have included the introduction of Smart Loans for consumers, facilitating instant approval and issuance with no guarantor required; and an official tie-up with Monsha’at in a step to support start-up and small business financing requirements, according to the statement.
Our strategic growth plans include expansion in the SME-financing space along with the launch of credit card products for existing and prospective customers. An increasingly stable economic environment and robust regulatory framework – both of which are highly supportive of the SME customer segment – will further promote our growth objectives,” Al Sowailem added.