Saudi Daraiya Financial Q2 Profit Drops 6%

Duhaily Financial Company Saudi Arabia's profits declined by 6% in the second quarter of the year, reaching 100.8 million riyals, despite a 2.3% increase in revenues to 240.6 million riyals. The decline was caused by a 15.9% rise in operating expenses to 108 million riyals, due to the company's investments in strategic initiatives to enhance growth and technology, which temporarily increased the expense-to-revenue ratio to 45%. Nevertheless, the company expects that the positive effects of these initiatives will reflect in future performance, and has decided to distribute an interim dividend of 80.7 million riyals. The customer base has grown to over 660,000 accounts, with total assets rising by 10% since the beginning of the year to 36.9 billion riyals.

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