MRNA H1 2024 profit drops 62% to SAR 11.8M; Q2 at SAR 6.4M

05/08/2024 Argaam Exclusive

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Morabaha Marina Financing Co. (MRNA) reported a 62% drop in in H1 2024 net profit to SAR 11.8 million (after deducting the minority interest) from SAR 30.6 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Net income from finance commissions 62.60 63.31 1.1 %
Net Income 30.61 11.78 (61.5 %)
Average Shares 71.43 71.43 -
Earnings Per Share before unusual items (Riyals) 0.43 0.16 (61.5 %)
EPS (Riyals) 0.43 0.16 (61.5 %)

The company said that the decrease in net income was due to the increase in special commission expense and general and administration costs, in addition to the increase in impairment losses.

 

However, sales/revenues rose in H1 2024 compared to the year-earlier period.

 

Q2 2024 net profit slumped 55% year-on-year to SAR 6.4 million, despite revenues climbing 10% to SAR 44.2 million, driven by new financing contracts.

 

Sequentially, Q2 earnings rose 20% from SAR 5.36 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Net income from finance commissions 29.23 30.39 4.0 %
Net Income 14.39 6.43 (55.3 %)
Average Shares 71.43 71.43 -
Earnings Per Share before unusual items (Riyals) 0.20 0.09 (55.3 %)
EPS (Riyals) 0.20 0.09 (55.3 %)

Total shareholders’ equity, after minority interest, amounted to SAR 848.94 million as of June 30, 2024, from SAR 880.06 million in the earlier-year period.

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Share Price

Morabaha Marina Financing Co.
11.08
(0.04) (0.36 %)

Morabaha Marina Financing Co. (MRNA)

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Financial Ratios
Current
Market Cap (M) 791.43
Shares Outstanding ((M)) 71.43
EPS ( Riyal) (TTM) 0.43
Book Value (BV) ( Riyal) 11.79
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.04
P/E (TTM) 26.04
Price/book 0.94
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 3.6
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