MRNA profit slides 50% to SAR 20M in 9M 2024; Q3 at SAR 8.2M

30/10/2024 Argaam Exclusive

Morabaha Marina Financing Co. (MRNA) posted a net profit of SAR 20 million in the first nine months of 2024, a fall of 50% from SAR 40.1 million in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Net income from finance commissions 91.68 95.45 4.1 %
Net Income 40.05 19.98 (50.1 %)
Average Shares 71.43 71.43 -
EPS (Riyals) 0.56 0.28 (50.1 %)

The nine-month profit drop was due to higher commission costs and increased impairment losses, despite revenue gains from new financing and effective marketing and sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Net income from finance commissions 29.09 32.14 10.5 %
Net Income 9.44 8.20 (13.1 %)
Average Shares 71.43 71.43 -
EPS (Riyals) 0.13 0.11 (13.1 %)

The third-quarter net earnings dropped 13.1% year-on-year (YoY) to SAR 8.20 million, from SAR 9.44 million in Q3 2023, due to higher commission expenses and increased impairment losses, despite a 15% rise in revenues to SAR 48.2, primarily driven by new financing contracts.

 

Net earnings grew 27.5% quarter-on-quarter (QoQ) from SAR 6.43 million in Q2 2024, increased revenue via new financing, higher other income and investment gains, along with reduced general expenses, bolstered by efficient financing, marketing, and sales.

 

Shareholders’ equity, after minority interest, reached SAR 832.64 million as of Sept. 30, 2024, compared to SAR 840.46 million in the year-earlier period.

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Share Price

Morabaha Marina Financing Co.
11.50
0.10 0.88 %

Morabaha Marina Financing Co. (MRNA)

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Financial Ratios
Current
Market Cap (M) 821.43
Shares Outstanding ((M)) 71.43
EPS ( Riyal) (TTM) 0.23
Book Value (BV) ( Riyal) 11.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 49.61
P/E (TTM) 49.61
Price/book 0.99
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 2.0
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