Morabaha Marina Financing Co. (MMFCO), which operates in finance leasing and provides finance services for small and medium enterprises (SMEs), reported a 37% rise in H1 2022 net profit to SAR 26.5 million (SAR 0.53 per share), from SAR 19.4 million a year earlier.
|
Income Statement (SAR mln) |
|||
|
Item |
H1 2021 |
H1 2022 |
Change % |
|
Special Commission Income |
60.8 |
77.4 |
+27% |
|
Net Commission Income |
50.7 |
66.0 |
+30% |
|
Other Revenue |
8.3 |
12.6 |
+52% |
|
Net Profit |
19.4 |
26.5 |
+37% |
|
Average Number of Shares (mln)* |
31.1 |
50 |
-- |
|
Earning Per Share (SAR) |
0.62 |
0.53 |
37%+ |
*Capital was raised from SAR 311 mln to SAR 500 mln through a rights issue and partial capitalization of retained earnings.
The first-half earnings were driven by a 30% leap year-on-year (YoY) in net commission income, on growth in income from financing SMEs.
MMFCO also cited a 52% rise in other revenue to SAR 12.6 million, from SAR 8.3 million in H1 2021.
The following table shows the company’s income statement since Q1 2021:
|
Key Items of Income Statement (SAR mln) |
||||
|
Item |
Special Commission Income |
Net Commission Income |
Net Profit |
EPS (SAR) |
|
2021 |
||||
|
Q1 |
29.4 |
24.1 |
9.0 |
0.29 |
|
Q2 |
31.4 |
26.7 |
10.4 |
0.33 |
|
Q3 |
36.1 |
29.8 |
10.0 |
0.32 |
|
Q4 |
36.8 |
33.1 |
11.5 |
0.37 |
|
2022 |
||||
|
Q1 |
38.4 |
32.8 |
13.8 |
0.28 |
|
Q2 |
39.0 |
33.2 |
12.7 |
0.25 |
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