Logo of Morabaha Marina Financing Co.
Morabaha Marina Financing Co. (MMFC), expected to be listed on Tadawul shortly, reported a net profit of SAR 45 million (SAR 0.90 per share) in 2022, a 10% increase, compared to SAR 40.9 million a year earlier.
|
Income Statement (SAR mln) |
|||
|
Item |
2021 |
2022 |
Change % |
|
Special Commission Income |
133.6 |
160.8 |
+20% |
|
Gross Profit |
113.6 |
131.8 |
+16% |
|
Gross Profit Margin (%) |
85.0 % |
81.9 % |
(3.1%) |
|
Net Profit |
40.9 |
45.0 |
+10% |
|
Number of Shares (mln) |
31.1 |
50.0* |
-- |
|
Earnings Per Share (SAR) |
1.32 |
0.90 |
-- |
*Capital increased from SAR 311 mln to SAR 500 mln through a rights issue, in addition to capitalizing part of the retained earnings.
The increase in profit was mainly due to the growth in special commission income by more than 20% year-on-year (YoY), driven by the rise in Tawarruq products revenue, which grew from SAR 127.5 million to SAR 152.8 million, in addition to 31% rise in Ijarah products to SAR 8.1 million YoY.
Other income also contributed to higher profit, rising to SAR 38.8 million in 2022, compared to a profit of SAR 18.9 million a year earlier, thanks to gains from hedging interest rates of SAR 5.5 million, gains of SAR 3.4 million from a stake purchase in fintech digital payments company and higher income from the redemption of Islamic write-offs.
Over the previous five years, the company's revenue increased from SAR 93.2 million to SAR 160.8 million by the end of 2022, achieving a compound annual growth rate (CAGR) of 15%. Additionally, profit grew at a CAGR of 8% to SAR 45 million.
The following table shows the most important items of the income statement since 2018:
|
Income Statement (SAR mln) |
|||||
|
Item |
2018 |
2019 |
2020 |
2021 |
2022 |
|
Special commission income |
93.2 |
108.3 |
105.6 |
133.6 |
160.8 |
|
Gross profit |
67.6 |
73.6 |
80.9 |
113.6 |
131.8 |
|
Gross Profit Margin (%) |
72.5% |
68.0% |
76.6% |
85.0% |
81.9% |
|
Net Profit |
32.5 |
29.4 |
33.9 |
40.9 |
45.0 |
|
Number of Shares (mln) |
31.1(22.9) |
31.1 (25.5) |
31.1(28.08) |
31.1 |
50.0* |
|
Earnings Per Share |
(1.42)1.05 |
0.95(1.15) |
1.09(1.21) |
1.32 |
0.90 |
*Capital increased from SAR 311 mln to SAR 500 mln through a rights issue, in addition to capitalizing part of the retained earnings
The following table shows income from net special commission during the last five years:
|
Net Special Commission (SAR mln) |
||||||
|
Segment |
2018 |
2019 |
2020 |
2021 |
2022 |
CAGR (%) |
|
Tawarruq |
83.9 |
104.0 |
103.8 |
127.5 |
152.8 |
16% |
|
Ijarah |
2.8 |
2.6 |
1.6 |
6.2 |
8.1 |
30% |
|
Murabaha |
6.5 |
1.7 |
0.3 |
-- |
-- |
-- |
|
Total |
93.2 |
108.3 |
105.6 |
133.6 |
160.8 |
15% |
The company's financial statements showed that its revenues come from the retail and small and medium enterprises (SMEs) segments.
The retail segment’s revenue grew by a CAGR of 6.2% between 2019 and 2021 to SAR 90.1 million, while SME revenue inched up by 5% to SAR 41.1 million. These increases were due to higher financing contracts for customers at the retail and SME levels on the back of additional revenues from financing contracts added by the company during the last year.
|
Revenue by Operating Segments (SAR mln) |
||||
|
Segment |
2019 |
2020 |
2021 |
CAGR (%) |
|
Retail |
75.3 |
86.6 |
90.1 |
6.2% |
|
SMEs |
35.5 |
19.0 |
41.1 |
5.0% |
|
Total |
110.8 |
105.6 |
131.2 |
5.8% |
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