MRNA’s 2023 profit dips 22% to SAR 36.6M; Q4 loss at SAR 3.4M

13/03/2024 Argaam Exclusive

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Morabaha Marina Financing Co.’s (MRNA) net income plunged by 22% to SAR 36.6 million in 2023, from SAR 47 million in the previous year.

Financials (M)

Item	2022	2023	Change‬
Net income from finance commissions	128.70	123.07	(4.4 %)
Net Income	47.01	36.63	(22.1 %)
Average Shares	50.00	71.43	42.9 %
EPS (Riyals)	0.94	0.51	(45.5 %)

The profit slump was attributed to the increase in special commission expenses and general & administration expenses in 2023.

This was offset by the year-on-year (YoY) top-line hike, driven by the uptick in new financing contracts for the same year.

In Q4 2023, the company incurred losses of SAR 3.2 million, compared to profit of SAR 9.87 million in the prior-year period.

On a quarterly basis, MRNA turned to loss from SAR 9.44 million in profit in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Net income from finance commissions	33.79	31.39	(7.1 %)
Net Income	9.87	(3.42)	(134.7 %)
Average Shares	50.00	71.43	42.9 %
EPS (Riyals)	0.20	(0.05)	(124.3 %)

Item	Q3 2023	Q4 2023	Change‬
Net income from finance commissions	29.09	31.39	7.9 %
Net Income	14.93	(3.42)	(122.9 %)
Average Shares	71.43	71.43	-
EPS (Riyals)	0.21	(0.05)	(122.9 %)

View More Financial Results

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