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	-
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	-
EPS (Riyals)	0.20	0.09	(55.3 %)

Item	Q1 2024	Q2 2024	Change‬
Net income from finance commissions	32.92	30.39	(7.7 %)
Net Income	5.36	6.43	20.0 %
Average Shares	71.43	71.43	-
EPS (Riyals)	0.07	0.09	20.0 %

View More Financial Results

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