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.
| 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.
| 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 % |
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