MRNA profit slides 50% to SAR 20M in 9M 2024; Q3 at SAR 8.2M

30/10/2024 Argaam Exclusive

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Morabaha Marina Financing Co. (MRNA) posted a net profit of SAR 20 million in the first nine months of 2024, a fall of 50% from SAR 40.1 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Net income from finance commissions	91.68	95.45	4.1 %
Net Income	40.05	19.98	(50.1 %)
Average Shares	71.43	71.43	-
EPS (Riyals)	0.56	0.28	(50.1 %)

The nine-month profit drop was due to higher commission costs and increased impairment losses, despite revenue gains from new financing and effective marketing and sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Net income from finance commissions	29.09	32.14	10.5 %
Net Income	9.44	8.20	(13.1 %)
Average Shares	71.43	71.43	-
EPS (Riyals)	0.13	0.11	(13.1 %)

Item	Q2 2024	Q3 2024	Change‬
Net income from finance commissions	30.39	32.14	5.8 %
Net Income	6.43	8.20	27.6 %
Average Shares	71.43	71.43	-
EPS (Riyals)	0.09	0.11	27.6 %

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