Morabaha Marina net profit up 26% to SAR 37.1 mln in 9M 2022; Q3 at SAR 10.7 mln

Morabaha Marina Financing Co (MMFCO) reported a net profit of SAR 37.1 million (SAR 0.74 a share) for the first nine months of 2022, compared to SAR 29.4 million in the year-earlier period, as shown below:

*Capital was increased from SAR 311 million to SAR 500 million via a rights issue and a capitalization from the retained earnings

The profit rise was spurred by a 20% year-on-year (YoY) jump in net commission income, coupled with growth in income from financing small and medium enterprises (SMEs). The company also cited higher other revenue of SAR 20.96 million as of Sept. 30, 2022, compared to SAR 12.94 million a year ago.

Total assets increased by 18.7% to SAR 1.236 billion as of Sept. 30, 2022, versus SAR 1.042 billion as of Dec. 30, 2021, with the net value of the financing portfolio at SAR 998.7 million.

The following table shows the key highlights of MMFCO’s income statement since Q1 2021: