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

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	14.93	8.20	(45.1 %)
Average Shares	71.43	71.43	-
EPS (Riyals)	0.21	0.11	(45.1 %)

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 %

The third-quarter net earnings dropped 13.1% year-on-year (YoY) to SAR 8.20 million, from SAR 9.44 million in Q3 2023, due to higher commission expenses and increased impairment losses, despite a 15% rise in revenues to SAR 48.2, primarily driven by new financing contracts.

Net earnings grew 27.5% quarter-on-quarter (QoQ) from SAR 6.43 million in Q2 2024, increased revenue via new financing, higher other income and investment gains, along with reduced general expenses, bolstered by efficient financing, marketing, and sales.

Shareholders’ equity, after minority interest, reached SAR 832.64 million as of Sept. 30, 2024, compared to SAR 840.46 million in the year-earlier period.

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Share Price

Morabaha Marina Financing Co. (MRNA)

	Current
Market Cap (M)	814.29
Shares Outstanding ((M))	71.43
EPS ( Riyal) (TTM)	0.23
Book Value (BV) ( Riyal)	11.66
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	49.18
P/E (TTM)	49.18
Price/book	0.98
Return on Average Assets (%) (TTM)	1.2
Return on Average Equity (%) (TTM)	2.0

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	0.95	202.2 %	0.02	-	0.95	0.02
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	15.47	1535.4 %	0.31	-	15.47	0.31
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	26.30	70.0 %	0.53	-	26.30	0.53
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	32.50	23.6 %	0.65	6.32	26.19	0.52
Q1 2019	8.59	-	0.17	-	8.59	0.17
Q2 2019	9.01	-	0.18	-	9.01	0.18
Q3 2019	5.26	-	0.11	-	5.26	0.11
Q4 2019	6.53	-	0.13	-	6.53	0.13
2019	29.40	(9.5 %)	0.59	-	29.40	0.59
Q1 2020	6.25	(27.3 %)	0.13	-	6.25	0.13
Q2 2020	5.77	(35.9 %)	0.12	-	5.77	0.12
Q3 2020	11.22	113.1 %	0.22	-	11.22	0.22
Q4 2020	10.70	63.8 %	0.21	-	10.70	0.21
2020	33.94	15.4 %	0.68	-	33.94	0.68
Q1 2021	8.96	43.4 %	0.18	-	8.96	0.18
Q2 2021	10.42	80.4 %	0.21	-	10.42	0.21
Q3 2021	9.98	(11.0 %)	0.20	-	9.98	0.20
Q4 2021	11.52	7.6 %	0.23	-	11.52	0.23
2021	40.88	20.4 %	0.82	-	40.88	0.82
Q1 2022	13.78	53.8 %	0.28	-	13.78	0.28
Q2 2022	12.69	21.9 %	0.25	-	12.69	0.25
Q3 2022	10.66	6.8 %	0.21	-	10.66	0.21
Q4 2022	9.87	(14.4 %)	0.20	-	9.87	0.20
2022	47.01	15.0 %	0.94	-	47.01	0.94
Q1 2023	16.22	17.7 %	0.32	-	16.22	0.32
Q2 2023	14.39	13.3 %	0.20	-	14.39	0.20
Q3 2023	14.93	40.0 %	0.21	-	14.93	0.21
Q4 2023	(3.42)	(134.7 %)	(0.05)	-	(3.42)	(0.05)
2023	36.63	(22.1 %)	0.51	-	36.63	0.51
Q1 2024	5.36	(67.0 %)	0.07	-	5.36	0.07
Q2 2024	6.43	(55.3 %)	0.09	-	6.43	0.09
Q3 2024	8.20	(45.1 %)	0.11	-	8.20	0.11

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	(0.93)	(675.2 %)	(0.02)	-	(0.93)	(0.02)
2015	0.95	202.2 %	0.02	-	0.95	0.02
2016	15.47	1535.4 %	0.31	-	15.47	0.31
2017	26.30	70.0 %	0.53	-	26.30	0.53
2018	32.50	23.6 %	0.65	6.32	26.19	0.52
2019	29.40	(9.5 %)	0.59	-	29.40	0.59
2020	33.94	15.4 %	0.68	-	33.94	0.68
2021	40.88	20.4 %	0.82	-	40.88	0.82
2022	47.01	15.0 %	0.94	-	47.01	0.94
2023	36.63	(22.1 %)	0.51	-	36.63	0.51

Financial results (Million)

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
2015	17.60	388.9 %	17.33	381.6 %
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
2016	46.60	164.9 %	42.53	145.4 %
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
2017	68.67	47.4 %	55.78	31.2 %
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
2018	93.23	35.8 %	67.61	21.2 %
Q1 2019	25.39	-	17.25	-
Q2 2019	26.80	-	19.01	-
Q3 2019	28.57	-	20.53	-
Q4 2019	27.56	-	16.85	-
2019	108.32	16.2 %	73.65	8.9 %
Q1 2020	25.94	2.2 %	16.53	(4.2 %)
Q2 2020	20.75	(22.6 %)	19.02	0.0 %
Q3 2020	22.42	(21.5 %)	21.84	6.4 %
Q4 2020	36.48	32.4 %	23.50	39.5 %
2020	105.59	(2.5 %)	80.89	9.8 %
Q1 2021	29.36	13.1 %	24.08	45.6 %
Q2 2021	31.43	51.5 %	26.67	40.3 %
Q3 2021	36.08	60.9 %	29.77	36.3 %
Q4 2021	36.76	0.8 %	33.06	40.6 %
2021	133.62	26.5 %	113.58	40.4 %
Q1 2022	37.88	29.0 %	32.26	34.0 %
Q2 2022	38.31	21.9 %	32.55	22.0 %
Q3 2022	38.57	6.9 %	30.11	1.2 %
Q4 2022	43.37	18.0 %	33.79	2.2 %
2022	158.12	18.3 %	128.70	13.3 %
Q1 2023	43.35	14.4 %	33.37	3.4 %
Q2 2023	40.19	4.9 %	29.23	(10.2 %)
Q3 2023	42.04	9.0 %	29.09	(3.4 %)
Q4 2023	43.84	1.1 %	31.39	(7.1 %)
2023	169.42	7.1 %	123.07	(4.4 %)
Q1 2024	44.80	3.3 %	32.92	(1.3 %)
Q2 2024	44.24	10.1 %	30.39	4.0 %
Q3 2024	48.30	14.9 %	32.14	10.5 %

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
2014	3.60	39.5 %	3.60	39.5 %
2015	17.60	388.9 %	17.33	381.6 %
2016	46.60	164.9 %	42.53	145.4 %
2017	68.67	47.4 %	55.78	31.2 %
2018	93.23	35.8 %	67.61	21.2 %
2019	108.32	16.2 %	73.65	8.9 %
2020	105.59	(2.5 %)	80.89	9.8 %
2021	133.62	26.5 %	113.58	40.4 %
2022	158.12	18.3 %	128.70	13.3 %
2023	169.42	7.1 %	123.07	(4.4 %)

Balance Sheet (B)

Period	Assets	Change	Net Finance Investments	Change
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	0.78	-	0.59	-
Q1 2020	0.74	-	0.61	-
Q2 2020	0.75	-	0.64	-
Q3 2020	0.86	-	0.73	-
Q4 2020	0.98	26.0 %	0.79	34.4 %
Q1 2021	1.02	38.7 %	0.86	41.9 %
Q2 2021	1.05	41.0 %	0.89	38.8 %
Q3 2021	1.09	26.8 %	0.93	27.3 %
Q4 2021	1.04	6.3 %	0.92	16.4 %
Q1 2022	1.34	30.8 %	0.96	11.5 %
Q2 2022	1.22	16.2 %	1.00	12.3 %
Q3 2022	1.24	13.4 %	1.00	7.7 %
Q4 2022	1.22	17.4 %	0.98	6.3 %
Q1 2023	1.28	(4.3 %)	1.04	8.7 %
Q2 2023	1.52	24.4 %	1.02	1.7 %
Q3 2023	1.41	14.2 %	1.05	5.2 %
Q4 2023	1.34	9.7 %	1.09	10.9 %
Q1 2024	1.48	15.2 %	1.15	10.5 %
Q2 2024	1.41	(7.6 %)	1.14	12.2 %
Q3 2024	1.47	3.7 %	1.16	10.0 %

Period	Assets	Change	Net Finance Investments	Change
3m 2015	-	-	-	-
6m 2015	-	-	-	-
9m 2015	-	-	-	-
12m 2015	0.16	24.4 %	0.14	242.8 %
3m 2016	-	-	-	-
6m 2016	-	-	-	-
9m 2016	-	-	-	-
12m 2016	0.31	98.3 %	0.27	93.9 %
3m 2017	-	-	-	-
6m 2017	-	-	-	-
9m 2017	-	-	-	-
12m 2017	0.41	34.0 %	0.36	35.7 %
3m 2018	-	-	-	-
6m 2018	-	-	-	-
9m 2018	-	-	-	-
12m 2018	0.59	42.9 %	0.49	33.9 %
3m 2019	-	-	-	-
6m 2019	-	-	-	-
9m 2019	-	-	-	-
12m 2019	0.78	32.0 %	0.59	21.0 %
3m 2020	0.74	-	0.61	-
6m 2020	0.75	-	0.64	-
9m 2020	0.86	-	0.73	-
12m 2020	0.98	26.0 %	0.79	34.4 %
3m 2021	1.02	38.7 %	0.86	41.9 %
6m 2021	1.05	41.0 %	0.89	38.8 %
9m 2021	1.09	26.8 %	0.93	27.3 %
12m 2021	1.04	6.3 %	0.92	16.4 %
3m 2022	1.34	30.8 %	0.96	11.5 %
6m 2022	1.22	16.2 %	1.00	12.3 %
9m 2022	1.24	13.4 %	1.00	7.7 %
12m 2022	1.22	17.4 %	0.98	6.3 %
3m 2023	1.28	(4.3 %)	1.04	8.7 %
6m 2023	1.52	24.4 %	1.02	1.7 %
9m 2023	1.41	14.2 %	1.05	5.2 %
12m 2023	1.34	9.7 %	1.09	10.9 %
3m 2024	1.48	15.2 %	1.15	10.5 %
6m 2024	1.41	(7.6 %)	1.14	12.2 %
9m 2024	1.47	3.7 %	1.16	10.0 %

Period	Assets	Change	Net Finance Investments	Change
2014	0.12	253.8 %	0.04	99.0 %
2015	0.16	24.4 %	0.14	242.8 %
2016	0.31	98.3 %	0.27	93.9 %
2017	0.41	34.0 %	0.36	35.7 %
2018	0.59	42.9 %	0.49	33.9 %
2019	0.78	32.0 %	0.59	21.0 %
2020	0.98	26.0 %	0.79	34.4 %
2021	1.04	6.3 %	0.92	16.4 %
2022	1.22	17.4 %	0.98	6.3 %
2023	1.34	9.7 %	1.09	10.9 %

Profitability

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	0.68 %	0.77 %	5.38 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	6.68 %	9.16 %	33.20 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	7.30 %	11.68 %	38.30 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	6.48 %	13.06 %	34.86 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	27.14 %
2019	4.30 %	10.62 %	27.14 %
Q1 2020	-	9.52 %	24.85 %
Q2 2020	-	8.17 %	23.17 %
Q3 2020	-	9.93 %	30.80 %
Q4 2020	3.86 %	11.01 %	32.15 %
2020	3.86 %	11.01 %	32.15 %
Q1 2021	4.16 %	11.60 %	33.63 %
Q2 2021	4.59 %	12.74 %	34.50 %
Q3 2021	4.11 %	11.97 %	30.05 %
Q4 2021	4.04 %	11.83 %	30.59 %
2021	4.04 %	11.83 %	30.59 %
Q1 2022	3.86 %	10.45 %	32.15 %
Q2 2022	4.22 %	10.89 %	32.20 %
Q3 2022	4.18 %	10.79 %	32.12 %
Q4 2022	4.15 %	10.17 %	29.73 %
2022	4.15 %	10.17 %	29.73 %
Q1 2023	3.77 %	8.87 %	30.23 %
Q2 2023	3.73 %	7.22 %	30.91 %
Q3 2023	4.18 %	7.98 %	32.80 %
Q4 2023	3.28 %	6.03 %	24.86 %
2023	2.85 %	5.25 %	21.62 %
Q1 2024	2.26 %	4.41 %	18.29 %
Q2 2024	1.59 %	2.69 %	13.32 %
Q3 2024	1.15 %	1.98 %	9.14 %

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
2014	(1.16 %)	(1.20 %)	(25.73 %)
2015	0.68 %	0.77 %	5.38 %
2016	6.68 %	9.16 %	33.20 %
2017	7.30 %	11.68 %	38.30 %
2018	6.48 %	13.06 %	34.86 %
2019	4.30 %	10.62 %	27.14 %
2020	3.86 %	11.01 %	32.15 %
2021	4.04 %	11.83 %	30.59 %
2022	4.15 %	10.17 %	29.73 %
2023	2.85 %	5.25 %	21.62 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	50.00	-	-	5.42
Q2 2019	50.00	-	-	5.60
Q3 2019	50.00	-	-	5.70
Q4 2019	50.00	0.59	0.59	5.83
Q1 2020	50.00	0.54	0.54	5.95
Q2 2020	50.00	0.48	0.48	6.07
Q3 2020	50.00	0.60	0.60	6.29
Q4 2020	50.00	0.68	0.68	6.51
Q1 2021	50.00	0.73	0.73	6.69
Q2 2021	50.00	0.83	0.83	6.89
Q3 2021	50.00	0.80	0.80	7.09
Q4 2021	50.00	0.82	0.82	7.32
Q1 2022	50.00	0.91	0.91	10.81
Q2 2022	50.00	0.96	0.96	10.74
Q3 2022	50.00	0.97	0.97	10.95
Q4 2022	50.00	0.94	0.94	11.18
Q1 2023	50.00	0.99	0.99	11.50
Q2 2023	71.43	0.72	0.72	12.32
Q3 2023	71.43	0.78	0.78	11.77
Q4 2023	71.43	0.59	0.59	11.72
Q1 2024	71.43	0.44	0.44	11.80
Q2 2024	71.43	0.33	0.33	11.89
Q3 2024	71.43	0.23	0.23	11.66

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	50.00	(0.02)	(0.02)	2.43
2015	50.00	0.02	0.02	2.45
2016	50.00	0.31	0.31	4.30
2017	50.00	0.53	0.53	4.71
2018	50.00	0.65	0.52	5.24
2019	50.00	0.59	0.59	5.83
2020	50.00	0.68	0.68	6.51
2021	50.00	0.82	0.82	7.32
2022	50.00	0.94	0.94	11.18
2023	71.43	0.51	0.51	11.72

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	19.72	19.72	1.15
Q3 2023	15.78	15.78	1.04
Q4 2023	20.99	20.99	1.06
Q1 2024	25.55	25.55	0.95
Q2 2024	33.61	33.61	0.92
Q3 2024	48.40	48.40	0.96

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	24.14	24.14	1.06

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

Financials (M)

Current Quarter Comparison (M)

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Share Price

Morabaha Marina Financing Co. (MRNA)

Financial Ratios

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Balance Sheet (B)

Balance Sheet Performance (B)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

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