MRNA’s 2024 profit down 17% to SAR 30.4M; Q4 at SAR 10.4M

27/03/2025 Argaam Exclusive

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Morabaha Marina Financing Co. (MRNA) reported a decline of 17% in net profit after minority rights to SAR 30.4 million in 2024 from SAR 36.6 million in the previous year.

Financials (M)

Item	2023	2024	Change‬
Net income from finance commissions	123.07	135.73	10.3 %
Net Income	36.63	30.40	(17.0 %)
Average Shares	71.43	71.43	-
Earnings Per Share before unusual items	0.51	0.43	(17.0 %)
EPS (Riyals)	0.51	0.43	(17.0 %)

Before minority rights, MRNA’s annual net profit reached SAR 22.7 million, down from SAR 31 million in the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Net income from finance commissions	31.39	40.29	28.4 %
Net Income	(3.42)	10.42	404.4 %
Average Shares	71.43	71.43	-
Earnings Per Share before unusual items	(0.05)	0.15	404.4 %
EPS (Riyals)	(0.05)	0.15	404.4 %

Item	Q3 2024	Q4 2024	Change‬
Net income from finance commissions	32.14	40.29	25.4 %
Net Income	8.20	10.42	27.1 %
Average Shares	71.43	71.43	-
Earnings Per Share before unusual items	0.11	0.15	27.1 %
EPS (Riyals)	0.11	0.15	27.1 %

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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 %
Q4 2024	55.52	26.6 %	40.29	28.4 %
2024	192.86	13.8 %	135.73	10.3 %

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
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 %)
2024	192.86	13.8 %	135.73	10.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual 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	9.44	(11.5 %)	0.13	-	9.44	0.13
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	(13.1 %)	0.11	-	8.20	0.11
Q4 2024	10.42	404.4 %	0.15	-	10.42	0.15
2024	30.40	(17.0 %)	0.43	-	30.40	0.43

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
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
2024	30.40	(17.0 %)	0.43	-	30.40	0.43

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	3.77 %	7.19 %	29.55 %
Q4 2023	2.85 %	5.25 %	21.62 %
2023	2.85 %	5.25 %	21.62 %
Q1 2024	1.87 %	3.63 %	15.08 %
Q2 2024	1.22 %	2.06 %	10.18 %
Q3 2024	1.15 %	1.98 %	9.14 %
Q4 2024	2.19 %	3.62 %	15.76 %
2024	2.19 %	3.62 %	15.76 %

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
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 %
2024	2.19 %	3.62 %	15.76 %

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 %
Q4 2024	1.44	7.2 %	1.17	7.4 %

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 %
12m 2024	1.44	7.2 %	1.17	7.4 %

Period	Assets	Change	Net Finance Investments	Change
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 %
2024	1.44	7.2 %	1.17	7.4 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (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	0.70	0.70	11.77
Q4 2023	71.43	0.51	0.51	11.72
Q1 2024	71.43	0.36	0.36	11.80
Q2 2024	71.43	0.25	0.25	11.89
Q3 2024	71.43	0.23	0.23	11.66
Q4 2024	71.43	0.43	0.43	11.79

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
2024	71.43	0.43	0.43	11.79

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	17.52	17.52	1.04
Q4 2023	24.14	24.14	1.06
Q1 2024	31.00	31.00	0.95
Q2 2024	43.98	43.98	0.92
Q3 2024	48.40	48.40	0.96
Q4 2024	26.93	26.93	0.97

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	24.14	24.14	1.06
2024	26.93	26.93	0.97

Financial Ratios

	Current
Market Cap (M)	767.15
Shares Outstanding ((M))	71.43
EPS ( Riyal) (TTM)	0.43
Book Value (BV) ( Riyal)	11.79
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	25.24
P/E (TTM)	25.24
Price/book	0.91
Return on Average Assets (%) (TTM)	2.2
Return on Average Equity (%) (TTM)	3.6

Morabaha Marina Financing Co. (MRNA)

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MRNA’s 2024 profit down 17% to SAR 30.4M; Q4 at SAR 10.4M

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Balance Sheet (B)

Balance Sheet Performance (B)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Morabaha Marina Financing Co. (MRNA)

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MRNA’s 2024 profit down 17% to SAR 30.4M; Q4 at SAR 10.4M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Balance Sheet (B)

Balance Sheet Performance (B)

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Morabaha Marina Financing Co. (MRNA)

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