MRNA H1 2024 profit drops 62% to SAR 11.8M; Q2 at SAR 6.4M

05/08/2024 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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 %

View More Financial Results

Profit Performance (Million)

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

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 %

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 %)

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 %

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 %

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 %

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 %

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 %

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

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

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

Financial Ratios

	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

Morabaha Marina Financing Co. (MRNA)

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MRNA H1 2024 profit drops 62% to SAR 11.8M; Q2 at SAR 6.4M

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (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 H1 2024 profit drops 62% to SAR 11.8M; Q2 at SAR 6.4M

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (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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