Chief Financial Officer, Mohammed Saleh Abdullah Al-Noshan
Morabaha Marina Financing Co. has maintained good levels of the non-performing loans (NPLs) despite the increase in interest rates that may lead to defaults, Chief Financial Officer (CFO) Mohammed Saleh Abdullah Al-Noshan told Argaam.
The company’s NPLs stood at 10.3% of the total credit portfolio by the end of the first nine months of 2023, Al-Noshan added.
The company reported lower earnings for Q3 2023 due to higher interest rates, as special commission fees increased. However, it reported satisfactory results for the nine-month period, compared to last year.
Despite rate hikes, there are growth opportunities in terms of financing thanks to the new products, which the company will be introducing soon, the CFO said.
He also spoke of the company’s strategic partnership with HungerStation Ltd to market its financing products. Several new financing products were mapped out through the partnership, including the swift financing tool that provides small and medium enterprises (SMEs) with a short-term financing extending for 30 days to settle urgent obligations or government payments.
The financial impact related to the HungerStation partnership will likely appear in Q4 2023, he noted.
The company reported a net profit of SAR 40.1 million in the first nine months of 2023, 8% growth year-on-year (YoY) from SAR 37.1 million. Q3 earnings declined 12% YoY to SAR 9.4 million.
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