MRNA H1 2025 profit down 75% to SAR 3M; Q2 loss hits SAR 1.2M

05/08/2025 Argaam Exclusive

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Morabaha Marina Financing Co. (MRNA) posted a 75% drop in net profit to SAR 3 million (excluding minority interest) for H1 2025, compared to SAR 11.8 million in the year-earlier period.

 

Before excluding minority interest, the company incurred a net loss of SAR 220,000 in H1 2025, compared to a net profit of SAR 8.6 million in H1 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Net income from finance commissions 63.31 83.28 31.5 %
Net Income 11.78 2.98 (74.7 %)
Average Shares 71.43 71.43 -
Earnings Per Share before unusual items (Riyals) 0.16 0.04 (74.7 %)
EPS (Riyal) 0.16 0.04 (74.7 %)

The loss (before excluding minority interest) was mainly due to higher general and administrative (G&A) expenses and continued impairment losses due to losses from its subsidiary Digital Payments Company for FinTech (Loop).

 

This was partially offset by a 19.96% year-on-year (YoY) increase in revenue to SAR 106.82 million in H1 2025, driven by growth in new financing contracts from Q2 2024 through Q2 2025.

 

In Q2 2025, MRNA posted a net loss of SAR 1.24 million, compared to a profit of SAR 6.43 million a year earlier, mainly due to higher impairment charges and continued losses from its subsidiary, LOOP.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Net income from finance commissions 30.39 43.06 41.7 %
Net Income 6.43 (1.24) (119.4 %)
Average Shares 71.43 71.43 -
Earnings Per Share before unusual items (Riyal) 0.09 (0.02) (119.4 %)
EPS (Riyal) 0.09 (0.02) (119.4 %)

This was partially offset by a 22.09% YoY rise in revenue to SAR 54.01 million, driven by increased financing contracts from Q3 2024 through Q2 2025.

 

On a sequential basis, the company swung from a SAR 4.22 million profit in Q1, as impairment and LOOP-related losses persisted.

 

On the other hand, revenue grew 2.30% to SAR 54.01 million from SAR 52.8 million, supported by growth in new contracts.

 

Total shareholders’ equity (after minority interest) stood at SAR 845.6 billion as of H1 2025, compared to SAR 848.9 million a year earlier.

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Share Price

Morabaha Marina Financing Co.
11.27
0.02 0.18 %

Morabaha Marina Financing Co. (MRNA)

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Financial Ratios
Current
Market Cap (M Riyal) 803.58
Shares Outstanding ((M)) 71.43
EPS ( Riyal) (TTM) 0.30
Book Value (BV) ( Riyal) 11.84
Par Value ( Riyal) 10.00
Recurring P/E 37.22
P/E (TTM) 37.22
Price/book 0.95
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 2.5
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