MRNA H1 2023 profit jumps 16% to SAR 30.6 mln; Q2 at SAR 14.4 mln

Morabaha Marina Financing Co. (MRNA) reported a 16% rise in H1 2023 net profit to SAR 30.6 million, compared to SAR 26.5 million in the year-earlier period, thanks to better special commission income and other income.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Net income from finance commissions	64.80	62.60	(3.4 %)
Net Income	26.48	30.61	15.6 %
Average Shares	50.00	71.43	42.9 %
EPS (Riyals)	0.53	0.43	(19.1 %)

In Q2 2023, MRNA’s net profit climbed 13% to SAR 14.4 million from SAR 12.6 million in Q2 2022, driven by a rise in special commission income and other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Net income from finance commissions	32.55	29.23	(10.2 %)
Net Income	12.69	14.39	13.3 %
Average Shares	50.00	71.43	42.9 %
EPS (Riyals)	0.25	0.20	(20.7 %)

Item	Q1 2023	Q2 2023	Change‬
Net income from finance commissions	33.37	29.23	(12.4 %)
Net Income	16.22	14.39	(11.3 %)
Average Shares	50.00	71.43	42.9 %
EPS (Riyals)	0.32	0.20	(37.9 %)

Compared to the previous quarter, the net profit dropped 11.3% from SAR 16.2 million.

Total shareholders’ equity, after minority interest, increased to SAR 880.06 million as of June 30, 2023, from SAR 536.91 million in the earlier-year period.

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Share Price

Morabaha Marina Financing Co. (MRNA)

	Current
Market Cap (M)	778.58
Shares Outstanding ((M))	71.43
EPS ( Riyal) (TTM)	0.25
Book Value (BV) ( Riyal)	11.89
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	43.74
P/E (TTM)	43.74
Price/book	0.92
Return on Average Assets (%) (TTM)	1.2
Return on Average Equity (%) (TTM)	2.1

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
2014	3.60	39.5 %	3.60	39.5 %
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 %)

Period	Commission income from finance and investments	Change	Net income from finance commissions	Change
2013	2.58	2163.2 %	2.58	2163.2 %
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	(0.93)	(675.2 %)	(0.02)	-	(0.93)	(0.02)
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	0.16	164.7 %	0.00	-	0.16	0.00
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

Balance Sheet (B)

Period	Assets	Change	Net Finance Investments	Change
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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 %

Period	Assets	Change	Net Finance Investments	Change
3m 2014	-	-	-	-
6m 2014	-	-	-	-
9m 2014	-	-	-	-
12m 2014	0.12	253.8 %	0.04	99.0 %
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 %

Period	Assets	Change	Net Finance Investments	Change
2013	0.04	138.3 %	0.02	491.7 %
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 %

Profitability

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	(1.16 %)	(1.20 %)	(25.73 %)
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 %

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
2013	0.64 %	0.68 %	6.24 %
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

MRNA H1 2023 profit jumps 16% to SAR 30.6 mln; Q2 at SAR 14.4 mln

Financials (M)

Current Quarter Comparison (M)

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Share Price

Morabaha Marina Financing Co. (MRNA)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Balance Sheet (B)

Balance Sheet Performance (B)

Profitability

Profitability