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

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

31/07/2023 Argaam Exclusive

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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 %)


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 - - - - - -
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 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
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
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
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
Q1 2023 16.22 17.7 % 0.32 - 16.22 0.32
Q2 2023 14.39 13.3 % 0.20 - 14.39 0.20


Financial results (Million)

Period Commission income from finance and investments Change Net income from finance commissions 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 25.39 - 17.25 -
Q2 2019 26.80 - 19.01 -
Q3 2019 28.57 - 20.53 -
Q4 2019 27.56 - 16.85 -
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 %
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 %
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 %
Q1 2023 43.35 14.4 % 33.37 3.4 %
Q2 2023 40.19 4.9 % 29.23 (10.2 %)

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 - - -
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 - - 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 %
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 %
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 %
Q1 2023 3.77 % 8.87 % 30.23 %
Q2 2023 3.73 % 7.22 % 30.91 %

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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 - - -
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

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

Share Price

Morabaha Marina Financing Co. (MRNA)


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