MRNA’s earnings grow 8% to SAR 40.1 mln in 9M 2023; Q3 down 12% at SAR 9.4 mln

30/10/2023 Argaam Exclusive

Morabaha Marina Financing Co.’s (MRNA) net profit increased 8% to SAR 40.1 million for the first nine months of 2023, compared to SAR 37.1 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Net income from finance commissions 94.91 91.68 (3.4 %)
Net Income 37.14 40.05 7.8 %
Average Shares 50.00 71.43 42.9 %
EPS (Riyals) 0.74 0.56 (24.5 %)

The year-on-year (YoY) profit surge was attributed to higher special commission income and other revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Net income from finance commissions 30.11 29.09 (3.4 %)
Net Income 10.66 14.93 40.0 %
Average Shares 50.00 71.43 42.9 %
EPS (Riyals) 0.21 0.21 (2.0 %)

In Q3 2023, net profit slumped by 12% to SAR 9.4 million, from SAR 10.66 million in the year-ago period on a YoY uptick in special commission expenses.

 

Sequentially, the third-quarter net profit fell 34.4% from SAR 14.39 million. This was due to a quarter-on-quarter increase in special commission and administrative expenses.

 

Total shareholders’ equity, after minority interest, contracted to SAR 840.46 million as of Sept. 30, 2023, compared to SAR 547.58 million a year ago.

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Share Price

Morabaha Marina Financing Co.
11.50
(0.04) (0.35 %)

Morabaha Marina Financing Co. (MRNA)

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Financial Ratios
Current
Market Cap (M) 821.43
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) 49.61
P/E (TTM) 49.61
Price/book 0.99
Return on Average Assets (%) (TTM) 1.2
Return on Average Equity (%) (TTM) 2.0
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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
Q3 2023 14.93 40.0 % 0.21 - 14.93 0.21


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 %)
Q3 2023 42.04 9.0 % 29.09 (3.4 %)

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 %
Q3 2023 1.41 14.2 % 1.05 5.2 %

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 %
Q3 2023 4.18 % 7.98 % 32.80 %


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
Q3 2023 71.43 0.78 0.78 11.77

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
Q3 2023 15.78 15.78 1.04

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