Morabaha Marina Financing Co.’s (MRNA) net income plunged by 22% to SAR 36.6 million in 2023, from SAR 47 million in the previous year.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 128.70 | 123.07 | (4.4 %) |
| Net Income | 47.01 | 36.63 | (22.1 %) |
| Average Shares | 50.00 | 71.43 | 42.9 % |
| EPS (Riyals) | 0.94 | 0.51 | (45.5 %) |
The profit slump was attributed to the increase in special commission expenses and general & administration expenses in 2023.
This was offset by the year-on-year (YoY) top-line hike, driven by the uptick in new financing contracts for the same year.
In Q4 2023, the company incurred losses of SAR 3.2 million, compared to profit of SAR 9.87 million in the prior-year period.
On a quarterly basis, MRNA turned to loss from SAR 9.44 million in profit in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 33.79 | 31.39 | (7.1 %) |
| Net Income | 9.87 | (3.42) | (134.7 %) |
| Average Shares | 50.00 | 71.43 | 42.9 % |
| EPS (Riyals) | 0.20 | (0.05) | (124.3 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Net income from finance commissions | 29.09 | 31.39 | 7.9 % |
| Net Income | 9.44 | (3.42) | (136.3 %) |
| Average Shares | 71.43 | 71.43 | - |
| EPS (Riyals) | 0.13 | (0.05) | (136.3 %) |
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}