Saudi: Morabaha Marina logs over $9.6mln net profits in 9M-23

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Riyadh – Morabaha Marina Financing Company saw a marginal rise of 0.39% in net profit to SAR 36.44 million during the first nine months (9M) of 2023 when compared to SAR 36.30 million in 9M-22.

The earnings per share (EPS) levelled up to SAR 0.63 in 9M-23 from SAR 0.83 in 9M-22, according to the income statements.

The revenues also increased by 9.43% year-on-year (YoY) to SAR 125.57 million during January-September 2023 from SAR 114.74 million.

Financial Results for Q3-23

During the third quarter (Q3) of 2023, Morabaha Marina recorded net profits after Zakat and tax worth SAR 7.94 million, signalling a 19.82% decrease from SAR 9.90 million in Q3-22.

The revenues, meanwhile, grew by 8.98% to SAR 42.03 million during July-September 2023 from SAR 38.56 million in the corresponding 3M in 2022.

On a quarterly basis, the net profits in Q3-23 were 40.24% lower than SAR 13.29 million in Q2-23, while the revenues rose by 4.60% from SAR 40.18 million.

In the first half (H1) of 2023, Morabaha Marina witnessed a growth in net profit to SAR 28.50 million, while its revenues reached SAR 83.53 million.