Morabaha Marina announces 9m 2022 revenue growth of 20.4% and net income growth of 23.7%

Morabaha Marina Financing Company (“Morabaha Marina” or “the Company”), Saudi Arabia’s fully independent non-bank SME and consumer financing company, announced today its results for the nine-month period ending 30 September, 2022.

Revenues for the first nine months of 2022 reached SAR 116.7 million compared to SAR 96.9 million in the same period last year, representing a 20.4% increase year-on-year on the back of higher income from SME financing.

Net income reached SAR 36.3 million, up 23.7% year-on-year, at a healthy net margin of 31.1%. Total assets increased by 18.7% reaching SAR 1.2 billion at 30 September 2022 compared to SAR 1.0 billion as at 30 December 2021. The net value of Morabaha Marina’s credit portfolio now stands at SAR 998.7 million.

In the first nine months of 2022, Morabaha Marina’s share capital increased from SAR 311 million to SAR 500 million due to a combination of a shareholder capital injection through a SAR 144.6 million rights issue and the capitalization of retained earnings.

Commenting on the results, Waleed Al-Ghumlas, Managing Director and Board Member of Morabaha Marina, said:

“Our healthy bottom-line performance demonstrates the strength of our business during a period of headwinds for the sector. We maintained our strong growth trajectory in the third quarter of 2022, building on the positive momentum generated during the first six months.  

“Our continued growth in revenue and net income this quarter demonstrates the strength of our business and reinforces our overall strategic direction. I would like to thank Morabaha Marina’s management team for its efforts and dedication and our Board of Directors and shareholders for their continued guidance, trust and support.”