MRNA announces q1 revenue up 15% with net income growth of 10%

Morabaha Marina Financing Company (“MRNA” or “the Company”), Saudi Arabia’s leading independent non-bank financing company, today announced its financial results for the three months ended 31 March 2023.

MRNA carried its strong momentum from 2022 through Q1 2023, with quarterly revenue of SAR 44.2 million increasing by 15% year-on-year. Revenue growth was driven by solid performance by both the consumer and SME financing portfolios.

First quarter net income reached SAR 15.2 million, up 10% year-on-year, at a net income margin of 34%. Total assets increased by 4.9% compared to 31 December 2022, reaching SAR 1.28 billion. MRNA’s net Islamic financing receivables stood at SAR 1.04 billion as at 31 March 2023 increasing by 6.4% as compared to 31 December 2022.

Commenting on the results, Waleed Al-Ghumlas, Managing Director and Board Member of Morabaha Marina, said: “We are pleased to report that we maintained the very healthy momentum generated in 2022 through the first quarter of this year, and are in an excellent position to continue to build and expand our lending platform. Growth in our loan portfolio reflects the strong demand that exists for our products and services – from both SMEs and individuals – the agility of our business model, and the robustness of our balance sheet. We are continuing to take advantage of the powerful synergies that we have created for our business, to offer a fully integrated, digitally-driven financing platform that represents a unique value proposition for our customers and partners.”

MRNA’s robust financing capacity and strong capital base continue to provide a solid foundation for future growth in lending activities.