(MENAFN- Mid-East.Info)
- Income from SME financing drives 1H 2022 revenue growth of 27.3% to SAR 77.4 million
- Net income increased by 36.2% year-on-year, to SAR 26.4 million, at a net margin of 34.1%
- Credit portfolio surpasses SAR 1.0 billion
Riyadh, Saudi Arabia: Morabaha Marina Financing Company (“Morabaha Marina” or“the Company”), Saudi Arabia's leading independent non-bank SME and consumer financing company, announced today its 1H 2022 results for the financial period ending 30 June, 2022.
Revenues for the first half of 2022 reached SAR 77.4 million compared to SAR 60.8 million in the same period last year, representing a 27.3% increase year-on-year on the back of higher income from SME financing. Net income reached SAR 26.4 million, up 36.4% year-on-year, at a healthy net margin of 34.1%. Total assets increased by 17.3% reaching SAR 1.2 billion compared to SAR 1.0 billion as at 30 December 2021. The total value of Morabaha Marina's credit portfolio crossed SAR 1.0 billion for the first time in the Company's history.
In the first half of 2022, Morabaha Marina increased its share capital from SAR 311 million to SAR 500 million through a combination of a shareholder capital injection through a SAR 144.6 million rights issue, and capitalization of retained earnings. The rights issue was 133% oversubscribed, with 91 shareholders participating. It is worth mentioning that 10% of the raised capital will be held in the form of treasury shares for future allocation to an employee share plan.
Commenting on the results, Waleed Al-Ghumlas, Managing Director and Board Member of Morabaha Marina, said:
“We achieved healthy gains for both revenue and net income in the first half of 2022, demonstrating the strength of our business and reinforcing our overall strategic direction. Meanwhile, growth in our credit portfolio, which now exceeds SAR 1.0 billion, provides a solid foundation for growth.
“I would like to thank Morabaha Marina's management team for their efforts and dedication and our Board of Directors and shareholders for their continued guidance, trust and support.”
About Morabaha Marina Financing Company
Morabaha Marina is a pioneering sharia-compliant financing platform offering a wide range of flexible and innovative solutions, with commercial registration (1010337706) licensed by the Saudi Central Bank No. 22/أ ش/201410 dated 11/19/1435 AH. Established in 2012, the company has a head office in Riyadh and 16 branches located in 13 cities across Kingdom, it specializes in providing flexible financial leasing, small and medium enterprises financing, productive assets and consumer financing, subject to control and supervision The Central Bank of Saudi Arabia.
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