Income from consumer and SMEs financing drives FY2022 revenue growth of
20.4% to SAR 160.8 million
Net income increased by 10% year-over-year, to SAR 44.9 million, at a net
income margin of 27.9%
Net Islamic financing receivables grew 6.3% year-over-year to SAR 981.9 million
Riyadh, Saudi Arabia, 21 March 2023: Morabaha Marina Financing Company (“MRNA” or“the
Company”), Saudi Arabia's leading independent non-bank financing company, today announced
its financial results for the twelve-months ended 31 December 2022.
MRNA maintained strong growth momentum in 2022 with annual revenue of SAR 160.8 million
compared to SAR 133.6 million in 2021, representing a 20.4% year-over-year increase driven by
consumer and SMEs financing. Net income reached SAR 44.9 million, up 10.0% year-over-year,
with a healthy net income margin of 27.9%. Total assets increased by 17.4%, reaching SAR 1.2
billion compared to SAR 1.0 billion as of 31 December 2021. MRNA's net financing receivables
stood at SAR 981.9 million at the close of 2022.
With a robust loan book, MRNA increased its SME client base to 823 as of 31 December 2022,
nearly doubling in size since 2019.
MRNA's lending portfolio continues to demonstrate superior credit quality, with a decrease in non-
performing loans from 11.3% in 2021 to 9.5% in 2022, enabled by highly-effective credit risk
management and a commitment to continuous portfolio optimization. Meanwhile, in December
2022, MRNA completed the repayment of its 3-year SAR 80 million Series 2 Sukuk on time and
Commenting on the results, Waleed Al-Ghumlas, Managing Director and Board Member of
Morabaha Marina, said:“We delivered strong financial performance in 2022, with over 20%
revenue growth and a 10% increase in net income. The healthy growth in our loan portfolio reflects
growing demand for our products and services, the quality of our business model and the strength
of our balance sheet – all of which have laid a solid foundation for us to tap new opportunities. By
capitalizing on synergies resulting from our acquisition of Loop last year, we aim to offer a fully
integrated, digitally driven financing platform that will be a highly-compelling value proposition for
consumers and SMEs in the Kingdom. I would like to extend my thanks to the MRNA team for
their hard work and commitment, and to our Board of Directors and shareholders for their
continued guidance, trust and support.”
In H1 2022, MRNA increased its share capital from SAR 311 million to SAR 500 million, through
a shareholder capital injection via a rights issue and retained earnings capitalization. The rights
issue was 133% oversubscribed, with 91 shareholders participating. MRNA's robust financing
capacity and strong capital base create a solid foundation for future lending activities.
MRNA is a pioneering sharia-compliant financing company offering a wide range of flexible and
innovative solutions, with commercial registration (1010337706) licensed by the Saudi Central
Bank No. 22/201410 dated 11/19/1435 AH. Established in 2012, the company has a head /ش أ
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 of The Saudi Central Bank (SAMA).
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