Riyadh – Mubasher: Morabaha Marina Financing Company posted a 74.99% year-on-year (YoY) plunge in net profit to SAR 3.80 million in the first quarter (Q1) of 2024 from SAR 15.20 million.

Revenues grew 3.23% YoY to SAR 44.70 million in Q1-24 from SAR 43.30 million, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.70 in the three-month period that ended on 31 March 2024, from SAR 0.32 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company turned to profitability in Q1-24 versus a net loss of SAR 5.47 million in Q4-23, while the revenues increased 2.05% from SAR 43.80 million.

In 2023, Morabaha Marina Financing posted a 31.11% YoY drop in net profit to SAR 31 million from SAR 45 million.