Tasheel logs SAR 14.5m net profits in Q3-26 audited results

TASHEEL
4083 -2.54% 18.80 -0.49

Riyadh - Mubasher: United International Holding Company (Tasheel) recorded 82.32% lower net profits during the third quarter (Q3) of 2026, with earnings falling to SAR 14.42 million from SAR 81.55 million.

The company attributed the decrease primarily to a SAR 69.70 million increase in net impairment losses on financial assets.

The rise in provisions included SAR 33.80 million for additional management overlays and SAR 35.90 million resulting from an annual update to the expected credit loss model.

Despite the bottom-line pressure, quarterly revenue grew by 3.34% to SAR 205.88 million, supported by a financing portfolio that reached SAR 3.20 billion, up 7.40% year-on-year (YoY).

In the first nine months (9M) of 2026, the company’s net profits dropped by 36.22% to SAR 127.02 million from SAR 199.16 million a year earlier.

Total revenue for the nine months rose by 8.80% to SAR 616.10 million. The company’s external auditor issued a qualified conclusion, noting that a change in debt write-off criteria resulted in an additional SAR 19.70 million in expected credit losses that did not comply with IFRS 9 standards.

Total equity climbed by 16.17% YoY to SAR 1.52 billion from SAR 1.31 billion.

Source: Mubasher Source: {{details.article.source}}