Tasheel makes SAR 127M profit in 9M 2026; Q3 at SAR 14.4M

United International Holding Co. (Tasheel) reported a 36% decline in net profits to SAR 127 million in the first nine months of 2026, compared to SAR 199.2 million a year earlier.

The company noted higher net impairment losses of SAR 83.1 million during the current period, reflecting its proactive approach to credit risk management.

The increase in net impairment losses included SAR 33.8 million related to a management overlay, to enhance coverage and accelerate write-off. This is in addition to SAR 49.3 million resulting from the annual update of the ECL model, alongside the increased maturity of the credit portfolio. Excluding the SAR 15 million positive one-off impact that boosted the prior-year comparative base, the adjusted year-on-year increase amounted to SAR 34.3 million.

Meanwhile, the company reported higher provisions, which reflects its proactive approach to strengthening portfolio resilience, while the underlying business continued to demonstrate positive operational performance, with gross profit increasing by 9.4% during the first nine months of 2026.

Tasheel remains focused on maintaining disciplined risk management practices, enhancing portfolio quality, and positioning the business for sustainable long-term growth.

On the other hand, financing portfolio grew by 7.3% compared to the same period last year, leading to an 8.8% increase in revenues.

In the third quarter, net profit fell 82% year-on-year (YoY) to SAR 14.4 million, driven by higher net impairment losses, which amounted to SAR 70.1 million during the quarter.

Quarter-on-quarter (QoQ), net profit retreated 70% from SAR 48.2 million.

Shareholders' equity, after minority interest, amounted to SAR 1.52 billion by the end of 9M 2026, compared to SAR 1.31 billion in the same period a year earlier.

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