Tabby 9M 2026 profit down 11% to SAR 133.35M; Q3 at SAR 53.64M

Tabby Financing Co. reported a net profit of SAR 133.35 million in the first nine months of 2026, declining 11% from SAR 149.30 million a year earlier.

Tabby cited a 43% YoY increase in expected credit losses to SAR 188.94 million in 9M 2026, from SAR 132.07 million, alongside higher general and administrative expenses, which surged 139% to SAR 215.21 million.

This followed increased customer support and service center costs, IT and infrastructure expenses, KYC costs, and depreciation and amortization expenses, reflecting the company's ongoing investment in building its local operational, technological, and customer-service capabilities.

Employee benefits rose 74% YoY to SAR 37.92 million during the same period, mainly due to higher salaries and wages. In addition, processing and servicing expenses surged YoY by 15% to SAR 416.84 million, amid higher payment processing, customer acquisition, and collection and recovery costs.

Murabaha costs also increased 37% YoY to SAR 262.13 million, reflecting higher borrowings, including a SAR 300 million drawdown from Saudi National Bank's (SNB) Murabaha facilities.

These negatives were partly offset by a 15% jump in fee and commission income to SAR 1.18 billion, a 114% YoY leap in subordinated bond income to SAR 139.81 million, and a 29% YoY decline in net franchise and service fees to SAR 60.91 million.

The company's Q3 2026 net earnings fell 9% SAR 53.65 million, from SAR 58.92 million in Q3 2025, but skyrocketed by 362.7% from SAR 11.6 million in Q2 2026.

Total shareholders’ equity, no minority interest, stood at SAR 773.83 million by Sept. 30, 2026, rising from SAR 582.74 million a year earlier.

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