Riyadh - Mubasher: United International Holding Company (Tasheel) recorded 82.35% year-on-year (YoY) lower net profits at SAR 14.39 million in the third quarter (Q3) of 2026, compared to SAR 81.55 million.
The company attributed the decline to a proactive approach in credit risk management, which resulted in a SAR 70.10 million increase in net impairment losses on financial assets.
Quarterly revenue rose by 3.35% to SAR 205.91 million, supported by a financing portfolio that grew 7.30% to reach SAR 3.20 billion. However, operating profit for the quarter fell by 81.65% to SAR 16.62 million.
Tasheel noted that impairment charges included a SAR 33.80 million additional management provision to accelerate debt write-offs and a SAR 36.30 million impact from an annual update to its expected credit loss model.
In the first nine months (9M) of 2026, the net profit declined by 36.23% to SAR 126.99 million from SAR 199.16 million a year earlier.
Earnings per share (EPS) for the period stood at SAR 1.72, down from SAR 2.66.
Total shareholders' equity hiked by 16.13% to SAR 1.52 billion. These preliminary financial results have not yet been examined or reviewed by the company's external auditor.
In the first half (H1) of 2026, net profit reached SAR 112.61 million, down 4.25% from SAR 117.61 million in H1-25.
