Tamara Finance’s revenue climbed 152% year on year to SAR 707 million ($188 million) in the second quarter of 2026, as the Saudi fintech continued shifting from a BNPL-led model toward broader consumer financing.
Net profit reached SAR 84 million for the quarter, down from SAR 123 million in the first quarter. The company said higher funding costs and expected credit losses weighed on earnings despite the sharp increase in revenue.
Islamic financing generated SAR 228 million in quarterly revenue, with receivables reaching SAR 3.14 billion at the end of June. That was close to the SAR 3.36 billion held in traditional instalment-payment receivables, lifting Islamic financing’s share of Tamara’s gross consumer loan portfolio to 48%, compared with 34% at the end of 2025.
The total gross consumer loan book grew 16% during the quarter to SAR 6.50 billion. At the same time, expected credit losses rose to SAR 191 million from SAR 29 million a year earlier, while write-offs increased 74% quarter on quarter to around SAR 180 million.
Tamara had fully drawn its approximately SAR 5.79 billion securitisation facility backed by Goldman Sachs, Citi and Apollo by the end of June. The company received SAR 2.15 billion in new loans during the first half of 2026, highlighting its growing dependence on external funding to support expansion.
Source: EntArabi
