Tamara released its financial results for the third quarter of 2025, reporting year-to-date net income of SAR 92.4 million (USD 24.6 million) for the nine months ending 30 September 2025, compared to a net loss of SAR 164.2 million during the same period in 2024.
For the third quarter of 2025, Tamara reported SAR 28.1 million (USD 7.5 million) in net income, compared to a SAR 56.1 million net loss in Q3 2024.
Revenue for Q3 2025 totalled SAR 333.2 million, an increase of 114 percent compared to SAR 155.5 million in Q3 2024. Merchant commission revenue from “Pay in Instalments” reached SAR 262.2 million, an increase from SAR 157.7 million in the same period last year.
Murabaha financing profit totalled…
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Tamara released its financial results for the third quarter of 2025, reporting year-to-date net income of SAR 92.4 million (USD 24.6 million) for the nine months ending 30 September 2025, compared to a net loss of SAR 164.2 million during the same period in 2024.
For the third quarter of 2025, Tamara reported SAR 28.1 million (USD 7.5 million) in net income, compared to a SAR 56.1 million net loss in Q3 2024.
Revenue for Q3 2025 totalled SAR 333.2 million, an increase of 114 percent compared to SAR 155.5 million in Q3 2024. Merchant commission revenue from “Pay in Instalments” reached SAR 262.2 million, an increase from SAR 157.7 million in the same period last year.
Murabaha financing profit totalled SAR 20.3 million, compared to zero in Q3 2024. Customer processing fees reached SAR 53.3 million, compared to SAR 172,000 in Q3 2024.
Net expected credit losses for the nine-month period totaled SAR 70.3 million, compared to SAR 176.4 million during the same period in 2024.
Operating expenses increased year-on-year, while remaining below the rate of revenue growth. Shareholders’ equity at the end of Q3 2025 was SAR 450 million (USD 120 million). Accumulated losses totalled SAR 133 million (USD 35 million). Cash and cash equivalents at the end of the quarter were SAR 492 million.
The facility Tamara announced at Money20/20 in Riyadh, a USD 1.4 billion to 2.4 billion asset-backed structure anchored by Goldman Sachs, Apollo, and Citigroup, adds essential context to the quarter’s results.
The Q3 figures show a company expanding rapidly, generating headline profit, and building new revenue lines, but also one operating with significant cash outflows and high leverage as receivables scale faster than collections. A financing package of this size does more than support growth; it effectively underwrites the working-capital demands that come with a BNPL loan book expanding at triple-digit rates.
Viewed through that lens, the facility functions as the structural backbone for the next phase of Tamara’s model. It reduces refinancing pressure, secures medium-term liquidity, and gives the company room to absorb volatility in credit performance or funding costs.
The juxtaposition is telling: Tamara’s USD 24.6 million in year-to-date profit demonstrates improved unit economics, while the multi-billion-dollar facility highlights the balance-sheet intensity required to sustain that growth.
Founded in 2020, the company reached unicorn status in 2023 with backing from Sanabil Investments and Checkout.com.
