Tabby's Saudi subsidiary has published its first independently audited annual financial statements, reporting net profit of $55 million on revenue of $378 million for the year ended 31 December 2025.
The accounts, audited by Ernst & Young and signed on 5 March 2026, cover Tabby Financing Company CJSC, the SAMA-licensed entity that handles all of Tabby's BNPL originations in Saudi Arabia.
They do not reflect the wider Tabby group, which also operates in the UAE and includes the company's technology, collections, and holding entities across multiple jurisdictions.
Even so, the Saudi subsidiary is the largest and most regulated piece of the business, and the first full-year audited filing offers the clearest window yet into the financial engine behind MENA's most valuable venture-backed fintech.
Revenue grew 42% year on year, up from $267 million in 2024, while net income nearly doubled from $30 million, an 82% increase that marks the company's second consecutive year of profitability.
The numbers land at a moment when Tabby is widely understood to be preparing for a Tadawul listing, with Bloomberg reporting that HSBC, JPMorgan and Morgan Stanley are advising on a potential flotation.
Tabby's most recent private valuation was $4.5 billion, set by a secondary share sale in October 2025 backed by HSG and Boyu Capital.
"BNPL continues to be a key enabler for merchants in KSA and we still have significant room to penetrate further into online payments on the region's largest e-commerce platforms," Abdulaziz Saja, General Manager of Tabby in KSA, told FWDstart. "We've also only scratched the surface in high-ticket size verticals and offline retail. These two areas will be the focus of the company in 2026 as we push to diversify our product offering in KSA and expand existing partnerships."
One detail worth flagging: EY's auditor's report notes that Tabby's net debt of $689 million has breached the ceiling set by SAMA by $139 million. The company says it is seeking approval to raise that limit.
The full filing, including credit quality breakdowns, the company's SPV-based funding structure, and related-party flows to the wider group, will be the subject of a deep-dive analysis on FWDstart later this week.
Figures converted at SAR 3.75 = $1. This article is based on Tabby Financing Company CJSC's audited IFRS financial statements for the year ended 31 December 2025.
