Tamara's Saudi arm has reported its first full year of profitability, with audited accounts filed this month showing net income of $51.5 million (SAR 193 million) for 2025, reversing a $34.7 million (SAR 130 million) loss the year before.
The accounts, audited by PwC and signed on April 1, cover Tamara Finance Company, the SAMA-licensed entity that handles Tamara's Saudi BNPL and consumer finance originations, together with its Irish securitisation vehicle Tamara Capital Designated Activity Company. They don’t reflect the wider Tamara group, which also operates in the UAE and Kuwait and includes the company's Dubai, Egypt, and technology affiliates sitting under a Cayman holding entity.
Revenue for the year ended December 31, 2025 reached $360 million (SAR 1.35 billion), a 90% jump on 2024. Total assets nearly doubled to $1.33 billion (SAR 4.99 billion) as the consumer receivables book expanded by 145% to $1.08 billion (SAR 4.05 billion) net.
The results mark a turning point for the Riyadh-headquartered BNPL unicorn, which is backed by PIF subsidiary Sanabil Investments, SNB Capital's fintech fund, and Checkout.com. Accumulated losses, which stood at $60.3 million (SAR 226 million) at the start of 2024, are now down to $8.6 million (SAR 32 million), a threshold Tamara looks set to clear within the first quarter of 2026 at current run rates.
The year's defining move was the launch of a new long-term consumer financing product structured under Islamic principles, made possible by a SAMA consumer financing licence issued in February 2025. The new product, which sits alongside Tamara's traditional BNPL instalment book, had already reached $381 million (SAR 1.43 billion) in gross receivables by year end, roughly 34% of the total loan book, and generated $31.4 million (SAR 117.8 million) of brand-new profit income in its first year.
Consumer monetisation also stepped up materially. Customer processing fees climbed from $1.4 million (SAR 5.2 million) in 2024 to $42.4 million (SAR 159.1 million) in 2025, a thirty-fold increase that reflects Tamara's growing comfort charging shoppers directly for the use of its deferred payment service.
On the funding side, Tamara secured a $2.4 billion asset-backed financing package in September 2025 at Money 20/20 Middle East, the largest deal of its kind in the region, from Goldman Sachs, Citi, and Apollo funds. The structure, which refinances and upsizes a previous $500 million Goldman Sachs facility, makes $1.4 billion available upfront with a further $1 billion accessible over three years subject to approvals, and runs to August 2029.
The accounts also reveal a first material tax charge, with $16.2 million (SAR 60.6 million) of current income tax provisioned against $63.7 million (SAR 239 million) of pre-tax profit, an indication that the profitability is now substantive enough to register with ZATCA.
Tamara's Saudi-entity numbers land in the same quarter as rival Tabby's comparable Saudi subsidiary most recent full-year accounts, which showed $54.9 million (SAR 206 million) of net profit on $378 million (SAR 1.42 billion) of revenue.
The two companies, widely expected to be the first Saudi fintechs to approach a Tadawul listing, now report on closely comparable metrics. Both use Irish SPV securitisation structures, both have migrated towards charging consumers alongside merchants, and both have adopted banking-format income statements in what looks increasingly like IPO preparation.
Neither company has formally announced listing plans.
Figures converted at SAR 3.75 = $1. This article is based on Tamara Finance Company's audited IFRS financial statements for the year ended 31 December 2025.
