Tabby Financing Company, the Saudi-registered subsidiary of buy-now-pay-later operator Tabby, has reported revenue of $378 million for the full year 2025, representing a 42% increase on the prior year. The results, which are the first audited annual accounts the unit has published, also show a net profit of $55 million, up 82% year-on-year, confirming FY2025 as the company's second consecutive profitable year.
Loans to customers rose to SAR 3.18 billion at the end of 2025 from SAR 2.39 billion a year earlier, while expected credit losses amounted to about SAR 172 million, according to the accounts as reported by Jawlah.
REGULATORY CEILING BREACH DRAWS SCRUTINY
The accounts also show that Tabby Financing Company's net debt of $689 million exceeded the ceiling set by the Saudi Central Bank, known as SAMA, by $139 million. The company says it is seeking approval from SAMA to raise that limit.
The Saudi entity changed its name from Tabby Saudi for Communication and Information Technology to Tabby Financing Company in March 2025 and received a financing licence from SAMA in October 2025.
PROFITABLE GROWTH AND THE PATH FORWARD
Net profit rose 82% from $30 million in 2024, while revenue grew 42% from $267 million. The statements for the year to 31 December 2025 were audited by EY and signed on 5 March 2026.
The disclosure comes as Tabby prepares for a potential listing on the Saudi Exchange, with HSBC, JPMorgan and Morgan Stanley reportedly advising; its most recent private valuation was $4.5 billion, set in an October 2025 secondary share sale.
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