United International Holding Company (Tasheel, 4083) reported on November 2, 2026, that third-quarter net profit fell 82.3% year on year to SAR 14.42 million from SAR 81.55 million. Revenue rose 3.3% to SAR 205.88 million as the financing portfolio grew.
Why did Tasheel’s profit fall?
The company attributed the decline mainly to a SAR 69.7 million increase in net impairment losses from a year earlier. The increase reflected an update to its expected credit loss model and a management adjustment to increase coverage and accelerate write-offs. Nine-month net profit fell 36.2% to SAR 127.02 million.
The auditor’s qualified conclusion
The auditor said earlier write-offs of certain overdue exposures resulted in an additional SAR 19.7 million of expected credit losses. The auditor qualified its conclusion because management did not adequately consider relevant information, including historical recoveries on previously written-off exposures, when revising its write-off criteria under IFRS 9.
What investors are watching
There is no trading session on Friday, November 6. Future disclosures will help investors assess financing portfolio quality, collections and how the company addresses the auditor’s findings on write-offs.
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