Tamara's Q1 2026 Profit Jumps to SAR123m as Islamic Financing Nears a Third of Revenue

Saudi buy-now-pay-later unicorn Tamara reported a sharp jump in profitability in the first quarter of 2026, driven by the rapid scaling of its new Islamic financing product. Tamara Finance Co. posted net profit of about 123.4 million riyals ($33 million) for the quarter, up from 25.8 million riyals a year earlier.

Revenue grew roughly 210 percent year on year, rising to about $179 million from $58 million in the first quarter of 2025, while net profit increased around 378 percent from $7 million. The standout driver was Tamara's Islamic financing line, enabled by an upgraded consumer-finance licence from the Saudi Central Bank granted in early 2025.

That product generated about $49 million of revenue in the quarter alone, exceeding the roughly $31 million it produced across the whole of the prior financial year, and now accounts for about 27 percent of the company's top line. The rapid ramp reflects strong demand for Shariah-compliant consumer credit in the Kingdom and Tamara's ability to convert its regulatory upgrade into a fast-growing revenue stream.

The results extend a turnaround narrative for Tamara, which became Saudi Arabia's first fintech unicorn and reported turning profitable in the prior year. Alongside the earnings momentum, the company has secured large financing facilities to fund its receivables and support product diversification and regional expansion.

The figures underscore how BNPL players in the Gulf are maturing from pure instalment providers into broader consumer-finance businesses, adding regulated credit products and leaning on scale and profitability as they position for public markets.