Tasel's Q3 2026 profits decline 82

United International Holding Company's "Tassheel" financial report revealed an 82.35% decrease in net profits for the third quarter of 2026, reaching 14.39 million riyals compared to 81.55 million riyals in the same period last year. This decline is primarily due to an increase in impairment losses on financial assets amounting to 70.1 million riyals, stemming from its conservative approach to risk management, including additional provisions and updates to credit loss models. Despite this, the company achieved solid operating revenues and outputs, with operating profits rising by 4.4% to 181.73 million riyals, and revenues increasing by 3.4% to 205.90 million riyals, alongside a 7.3% growth in the loan portfolio. For the first nine months of the year, net profits decreased by 36.24%, despite an 8.8% rise in revenues. Operating performance remained positive, though overall profitability was clouded by financial asset impairment losses.

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