| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue in the second quarter of 2026 increased by 106% compared to the second quarter of 2025. This growth was driven by the following factors:
• The contribution of new products launched during the period compared to the corresponding period of the previous year.
• Growth in sales of existing products through the acquisition of new customers.
• Improved retention of the existing customer base through enhancements to the customer experience and journey, as well as after-sales services. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit for the second quarter of 2026 increased by 115% to SAR 85 million, compared to SAR 40 million in the second quarter of 2025. This was primarily driven by:
• Strong revenue growth of 106% compared to the second quarter of 2025, supported by an increase in the number of insurance policies sold.
• An increase in operating profit of 116% compared to the second quarter of 2025, reflecting improved operating efficiency as revenue grew at a significantly faster rate than the cost base. The operating profit margin reached 33%, compared to 32% in the second quarter of 2025. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue in the second quarter of 2026 remained broadly stable compared to the first quarter of the same year, decreasing by 2%. This was primarily attributable to the seasonality and annual economic cycle of certain sales, in addition to the Eid Al-Adha holiday. This performance was in line with the Company’s expectations based on historical data.
Despite the slight decrease in revenue, adjusted net profit increased compared to the previous quarter, driven by the traction of recently launched products and enhanced efficiency |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profit for the second quarter of 2026 decreased slightly by 4% compared to the previous quarter, despite a 2% increase in adjusted net profit. This was primarily due to stable sales between the two quarters as a result of the seasonality of certain sales, in addition to non-cash and non-recurring costs.
The increase in adjusted net profit was driven by the launch of new products with different structures, which contributed to increased profitability and continued growth, offsetting the impact of seasonal holidays. This forms part of the Group’s plan to diversify its business and reduce seasonality, with new high-growth products making an increasing contribution to profitability.
Excluding this non-cash item, adjusted net profit increased from SAR 107 million in the previous quarter to SAR 109 million in the current quarter, reflecting improved operating efficiency and product scalability, despite the impact of a lower gross profit margin and the cost of continued investment in developing new products expected to be launched in the coming period. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenue for the first half of 2026 increased by 111% compared to the first half of 2025, driven by the launch of new products and their continued contribution throughout the first half of the year.
The Company also achieved growth in the number of insurance policies sold for its existing products during the first half of the year, through the acquisition of new customers, improved customer retention efficiency, enhancements to the customer experience and journey, and the development of after-sales services. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit for the first half of 2026 increased by 168% to SAR 174 million, compared to SAR 65 million in the first half of 2025. This was driven by the following:
• Revenue growth of 111% compared to the first half of 2025, supported by an increase in the number of insurance policies sold, improved retention of the existing customer base through enhancements to the customer experience and journey and the development of after-sales services, in addition to product restructuring.
• An increase in operating profit of 177% compared to the corresponding period of the previous year, with the operating profit margin improving to 35% from 27%, as revenue grew at a faster pace than costs, reflecting improved operating efficiency across the platforms. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | NA |
| Reclassification of Comparison Items | Certain comparative figures have been restated in accordance with International Accounting Standard (IAS) 8 to align with the presentation adopted in the current period. The restatement relates to the following items:
Item 1: Allocation of non-cash expenses related to the Employee Share-Based Payment Plan (Long-Term Incentive Plan) in accordance with International Financial Reporting Standard (IFRS) 2, from “straight line” charge to “tranche by tranche” or staged vesting under IFRS 2.
Item 2: Derecognition of receivables relating to lease-to-own motor vehicle insurance premiums, together with the corresponding payables, which are held by the Group in its capacity as an agent, and reversal of the related expected credit loss provision.
Item 3: Reclassification of impairment losses on financial assets, previously presented within general and administrative expenses, to a separate line item in the statement of profit or loss in accordance with IAS 1.
The impact of each adjustment is as follows:
1. For the year ended 31 December 2025, the adjustment in relation to Item 2 increased net profit by SAR 6 million, while Item 1 reduced it by the same amount. Item 3 had no impact on net profit. As the effects of the above two items offset each other, the restatement of the comparative figures had no net impact on net profit for the comparative period for the year 2025.
2. For the six-month period ended 30 June 2025, the adjustment in relation to Item 1 reduced net profit for the comparative period by SAR 10 million, while Items 2 and 3 had no impact on net profit.
3. For the three-month period ended 30 June 2025, the adjustment in relation to Item 1 reduced net profit for the comparative period by SAR 5 million, while Items 2 and 3 had no impact on net profit.
4. Based on the above, the restatement had no impact on net profit for the year ended 31 December 2025.
As at 31 December 2025, Item 1 had a net positive impact on equity, increasing it by SAR 7 million, while Item 2 had a positive impact on equity, increasing it by SAR 6 million. In addition, the derecognition of receivables and payables under Item 2 reduced total assets and total liabilities by SAR 372 million.
None of the above adjustments had any impact on the Group’s cash flows.
In addition to the above, there are certain additional reclassification adjustments made to the historic P&L and Balance sheet, These do not have an impact on the Group’s Net income or Equity. |
| Additional Information | The attached presentation includes adjusted profit after excluding non-cash expenses of SAR 42 million related to the Employee Share-Based Payment Plan (Long-Term Incentive Plan) for the six-month period ended 30 June 2026, compared to SAR 19 million for the corresponding period of 2025.
Accordingly, the Company’s adjusted net profit for the six-month period ended 30 June 2026 amounted to SAR 216 million, compared to SAR 84 million for the corresponding period of 2025, representing growth of 158%. This performance reflects the platform’s operating efficiency, with revenue increasing by 111% year-on-year while the overall cost base grew at a more moderate pace, supported by continued cost discipline.
The Company would like to invite its esteemed shareholders and financial analysts to participate in a conference call via video conferencing to discuss the financial results for the second quarter of 2026. The call is scheduled to be held on Monday, August 10, 2026, at 4:00 PM Saudi Arabia time. At the end of the call, there will be an interactive Q&A session. |
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