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Rasan Information Technology Company (Tadawul: 8313), the leading Insurtech and Fintech platform in the Kingdom of Saudi Arabia, today announced its financial results for the first quarter of 2026, delivering highest ever quarterly revenue, accelerated profitability, and broad-based growth across all products.
Financial Highlights:
- Revenue: SAR 261 million, up 117% YoY – highest ever quarterly revenue
- Gross Profit: SAR 186 million, up 117% YoY, with gross margin stable at 71.2%
- Adjusted EBITDA: SAR 115 million, up 219% YoY, with margin expanding to 44.0%
- Adjusted Net Profit: SAR 103 million, up 220% YoY, with margin reaching 39.5%
- Reported Net Profit: SAR 88 million, up 194% YoY
- Gross Written Premiums (GWP): SAR 2.7 billion, up 57% YoY
Business Performance:
Rasan’s performance in Q1 2026 reflected continued execution across its established verticals, with Motor Retail, Motor Leasing, and Health all contributing to the quarter’s record results. The Company’s more recently launched products further broadened the revenue base, underscoring the depth and diversity of Rasan’s platform.
Strong Operating Leverage:
Adjusted EBITDA margin expanded by 14.1 percentage points to 44.0%, reflecting significant operating leverage as revenue growth materially outpaced cost growth. Adjusted net profit margin reached 39.5%, up 12.7 percentage points, supported by Rasan’s capital-light model and conservative, debt-free balance sheet.
Management Commentary:
“Q1 2026 reflects a continuation of Rasan’s sustained growth trajectory, with the highest quarterly revenue in our history supported by broad-based growth across our product lines. These results underscore the strength and diversity of our business model and our ability to execute in a dynamic market,” said Moayad Alfallaj, Co-founder and CEO of Rasan. “Building on this momentum, we remain focused on accelerating growth, expanding our insurtech and fintech solutions across the Kingdom, and supporting the objectives of Saudi Vision 2030.”