Rasan Shatters Records, Doubling Revenue in Saudi Digital Boom

RIYADH, Saudi Arabia – May 04, 2026 – Rasan Information Technology Company (Tadawul: 8313) today announced a landmark first quarter for 2026, delivering its highest-ever quarterly revenue of SAR 261 million. The figure represents a staggering 117% year-on-year increase, signaling an aggressive growth trajectory that significantly outpaces the broader market and solidifies the company’s role as a cornerstone of Saudi Arabia's digital economy.

The results, which met or exceeded bullish analyst expectations, showcase a dramatic acceleration in profitability and underscore the formidable strength of Rasan's diversified digital ecosystem. The performance highlights a company firing on all cylinders, leveraging its market-leading position in Insurtech and Fintech to capitalize on the Kingdom's rapid digital transformation.

A New Benchmark for Profitability and Efficiency

Beyond the record-breaking revenue, Rasan’s Q1 2026 financials paint a picture of remarkable operational leverage and efficiency. The company’s adjusted net profit surged by an impressive 220% year-on-year to SAR 103 million, pushing the adjusted net profit margin to 39.5%, a significant expansion of 12.7 percentage points from the previous year. This surge in profitability demonstrates the scalability and power of its capital-light business model.

This efficiency is further reflected in its Adjusted EBITDA, which grew 219% to SAR 115 million. The corresponding margin expanded by 14.1 percentage points to 44.0%, indicating that revenue growth is materially outpacing cost growth. Gross profit also doubled, rising 117% to SAR 186 million while maintaining a stable and healthy gross margin of 71.2%. These metrics are supported by a conservative, debt-free balance sheet, giving Rasan the financial flexibility to pursue further innovation and expansion without being encumbered by financing costs.

The robust performance was driven by broad-based growth across all of Rasan’s established verticals, including its flagship insurance aggregator Tameeni and its digital motor leasing platform Treza. Gross Written Premiums (GWP) facilitated through its platforms reached SAR 2.7 billion, a 57% increase year-on-year, illustrating growing consumer trust and adoption of its digital solutions.

Powering the Kingdom's Digital Transformation

Rasan's financial success is intrinsically linked to its strategic alignment with Saudi Vision 2030. The company is a key private-sector player executing on the national agenda to build a diversified, knowledge-based economy. Its platforms are at the forefront of the Financial Sector Development Program (FSDP), which aims to create a more inclusive and efficient financial system.

The Saudi Insurtech and Fintech landscape is one of the most dynamic in the region, fueled by strong government support, a progressive regulatory environment overseen by the Saudi Central Bank (SAMA), and a digitally native population. With the Saudi Insurtech market projected to grow at a compound annual growth rate (CAGR) of over 30% in the coming years, Rasan is perfectly positioned to capture this expansion. The Kingdom’s achievement of 79% cashless transactions in 2024, surpassing its 2025 target, is a testament to the widespread digital adoption that benefits platforms like Tameeni and Treza.

By simplifying access to insurance and financial products, Rasan is directly contributing to financial inclusion, bringing more individuals and businesses into the formal financial system. Its technology-driven solutions are modernizing legacy industries, enhancing transparency, and improving the customer experience, all of which are central tenets of Vision 2030.

The Strategy Behind Market Dominance

The company’s sustained growth is not accidental but the result of a deliberate strategy focused on product diversification and technological innovation. While its motor and health insurance segments remain strong contributors, Rasan has successfully broadened its revenue base by launching a suite of new products. These include offerings in home insurance, marine insurance, travel insurance, and specialized medical insurance for Premium Residency holders, demonstrating an ability to identify and serve new market niches.

Furthermore, Rasan is expanding its ecosystem beyond insurance aggregation. The initial approval from SAMA to establish "Nextfin Solutions," a subsidiary for digital finance brokerage, signals a strategic push into adjacent financial services markets. This move is poised to unlock new revenue streams and solidify Rasan’s position as a comprehensive digital financial services provider. The company also offers advanced data analytics tools, R2 and R3, to its institutional partners, empowering them with market intelligence and reinforcing its role as a technology leader for the entire sector.

Moayad Alfallaj, Co-founder and CEO of Rasan, commented on the quarter's success, stating, "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."

Looking ahead, Alfallaj affirmed the company's direction. "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." This clear focus, combined with a proven track record of execution and a robust product pipeline, positions Rasan to continue defining the future of finance and insurance in Saudi Arabia.