Raydan net profit drops 71% in H1 2019

11/09/2019 Argaam Exclusive

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Raydan Cuisines and Restaurants Co. reported a net profit after zakat and tax of SAR 3.5 million for the first half of 2019, a 71.5 percent year-on-year (YoY) decrease on higher operating costs, marketing expenses, and finance charges.

Adopting the IFRS16 also impacted Raydan Food’s earnings.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	115.07	117.85	2.4 %
Gross Income	23.47	13.73	(41.5 %)
Operating Income	10.74	2.75	(74.4 %)
Net Income	12.21	3.47	(71.5 %)
Average Shares	13.92	13.92	-
EPS (Riyals)	0.88	0.25	(71.5 %)

The company’s net profit fell 60.1 percent YoY in Q2 2019 to SAR 2.8 million, due to higher operating costs and finance charges, as well as adopting IFRS16.

On a sequential basis, Q2 2019 net profit increased over threefold when compared to the previous quarter, attributed to higher sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	60.40	63.12	4.5 %
Gross Income	13.29	7.23	(45.5 %)
Operating Income	6.65	2.00	(70.0 %)
Net Income	7.04	2.76	(60.8 %)
Average Shares	13.92	13.92	-
EPS (Riyals)	0.51	0.20	(60.8 %)

Item	Q1 2019	Q2 2019	Change‬
Revenues	54.74	63.12	15.3 %
Gross Income	6.50	7.23	11.3 %
Operating Income	0.75	2.00	165.0 %
Net Income	0.71	2.76	289.3 %
Average Shares	13.92	13.92	-
EPS (Riyals)	0.05	0.20	289.3 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	-	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	208.58	-	37.72	-	28.51	-	2.05
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	255.21	22.4 %	49.31	30.7 %	34.14	19.7 %	2.45
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	314.13	23.1 %	69.77	41.5 %	50.23	47.1 %	3.61
Q1 2016	74.82	-	18.82	-	11.86	-	0.85
Q2 2016	74.72	-	20.75	-	10.58	-	0.76
Q3 2016	85.21	-	19.68	-	14.07	-	1.01
Q4 2016	65.19	-	10.44	-	5.86	-	0.42
2016	299.93	(4.5 %)	73.27	5.0 %	42.45	(15.5 %)	3.05
Q1 2017	62.74	(16.1 %)	13.25	(29.6 %)	6.87	(42.0 %)	0.49
Q2 2017	69.47	(7.0 %)	13.43	(35.3 %)	6.56	(38.0 %)	0.47
Q3 2017	72.37	(15.1 %)	17.65	(10.3 %)	10.59	(24.7 %)	0.76
Q4 2017	58.02	(11.0 %)	11.57	10.8 %	4.13	(29.4 %)	0.30
2017	262.60	(12.4 %)	55.75	(23.9 %)	27.16	(36.0 %)	1.95
Q1 2018	54.67	(12.9 %)	10.19	(23.1 %)	5.16	(24.9 %)	0.37
Q2 2018	60.40	(13.1 %)	13.29	(1.1 %)	7.04	7.3 %	0.51
Q3 2018	62.06	(14.2 %)	11.46	(35.0 %)	5.84	(44.9 %)	0.42
Q4 2018	56.56	(2.5 %)	7.35	(36.5 %)	(3.33)	(180.5 %)	(0.24)
2018	233.69	(11.0 %)	42.28	(24.2 %)	14.71	(45.8 %)	1.06
Q1 2019	54.74	0.1 %	6.50	(36.2 %)	0.71	(86.2 %)	0.05
Q2 2019	63.12	4.5 %	7.23	(45.5 %)	2.76	(60.8 %)	0.20

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	-	-	-	-	-	-	-
2012	-	-	-	-	-	-	-
2013	208.58	-	37.72	-	28.51	-	2.05
2014	255.21	22.4 %	49.31	30.7 %	34.14	19.7 %	2.45
2015	314.13	23.1 %	69.77	41.5 %	50.23	47.1 %	3.61
2016	299.93	(4.5 %)	73.27	5.0 %	42.45	(15.5 %)	3.05
2017	262.60	(12.4 %)	55.75	(23.9 %)	27.16	(36.0 %)	1.95
2018	233.69	(11.0 %)	42.28	(24.2 %)	14.71	(45.8 %)	1.06

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	18.08 %	16.20 %	13.67 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	19.32 %	17.32 %	13.38 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	22.21 %	20.86 %	15.99 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	23.24 %	21.35 %	14.98 %
2016	24.43 %	21.55 %	15.01 %
Q1 2017	22.28 %	20.06 %	14.59 %
Q2 2017	20.10 %	18.42 %	13.44 %
Q3 2017	20.30 %	18.23 %	12.79 %
Q4 2017	21.29 %	16.87 %	11.51 %
2017	21.23 %	16.80 %	11.13 %
Q1 2018	20.76 %	16.33 %	10.39 %
Q2 2018	21.46 %	17.15 %	10.97 %
Q3 2018	19.77 %	16.07 %	9.43 %
Q4 2018	18.09 %	13.63 %	6.30 %
2018	18.09 %	13.63 %	6.30 %
Q1 2019	16.51 %	12.66 %	4.39 %
Q2 2019	13.76 %	11.00 %	2.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	18.08 %	16.20 %	13.67 %
2014	19.32 %	17.32 %	13.38 %
2015	22.21 %	20.86 %	15.99 %
2016	24.43 %	21.55 %	15.01 %
2017	21.23 %	16.80 %	11.13 %
2018	18.09 %	13.63 %	6.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	25.16 %	23.18 %	15.85 %
Q2 2016	27.77 %	21.64 %	14.16 %
Q3 2016	23.10 %	18.47 %	16.51 %
Q4 2016	16.02 %	22.66 %	12.91 %
Q1 2017	21.12 %	17.62 %	14.25 %
Q2 2017	19.34 %	15.09 %	9.45 %
Q3 2017	24.38 %	17.80 %	14.63 %
Q4 2017	19.93 %	17.04 %	7.12 %
Q1 2018	18.63 %	15.21 %	9.44 %
Q2 2018	22.00 %	18.26 %	11.66 %
Q3 2018	18.47 %	13.80 %	9.40 %
Q4 2018	12.99 %	6.99 %	(5.88 %)
Q1 2019	11.87 %	11.04 %	1.30 %
Q2 2019	11.46 %	11.81 %	4.38 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	13.92	-	-	18.35
Q2 2016	13.92	-	-	19.11
Q3 2016	13.92	-	-	20.08
Q4 2016	13.92	3.04	3.23	17.88
Q1 2017	13.92	2.69	3.02	18.36
Q2 2017	13.92	2.40	2.73	18.48
Q3 2017	13.92	2.15	2.48	19.53
Q4 2017	13.92	2.02	2.17	19.60
Q1 2018	13.92	1.90	1.90	19.97
Q2 2018	13.92	1.93	1.93	19.67
Q3 2018	13.92	1.59	1.59	20.08
Q4 2018	13.92	1.06	1.06	19.88
Q1 2019	13.92	0.74	0.74	20.27
Q2 2019	13.92	0.43	0.43	20.14

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	-	-	-	-
2011	-	-	-	-
2012	-	-	-	-
2013	13.92	2.05	2.05	7.91
2014	13.92	2.45	2.45	17.41
2015	13.92	3.61	3.61	17.50
2016	13.92	3.05	3.23	17.88
2017	13.92	1.95	2.10	19.60
2018	13.92	1.06	1.06	19.88

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	21.24	18.90	3.11
Q2 2017	16.86	14.80	2.19
Q3 2017	15.97	13.83	1.76
Q4 2017	15.17	14.13	1.57
Q1 2018	13.92	13.92	1.32
Q2 2018	13.77	13.77	1.35
Q3 2018	14.53	14.53	1.15
Q4 2018	26.48	26.48	1.41
Q1 2019	36.13	36.13	1.31
Q2 2019	More than 50	More than 50	1.40

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	15.73	14.61	1.57
2018	26.48	26.48	1.41

Business Segments (Million)

Compared With The

Period	National meals	Others..
Q1 2018	54.67	-
Q2 2018	60.40	-
Q3 2018	62.06	-
Q4 2018	56.56	-
Q1 2019	54.74	-
Q2 2019	63.12	-

Period	National meals	Others..
2018	233.69	-

Financial Ratios

	Current
Market Cap (M Riyal)	452.96
Enterprise Value (EV) (M)	456.57
Shares Outstanding ((M))	15.81
EPS ( Riyal) (TTM)	(0.61)
Book Value (BV) ( Riyal)	9.53
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 50
P/E (TTM)	NEG
Price/book	3.01
Return on Average Assets (%) (TTM)	(3.52 )
Return on Average Equity (%) (TTM)	(5.83 )

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Raydan net profit drops 71% in H1 2019

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Share Price

Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

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Raydan net profit drops 71% in H1 2019

View other reports

Share Price

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2019

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

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Business Segments (Million)