Raydan says COVID-19 measures affected sales, expects effect to continue until 2020-end

Raydan Food Co. said that the government’s precautionary measures to contain coronavirus outbreak had an impact on its sales, which in turn affected the company’s performance and financials.

The impact of the precautionary measures is expected to last until the end of 2020, the company said in a bourse statement on Monday.

The company is taking all necessary steps through the temporary closure of its branches, and it will continue providing its delivery services to customers through its operating branches to ensure the continuity of its business.

The Saudi-based firm confirmed that it will resume work according to a plan set by its management.

The company further stated that it is currently difficult to assess the financial impact of the closure, adding any material development will be announced in due course.

In April 2020, Raydan Food said that precautionary measures to curb the coronavirus pandemic outbreak weighed directly on revenues, and that utilization rates are cut to the minimum, Argaam reported.