Raydan Food narrows losses to SAR 30.5 mln in 9M 2021

Raydan Food Co. narrowed its net loss after Zakat and tax to SAR 30.5 million in the first nine months of 2021, from SAR 53.8 million in the prior-year period.

The company attributed the decline in losses to lower impairment losses on property, plant and equipment, decrease in disposal losses of property, plant and equipment, realizing gain on disposal of right-of-use assets, higher share of associate’s profits, and higher other revenue.

The company reported a net loss after Zakat and tax of SAR 17.5 million for Q3 2021, compared to SAR 38.3 million in the same quarter last year.

On a sequential basis, the company widened its losses from a loss of SAR 4.1 million in Q2 2021 on lower revenue, higher general and administrative expenses and recording impairment and disposal losses on real estate, machinery and equipment in addition to higher financing expenses, Zakat and foreign income tax expenses.

Accumulated losses stood at SAR 109.235 million as of Sept. 30, 2021, representing 32.37% of the company’s SAR 337.5 million capital.

Shareholders’ equity increased to SAR 256.185 million as of Sept. 30 from SAR 217.609 million in the same period last year.

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