Raydan trims Q1 2023 loss to SAR 3.3 mln

Raydan Food Co. narrowed the Q1 2023 net loss by 30.9% to SAR 3.3 million, from SAR 4.7 million in the year-earlier period.

Reduced losses were attributed to increased sales and other revenues, a pullback in general and administrative expenses, lower financing costs, reversal of a decrease in the value of right-of-use assets and profit on the disposal of property, plant and equipment.

Sequentially, the company turned to losses from a net profit of SAR 911,860 in Q4 2022.

This was due to decreased sales, coupled with an uptick in general, administrative, selling and marketing expenses.

Shareholders’ equity, after minority interest, declined to SAR 181.66 million as of March 31, 2023, compared to SAR 203.11 million in the year before.

By the end of the quarter, accumulated losses amounted to SAR 4.18 million, or 2.65% of the company’s capital.

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