Raydan Food Co. narrowed its net losses to SAR 4.4 million in the first nine months of 2023 from SAR 21 million in the prior-year period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 124.04 | 144.17 | 16.2 % |
| Gross Income | 10.37 | 10.62 | 2.5 % |
| Operating Income | (9.86) | (7.67) | 22.2 % |
| Net Income | (21.00) | (4.35) | 79.3 % |
| Average Shares | 15.81 | 15.81 | 0.0 % |
| EPS (Riyals) | (1.33) | (0.27) | 79.3 % |
The nine-month results were hurt by higher revenue and other income, as well as a decline in general and administrative expenses.
In Q3 2023, the company swung to a net loss of SAR 5.4 million, from a net profit of SAR 910,000.
On a sequential basis, Raydan incurred losses against net profits of SAR 4.2 million in Q2 2023.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 43.65 | 41.09 | (5.9 %) |
| Gross Income | 5.46 | 2.42 | (55.7 %) |
| Operating Income | 0.52 | (4.32) | (927.4 %) |
| Net Income | 0.91 | (5.35) | (686.1 %) |
| Average Shares | 15.81 | 15.81 | 0.0 % |
| EPS (Riyals) | 0.06 | (0.34) | (686.1 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 61.27 | 41.09 | (32.9 %) |
| Gross Income | 7.82 | 2.42 | (69.0 %) |
| Operating Income | 2.20 | (4.32) | (296.2 %) |
| Net Income | 4.25 | (5.35) | (225.6 %) |
| Average Shares | 15.81 | 15.81 | - |
| EPS (Riyals) | 0.27 | (0.34) | (225.6 %) |
Total shareholders’ equity, no minority interest, declined to SAR 180.57 million as of Sept. 30, 2023, up from SAR 186.82 million in the prior-year period.
Accumulated losses came in at SAR 5.27 million as of Sept. 30, 2023, representing 3.34% of the company’s capital.
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