Raydan Food turns to SAR 53.8 mln loss in 9M 2020

11/11/2020 Argaam Exclusive

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Raydan Food Co. sustained net loss after Zakat and tax of SAR 53.8 million for the first nine months of 2020, versus net profit of SAR 5.4 million in year-earlier period, on lower sales revenue and higher operating expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	179.16	97.00	(45.9 %)
Gross Income	21.15	(5.50)	(126.0 %)
Operating Income	3.80	(20.72)	(645.7 %)
Net Income	5.36	(53.83)	(1103.6 %)
Average Shares	13.92	13.92	-
EPS (Riyals)	0.39	(3.87)	(1103.6 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	61.31	28.17	(54.1 %)
Gross Income	7.42	(1.79)	(124.1 %)
Operating Income	1.05	(7.55)	(821.8 %)
Net Income	1.89	(38.33)	(2129.2 %)
Average Shares	13.92	13.92	-
EPS (Riyals)	0.14	(2.75)	(2129.2 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	23.41	28.17	20.3 %
Gross Income	(3.96)	(1.79)	54.8 %
Operating Income	(7.86)	(7.55)	4.0 %
Net Income	(8.84)	(38.33)	(333.7 %)
Average Shares	13.92	13.92	-
EPS (Riyals)	(0.64)	(2.75)	(333.7 %)

Raydan reported net loss after Zakat and tax of SAR 38.3 million in Q3 2020, versus net profit of SAR 1.89 million in year-earlier period, driven by lower sales revenue and higher cost of sales.

On a sequential basis, Raydan widened Q3 2020 net loss from SAR 8.8 million in Q2 2020.

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