Raydan narrows 2021 net losses to SAR 42.2 mln; Q4 at SAR 11.7 mln

30/03/2022 Argaam Exclusive

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Raydan Food Co. narrowed net losses after Zakat and tax to SAR 42.2 million in 2021, from SAR 116.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	127.82	131.17	2.6 %
Gross Income	(12.43)	(6.21)	50.1 %
Operating Income	(33.91)	(24.24)	28.5 %
Net Income	(116.76)	(42.21)	63.9 %
Average Shares	13.92	15.81	13.6 %
EPS (Riyals)	(8.39)	(2.67)	68.2 %

The losses decreased on impairment reversal of property, plant and equipment, paired with an impairment of the right-of-use assets in 2020. Raydan also cited higher revenue, and lower selling and marketing expenses.

In Q4 2021, the company narrowed net losses to SAR 11.74 million, compared to SAR 62.95 million in the year-ago period.

Raydan also trimmed its losses from SAR 17.47 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	30.81	35.26	14.4 %
Gross Income	(6.93)	1.33	119.1 %
Operating Income	(13.19)	1.85	114.0 %
Net Income	(62.93)	(11.25)	82.1 %
Average Shares	13.92	15.81	13.6 %
EPS (Riyals)	(4.52)	(0.71)	84.3 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	29.83	35.26	18.2 %
Gross Income	(4.90)	1.33	127.1 %
Operating Income	(14.29)	1.85	113.0 %
Net Income	(17.47)	(11.25)	35.6 %
Average Shares	15.81	15.81	-
EPS (Riyals)	(1.10)	(0.71)	35.6 %

Shareholders’ equity, after minority interest, fell to SAR 207.9 million in 2021 from SAR 141.3 million a year earlier.

Accumulated losses amounted to SAR 157.5 million, or 46.67% of capital, in 2021.

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