Raydan cuts 2022 loss to SAR 24.6 mln; Q4 at SAR 3.6 mln

30/03/2023 Argaam Exclusive

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Raydan Food Co. narrowed 2022 net losses to SAR 24.6 million, from SAR 42.2 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	131.17	159.18	21.4 %
Gross Income	(6.21)	6.48	204.4 %
Operating Income	(24.24)	(14.52)	40.1 %
Net Income	(42.21)	(24.62)	41.7 %
Average Shares	15.81	15.81	0.0 %
EPS (Riyals)	(2.67)	(1.56)	41.7 %

The positive results were driven by higher sales, lower general and administrative expenses as well as finance costs.

In Q4 2022, net losses decreased by 67.8% to SAR 3.6 million, from SAR 11.2 million in Q4 2021.

The company recorded a profit of SAR 911,000 in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	35.26	35.14	(0.3 %)
Gross Income	1.33	(3.88)	(392.9 %)
Operating Income	1.85	(4.66)	(351.5 %)
Net Income	(11.25)	(3.62)	67.8 %
Average Shares	15.81	15.81	0.0 %
EPS (Riyals)	(0.71)	(0.23)	67.8 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	43.65	35.14	(19.5 %)
Gross Income	5.46	(3.88)	(171.1 %)
Operating Income	0.52	(4.66)	(992.7 %)
Net Income	0.91	(3.62)	(497.1 %)
Average Shares	15.81	15.81	0.0 %
EPS (Riyals)	0.06	(0.23)	(497.1 %)

Total shareholders’ equity, after minority interest, decreased to SAR 184.9 million as of Dec. 31, 2022, from SAR 207.9 million a year earlier.

Accumulated losses amounted to SAR 927.38 million as of Dec. 31, 2022, representing 0.59% of the company’s capital.

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