Financial Results : Raydan narrows Q1 2022 net loss to SAR 4.7 mln

Raydan narrows Q1 2022 net loss to SAR 4.7 mln

24/05/2022 Argaam Exclusive

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Raydan Food Co. narrowed net losses after Zakat and tax to SAR 4.7 million in the first quarter of 2022, from SAR 9.2 million in the prior-year period, thanks to higher sales and other income.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 32.87 37.34 13.6 %
Gross Income (2.94) 2.36 180.3 %
Operating Income (8.34) (3.77) 54.8 %
Net Income (9.25) (4.71) 49.0 %
Average Shares 13.92 15.81 13.6 %
EPS (Riyals) (0.66) (0.30) 55.1 %

The company narrowed net losses by 73% from SAR 17.47 million in the previous quarter, backed by a rise in sales, along with a decline in impairment losses of property, plant and equipment (PP&E). Raydan also cited a decrease in losses from the disposal of real estate, and PP&E.

 

Shareholders’ equity, after minority interest, jumped 14.7% to SAR 203.115 million by the end of Q1 2022 from SAR 177.001 million a year earlier.

 

Accumulated losses came in at SAR 16.22 million, accounting for 48.06% of the company’s capital as of March 31, 2022.

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