Raydan Food widens H1 2022 net loss to SAR 21.9 mln; Q2 at SAR 17.2 mln

25/08/2022 Argaam Exclusive

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Raydan Food Co. deepened net losses after Zakat and tax to SAR 21.9 million in H1 2022, from SAR 13.5 million in the prior-year period.

The company was hurt by higher general and administrative expenses (G&A), and marketing costs.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	66.08	80.39	21.7 %
Gross Income	(2.63)	4.91	286.5 %
Operating Income	(11.80)	(10.38)	12.0 %
Net Income	(13.49)	(21.91)	(62.4 %)
Average Shares	13.92	15.81	13.6 %
EPS (Riyals)	(0.97)	(1.39)	(43.0 %)

Raydan also reported an increase in its loss share from an associate and losses from the disposal of property, plant and equipment (PP&E).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	33.20	43.05	29.6 %
Gross Income	0.31	2.54	720.6 %
Operating Income	(3.46)	(6.61)	(90.8 %)
Net Income	(4.24)	(17.20)	(305.4 %)
Average Shares	13.92	15.81	13.6 %
EPS (Riyals)	(0.30)	(1.09)	(256.9 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	37.34	43.05	15.3 %
Gross Income	2.36	2.54	7.6 %
Operating Income	(3.77)	(6.61)	(75.2 %)
Net Income	(4.71)	(17.20)	(264.8 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.30)	(1.09)	(264.8 %)

In Q2 2022, net losses after Zakat and tax widened to SAR 17.2 million, from SAR 4.2 million in Q2 2021 on higher G&A as well as marketing expenses. Raydan also reported an increase in its loss share from an associate and losses from the disposal of property, plant and equipment (PP&E).

The company incurred a net loss of SAR 4.71 million in the first quarter of 2022.

Total shareholders’ equity, after minority interest, increased to SAR 185.916 million by the end of the six-month period, compared to SAR 171.748 million a year earlier.

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