Raydan widens 2023 loss to SAR 30.9M; Q4 at SAR 26.5M

28/03/2024 Argaam Exclusive

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Raydan Food Co. increased its 2023 net losses to SAR 30.9 million, from SAR 24.6 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	159.18	177.37	11.4 %
Gross Income	6.48	9.66	48.9 %
Operating Income	(14.52)	(7.98)	45.1 %
Net Income	(24.62)	(30.89)	(25.5 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(1.56)	(1.95)	(25.5 %)

This was attributed to higher selling and marketing expenses, as well as an increase in general and administrative expenses.

The company also cited other receivable impairment provision worth SAR 1.08 million, as well as higher financing expenses and losses from impairment in an associate investment.

However, the company’s sales increased due to branch expansion compared to last year. The firm also recorded higher selling prices for its products.

In Q4 2023, net losses soared to SAR 26.5 million from SAR 3.62 million a year earlier.

The company recorded a loss of SAR 5.35 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	35.14	41.09	16.9 %
Gross Income	(3.88)	2.42	162.3 %
Operating Income	(4.66)	0.81	117.4 %
Net Income	(3.62)	(5.35)	(47.6 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.23)	(0.34)	(47.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	41.09	41.09	-
Gross Income	2.42	2.42	-
Operating Income	(4.32)	0.81	118.7 %
Net Income	(5.35)	(5.35)	(0.0 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.34)	(0.34)	(0.0 %)

Total shareholders’ equity, after minority interest, decreased to SAR 154.05 million as of Dec. 31, 2023, from SAR 184.99 million a year earlier.

Accumulated losses amounted to SAR 4.37 million at the end of 2023, representing 2.77% of the company’s capital.

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