Raydan Food turns to profit of SAR 997,500 in H1 2023; Q2 at SAR 4.3 mln

10/08/2023 Argaam Exclusive

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Raydan Food Co. reported a net profit of nearly SAR 997,500 in H1 2023, against a loss of SAR 21.9 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	80.39	103.08	28.2 %
Gross Income	4.91	8.20	67.1 %
Operating Income	(10.38)	(3.35)	67.8 %
Net Income	(21.91)	1.00	104.6 %
Average Shares	15.81	15.81	0.0 %
EPS (Riyals)	(1.39)	0.06	104.6 %

The company reported higher sales and other revenues, lower general and administrative expenses and reversal of an impairment in the value of a right of use assets. In addition, Raydan Food realized profits from disposal of property, plant and equipment, and profits from the associate company.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	43.05	61.27	42.3 %
Gross Income	2.54	7.82	207.2 %
Operating Income	(6.61)	2.20	133.3 %
Net Income	(17.20)	4.25	124.7 %
Average Shares	15.81	15.81	0.0 %
EPS (Riyals)	(1.09)	0.27	124.7 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	41.80	61.27	46.6 %
Gross Income	0.39	7.82	1930.1 %
Operating Income	(5.55)	2.20	139.7 %
Net Income	(3.26)	4.25	230.7 %
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.21)	0.27	230.7 %

The company reported a net profit of SAR 4.3 million in Q2 2023, against a loss of SAR 17.2 million in Q2 2022.

Sequentially, Raydan Food turned to a profit from a loss of SAR 3.26 million in Q1 2023.

Shareholders’ equity, after minority interest, stood at SAR 185.92 million as of June 30, 2023, from SAR 185.91 million a year earlier.

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