Raydan trims 9M 2023 net loss to SAR 4.4 mln; Q3 at SAR 5.4 mln

09/11/2023 Argaam Exclusive

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Raydan Food Co. narrowed its net losses to SAR 4.4 million in the first nine months of 2023 from SAR 21 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	124.04	144.17	16.2 %
Gross Income	10.37	10.62	2.5 %
Operating Income	(9.86)	(7.66)	22.2 %
Net Income	(21.00)	(4.35)	79.3 %
Average Shares	15.81	15.81	0.0 %
EPS (Riyals)	(1.33)	(0.27)	79.3 %

The nine-month results were hurt by higher revenue and other income, as well as a decline in general and administrative expenses.

In Q3 2023, the company swung to a net loss of SAR 5.4 million, from a net profit of SAR 910,000.

On a sequential basis, Raydan incurred losses against net profits of SAR 4.2 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	43.65	41.09	(5.9 %)
Gross Income	5.46	2.42	(55.7 %)
Operating Income	0.52	(4.32)	(927.5 %)
Net Income	0.91	(5.35)	(686.1 %)
Average Shares	15.81	15.81	0.0 %
EPS (Riyals)	0.06	(0.34)	(686.1 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	61.27	41.09	(32.9 %)
Gross Income	7.82	2.42	(69.0 %)
Operating Income	2.20	(4.32)	(296.3 %)
Net Income	4.25	(5.35)	(225.7 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	0.27	(0.34)	(225.7 %)

Total shareholders’ equity, no minority interest, declined to SAR 180.57 million as of Sept. 30, 2023, up from SAR 186.82 million in the prior-year period.

Accumulated losses came in at SAR 5.27 million as of Sept. 30, 2023, representing 3.34% of the company’s capital.

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