Financial Results : Raydan losses narrow to SAR 3.25M in Q1 2024

Raydan losses narrow to SAR 3.25M in Q1 2024

15/05/2024 Argaam Exclusive

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Raydan Food Co. narrowed its Q1 2024 net losses to SAR 3.25 million, from SAR 3.26 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 41.80 42.57 1.8 %
Gross Income 0.39 4.08 959.0 %
Operating Income (5.55) (1.91) 65.6 %
Net Income (3.26) (3.25) 0.1 %
Average Shares 15.81 15.81 -
EPS (Riyals) (0.21) (0.21) 0.1 %

The company’s performance slightly improved on seasonality of sales, opening of new branches, higher revenues, lower cost of revenues, reduced general and administrative expenses.

 

Similarly, the company’s losses narrowed from SAR 5.35 million losses in Q4 2023.

 

Total shareholders’ equity, no minority interest, decreased to SAR 150.71 million as of March 31, 2024, from SAR 181.66 million a year earlier.

 

Accumulated losses amounted to SAR 7.63 million at the end of Q1 2024, representing 4.83% of the company’s capital.

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