Raydan Food turns to loss of SAR 4.8M in H1 2024; Q2 at SAR 1.6M

08/08/2024 Argaam Exclusive

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Raydan Food Co. reported a net loss of nearly SAR 4.8 million in H1 2024, against a profit of SAR 998,000 a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	103.08	90.03	(12.7 %)
Gross Income	8.20	6.83	(16.7 %)
Operating Income	(3.35)	(7.32)	(118.9 %)
Net Income	1.00	(4.82)	(582.6 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	0.06	(0.30)	(582.6 %)

The losses were attributed to the expiration of some sales contracts with companies, which resulted in lower sales and other revenues. Meanwhile, the company incurred higher selling and marketing expenses and currency valuation differences.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	61.27	47.46	(22.5 %)
Gross Income	7.82	2.76	(64.7 %)
Operating Income	2.20	(5.42)	(346.2 %)
Net Income	4.25	(1.56)	(136.8 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	0.27	(0.10)	(136.8 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	42.57	47.46	11.5 %
Gross Income	4.08	2.76	(32.4 %)
Operating Income	(1.91)	(5.42)	(184.3 %)
Net Income	(3.25)	(1.56)	51.9 %
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.21)	(0.10)	51.9 %

The company reported a net loss of SAR 1.6 million in Q2 2024, against a profit of SAR 4.25 million in Q2 2023.

Sequentially, Raydan Food cut losses from SAR 3.25 million in Q1 2024.

Shareholders’ equity, no minority interest, stood at SAR 149 million as of June 30, 2024, from SAR 186 million a year earlier.

Accumulated losses reached SAR 9.19 million by the end of H1 2024, representing 5.82% of capital.

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