Raydan widens losses to SAR 17.6M in 9M 2024, SAR 12.8M in Q3

10/11/2024 Argaam Exclusive

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Raydan Food Co. slid into a deeper net loss of SAR 17.6 million in the first nine months of 2024, compared to SAR 4.3 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	144.16	122.75	(14.9 %)
Gross Income	10.62	4.41	(58.4 %)
Operating Income	(7.30)	(17.46)	(139.2 %)
Net Income	(4.35)	(17.57)	(304.2 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.28)	(1.11)	(304.2 %)

The losses widened on lower sales and contract revenue. The company also reported a decline in other income, increased selling and distribution expenses, and FX differences.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	41.09	32.72	(20.4 %)
Gross Income	2.42	(2.42)	(200.0 %)
Operating Income	(4.30)	(10.14)	(135.9 %)
Net Income	(5.35)	(12.75)	(138.6 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.34)	(0.81)	(138.6 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	47.46	32.72	(31.1 %)
Gross Income	2.76	(2.42)	(187.8 %)
Operating Income	(5.41)	(10.14)	(87.3 %)
Net Income	(1.56)	(12.75)	(715.2 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.10)	(0.81)	(715.2 %)

In the third quarter, net losses more than doubled to SAR 12.8 million, from SAR 5.3 million in Q3 2023 hurt by a drop in sales, higher selling and distribution expenses, and an increase in the company’s loss share from an associate.

Compared to the previous quarter, Raydan’s net losses increased remarkably from SAR 1.6 million on a decline in sales due to seasonal factors (the holy month of Ramadan and Hajj season).

Shareholders’ equity, no minority interest, reached SAR 136.39 million as of Sept. 30, 2024, down from SAR 180.57 million a year earlier.

Accumulated losses stood at SAR 21.95 million by the end of the nine-month period, representing 13.88% of the company’s capital.

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