Raydan Food Co. reported a net loss after Zakat and tax of SAR 15.5 million for the first half of 2020, compared to a net profit of SAR 3.5 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 117.85 | 72.10 | (38.8 %) |
| Gross Income | 13.73 | (3.88) | (128.3 %) |
| Operating Income | 2.75 | (13.68) | (597.0 %) |
| Net Income | 3.47 | (15.49) | (546.0 %) |
| Average Shares | 13.92 | 13.92 | - |
| EPS (Riyals) | 0.25 | (1.11) | (546.0 %) |
The losses were attributed to lower sales and other revenue due to the COVID-19 pandemic in addition to higher cost of sales, operating cost, marketing expense and financing charges.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 63.12 | 23.41 | (62.9 %) |
| Gross Income | 7.23 | (3.96) | (154.7 %) |
| Operating Income | 2.00 | (7.86) | (493.5 %) |
| Net Income | 2.76 | (8.84) | (419.8 %) |
| Average Shares | 13.92 | 13.92 | - |
| EPS (Riyals) | 0.20 | (0.64) | (419.8 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 48.68 | 23.41 | (51.9 %) |
| Gross Income | 0.08 | (3.96) | (5174.4 %) |
| Operating Income | (5.81) | (7.86) | (35.3 %) |
| Net Income | (6.66) | (8.84) | (32.8 %) |
| Average Shares | 13.92 | 13.92 | - |
| EPS (Riyals) | (0.48) | (0.64) | (32.8 %) |
The company turned to losses of SAR 8.8 million in Q2 2020 from a net profit of SAR 2.7 million, a year earlier, due to lower sales and other revenues.
On a quarterly basis, Raydan widened its losses for Q2 due to lower sales.
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