Raydan Food Co. deepened net losses after Zakat and tax to SAR 21.9 million in H1 2022, from SAR 13.5 million in the prior-year period.
The company was hurt by higher general and administrative expenses (G&A), and marketing costs.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 66.08 | 80.39 | 21.7 % |
| Gross Income | (2.63) | 4.91 | 286.5 % |
| Operating Income | (11.80) | (10.38) | 12.0 % |
| Net Income | (13.49) | (21.91) | (62.4 %) |
| Average Shares | 13.92 | 15.81 | 13.6 % |
| EPS (Riyals) | (0.97) | (1.39) | (43.0 %) |
Raydan also reported an increase in its loss share from an associate and losses from the disposal of property, plant and equipment (PP&E).
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 33.20 | 43.05 | 29.6 % |
| Gross Income | 0.31 | 2.54 | 720.6 % |
| Operating Income | (3.46) | (6.61) | (90.8 %) |
| Net Income | (4.24) | (17.20) | (305.4 %) |
| Average Shares | 13.92 | 15.81 | 13.6 % |
| EPS (Riyals) | (0.30) | (1.09) | (256.9 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 37.34 | 43.05 | 15.3 % |
| Gross Income | 2.36 | 2.54 | 7.6 % |
| Operating Income | (3.77) | (6.61) | (75.2 %) |
| Net Income | (4.71) | (17.20) | (264.8 %) |
| Average Shares | 15.81 | 15.81 | - |
| EPS (Riyals) | (0.30) | (1.09) | (264.8 %) |
In Q2 2022, net losses after Zakat and tax widened to SAR 17.2 million, from SAR 4.2 million in Q2 2021 on higher G&A as well as marketing expenses. Raydan also reported an increase in its loss share from an associate and losses from the disposal of property, plant and equipment (PP&E).
The company incurred a net loss of SAR 4.71 million in the first quarter of 2022.
Total shareholders’ equity, after minority interest, increased to SAR 185.916 million by the end of the six-month period, compared to SAR 171.748 million a year earlier.
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