Raydan Cuisines and Restaurants Co. reported a net profit after zakat and tax of SAR 3.5 million for the first half of 2019, a 71.5 percent year-on-year (YoY) decrease on higher operating costs, marketing expenses, and finance charges.
Adopting the IFRS16 also impacted Raydan Food’s earnings.
|Gross Income||23.47||13.73||(41.5 %)|
|Operating Income||10.74||2.75||(74.4 %)|
|Net Income||12.21||3.47||(71.5 %)|
|EPS (Riyal)||0.54||0.15||(71.5 %)|
The company’s net profit fell 60.1 percent YoY in Q2 2019 to SAR 2.8 million, due to higher operating costs and finance charges, as well as adopting IFRS16.
On a sequential basis, Q2 2019 net profit increased over threefold when compared to the previous quarter, attributed to higher sales.