Raydan Food accumulated losses reach SAR 67 mln, or 29.8% of capital

Raydan Food Company’s accumulated losses reached SAR 67.04 million, or 29.8% of capital, as of Dec. 31, 2020, the company said in a bourse statement.

The losses are attributed to the high net loss incurred by the company in 2020, due to lower sales and other revenue amid the COVID-19 pandemic. The company also reported higher direct and indirect cost of sales, operating costs, and financing charges.

Procedures for listed companies with accumulated losses of 20% or more of their capital will apply, Raydan added.

The company widened net losses after Zakat and tax to SAR 83.3 million in 2020, from SAR 4.8 million a year earlier, Argaam reported.