Raydan expects to open 5 new branches by 2024

Raydan Food Co. currently runs 18 restaurants, four of which opened earlier this year, the company told Argaam in an exclusive statement.

The company noted that no branches were closed this year, adding that four were closed in 2021 and 2022 as their locations were in removal areas.

The number of franchise restaurants reached 12, including eight inside the Kingdom, three in Egypt and one in Dubai.

The company expects the opening of five new restaurants from Q3 2023 to Q4 2024, excluding franchise branches.

Commenting on the second-quarter results, Raydan confirmed activating its seasonal sales during the holy month of Ramadan and Hajj season. It also added new branches and carried out its restructuring process.

Raydan's share in the associate's earnings exceeded SAR 2.5 million in the second quarter of 2023. A provision for the reversal of right-of-use assets impairment worth nearly SAR 708,000 was recorded in Q2. In addition, earnings from the disposal of property, machinery and equipment amounted to approximately SAR 18,000 in the same period.

Raydan reported a net profit of nearly SAR 997,500 in H1 2023, against a loss of SAR 21.9 million a year earlier, according to data compiled by Argaam.