Raydan incurs SAR 6.7 mln losses in Q1 2020

22/06/2020 Argaam Exclusive

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Raydan Food Co. reported a net loss after Zakat and tax of SAR 6.7 million for Q1 2020, compared to a net profit of SAR 715,000 a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 54.74 48.68 (11.1 %)
Gross Income 6.50 0.08 (98.8 %)
Operating Income 0.75 (5.81) (871.0 %)
Net Income 0.71 (6.66) (1037.3 %)
Average Shares 13.92 13.92 -
EPS (Riyals) 0.05 (0.48) (1037.3 %)

The losses were attributed to lower sales amid the COVID-19 pandemic outbreak, and an increase in the cost of sales, operating expenses, and finance costs.

 

The company also swung to losses from a net profit of SAR 1.9 million in Q4 2019, on lower sales.

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