Financial Results : Raydan’s losses reach SAR 73.1M in 2024, SAR 55.5M in Q4

Raydan’s losses reach SAR 73.1M in 2024, SAR 55.5M in Q4

31/03/2025 Argaam Exclusive

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Raydan Food Co. widened the 2024 net losses to SAR 73.1 million in 2024 from SAR 30.9 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 177.37 155.37 (12.4 %)
Gross Income 9.66 1.22 (87.4 %)
Operating Income (9.06) (33.82) (273.2 %)
Net Income (30.89) (73.11) (136.7 %)
Average Shares 15.81 15.81 -
Earnings Per Share before unusual items (Riyals) (0.96) (2.39) (148.1 %)
EPS (Riyal) (1.95) (4.62) (136.7 %)

The higher losses were attributed to a 12.41% year-on-year (YoY) drop in revenue and branch sales. Revenue from contracts and franchises also decreased.

 

Raydan also reported increased selling and marketing expenses. Depreciation expenses on the right-of-use assets and on land value were also recorded.

 

Raydan also reported foreign currency revaluation differences, impairment losses on investment in an associate company, and an 87.39% YoY decrease in total gross profit for the current period.

 

Operating losses increased to SAR 67.17 million in 2024 from SAR 23.49 million in 2023.

 

In Q4 2024, net losses deepened to SAR 55.5 million from SAR 26.5 million in Q4 2023.

 

Similarly, Raydan incurred net losses of SAR 12.7 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 33.21 32.62 (1.8 %)
Gross Income (0.97) (3.20) (231.2 %)
Operating Income (1.40) (16.36) (1,070.0 %)
Net Income (26.54) (55.53) (109.2 %)
Average Shares 15.81 15.81 -
Earnings Per Share before unusual items (Riyal) (0.69) (1.27) (85.6 %)
EPS (Riyal) (1.68) (3.51) (109.2 %)

Total shareholders’ equity, after minority interest, reached SAR 80.97 million as of Dec. 31, 2024, down from SAR 154.05 million a year earlier.

 

Accumulated losses reached SAR 77.38 million by the end of the 12-month period, accounting for 48.95% of the company’s capital.

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