Financial Results : Raydan widens 2023 loss to SAR 30.9M; Q4 at SAR 26.5M

Raydan widens 2023 loss to SAR 30.9M; Q4 at SAR 26.5M

28/03/2024 Argaam Exclusive

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Raydan Food Co. increased its 2023 net losses to SAR 30.9 million, from SAR 24.6 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 159.18 177.37 11.4 %
Gross Income 6.48 9.66 48.9 %
Operating Income (14.52) (9.06) 37.6 %
Net Income (24.62) (30.89) (25.5 %)
Average Shares 7.31 7.31 -
Earnings Per Share before unusual items (Riyals) (3.24) (2.08) 35.9 %
EPS (Riyal) (3.37) (4.22) (25.5 %)

This was attributed to higher selling and marketing expenses, as well as an increase in general and administrative expenses.

 

The company also cited other receivable impairment provision worth SAR 1.08 million, as well as higher financing expenses and losses from impairment in an associate investment.

 

However, the company’s sales increased due to branch expansion compared to last year. The firm also recorded higher selling prices for its products.

 

In Q4 2023, net losses soared to SAR 26.5 million from SAR 3.62 million a year earlier.

 

The company recorded a loss of SAR 5.35 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 35.14 33.21 (5.5 %)
Gross Income (3.88) (0.97) 75.2 %
Operating Income (4.66) (1.40) 70.0 %
Net Income (3.62) (26.54) (632.8 %)
Average Shares 7.31 7.31 -
Earnings Per Share before unusual items (Riyal) (1.19) (1.48) (24.6 %)
EPS (Riyal) (0.50) (3.63) (632.8 %)

Total shareholders’ equity, after minority interest, decreased to SAR 154.05 million as of Dec. 31, 2023, from SAR 184.99 million a year earlier.

 

Accumulated losses amounted to SAR 4.37 million at the end of 2023, representing 2.77% of the company’s capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 74.82 - 18.82 - 13.49 -
Q2 2016 74.72 - 20.75 - 11.35 -
Q3 2016 85.21 - 19.68 - 14.96 -
Q4 2016 65.19 - 10.44 - 8.31 -
Q1 2017 62.74 (16.1 %) 13.25 (29.6 %) 7.02 (48.0 %)
Q2 2017 69.47 (7.0 %) 13.43 (35.3 %) 6.42 (43.4 %)
Q3 2017 72.37 (15.1 %) 17.65 (10.3 %) 10.74 (28.2 %)
Q4 2017 58.02 (11.0 %) 11.57 10.8 % 3.20 (61.5 %)
Q1 2018 54.67 (12.9 %) 10.19 (23.1 %) 4.09 (41.7 %)
Q2 2018 60.40 (13.1 %) 13.29 (1.1 %) 6.65 3.6 %
Q3 2018 62.06 (14.2 %) 11.46 (35.0 %) 4.17 (61.2 %)
Q4 2018 56.56 (2.5 %) 7.35 (36.5 %) 1.03 (67.9 %)
Q1 2019 54.74 0.1 % 6.50 (36.2 %) 0.75 (81.6 %)
Q2 2019 63.12 4.5 % 7.23 (45.5 %) 2.00 (70.0 %)
Q3 2019 61.31 (1.2 %) 7.42 (35.3 %) 1.05 (74.9 %)
Q4 2019 51.32 (9.3 %) (1.44) (119.6 %) (8.46) (921.8 %)
Q1 2020 48.68 (11.1 %) 0.08 (98.8 %) (5.81) (871.0 %)
Q2 2020 23.41 (62.9 %) (3.96) (154.7 %) (7.86) (493.5 %)
Q3 2020 28.17 (54.1 %) (1.79) (124.1 %) (7.55) (821.8 %)
Q4 2020 30.81 (40.0 %) (6.93) (380.9 %) (13.19) (56.0 %)
Q1 2021 32.87 (32.5 %) (2.94) (3873.1 %) (8.34) (43.4 %)
Q2 2021 33.20 41.8 % 0.31 107.8 % (3.46) 56.0 %
Q3 2021 29.83 5.9 % (4.90) (173.7 %) (14.29) (89.3 %)
Q4 2021 35.26 14.4 % 1.33 119.1 % 1.85 114.0 %
Q1 2022 37.34 13.6 % 2.36 180.3 % (3.77) 54.8 %
Q2 2022 43.05 29.6 % 2.54 720.6 % (6.61) (90.8 %)
Q3 2022 43.65 46.3 % 5.46 211.4 % 0.52 103.7 %
Q4 2022 35.14 (0.3 %) (3.88) (392.9 %) (4.66) (351.5 %)
Q1 2023 41.80 12.0 % 0.39 (83.7 %) (5.55) (47.0 %)
Q2 2023 61.27 42.3 % 7.82 207.2 % 2.20 133.3 %
Q3 2023 41.09 (5.9 %) 2.42 (55.7 %) (4.32) (928.0 %)
Q4 2023 33.21 (5.5 %) (0.97) 75.2 % (1.40) 70.0 %
2023 177.37 11.4 % 9.66 48.9 % (9.06) 37.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 11.86 - 1.84 - 11.86 1.84
Q2 2016 10.58 - 1.64 - 10.58 1.64
Q3 2016 14.07 - 2.19 - 14.07 2.19
Q4 2016 5.86 - 0.91 (2.56) 8.42 1.31
Q1 2017 6.87 (42.0 %) 1.07 (2.07) 8.94 1.39
Q2 2017 6.56 (38.0 %) 1.02 - 6.56 1.02
Q3 2017 10.59 (24.7 %) 1.64 - 10.59 1.64
Q4 2017 4.13 (29.4 %) 0.64 - 4.13 0.64
Q1 2018 5.16 (24.9 %) 0.80 - 5.16 0.80
Q2 2018 7.04 7.3 % 1.09 - 7.04 1.09
Q3 2018 5.84 (44.9 %) 0.91 - 5.84 0.91
Q4 2018 (3.33) (180.5 %) (0.52) - (3.33) (0.52)
Q1 2019 0.71 (86.2 %) 0.11 - 0.71 0.11
Q2 2019 2.76 (60.8 %) 0.43 - 2.76 0.43
Q3 2019 1.89 (67.6 %) 0.29 - 1.89 0.29
Q4 2019 (10.14) (204.7 %) (1.58) - (10.14) (1.58)
Q1 2020 (6.66) (1037.3 %) (1.03) - (6.66) (1.03)
Q2 2020 (8.84) (419.8 %) (1.37) - (8.84) (1.37)
Q3 2020 (38.33) (2129.2 %) (5.95) (27.61) (10.73) (1.67)
Q4 2020 (62.93) (520.5 %) (9.77) (45.47) (17.46) (2.71)
Q1 2021 (9.25) (39.0 %) (1.44) - (9.25) (1.44)
Q2 2021 (4.24) 52.0 % (0.66) - (4.24) (0.66)
Q3 2021 (17.46) 54.4 % (2.39) 1.80 (19.27) (2.63)
Q4 2021 (11.25) 82.1 % (1.54) 2.35 (13.60) (1.86)
Q1 2022 (4.71) 49.0 % (0.64) - (4.71) (0.64)
Q2 2022 (17.20) (305.4 %) (2.35) (8.50) (8.70) (1.19)
Q3 2022 0.91 105.2 % 0.12 2.52 (1.61) (0.22)
Q4 2022 (3.62) 67.8 % (0.50) 5.09 (8.71) (1.19)
Q1 2023 (3.26) 30.9 % (0.45) - (3.26) (0.45)
Q2 2023 4.25 124.7 % 0.58 - 4.25 0.58
Q3 2023 (5.35) (686.1 %) (0.73) - (5.35) (0.73)
Q4 2023 (26.54) (632.8 %) (3.63) (15.69) (10.85) (1.48)
2023 (30.89) (25.5 %) (4.22) (15.69) (15.20) (2.08)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 23.24 % 21.35 % 14.98 %
Q1 2017 22.28 % 20.06 % 14.59 %
Q2 2017 20.10 % 18.42 % 13.44 %
Q3 2017 20.30 % 18.23 % 12.79 %
Q4 2017 21.29 % 16.87 % 11.51 %
Q1 2018 20.76 % 16.33 % 10.39 %
Q2 2018 21.46 % 17.15 % 10.97 %
Q3 2018 19.77 % 16.07 % 9.43 %
Q4 2018 18.09 % 13.63 % 6.30 %
Q1 2019 16.51 % 12.66 % 4.39 %
Q2 2019 13.76 % 11.00 % 2.53 %
Q3 2019 12.09 % 9.83 % 0.86 %
Q4 2019 8.55 % 8.07 % (2.07 %)
Q1 2020 5.92 % 6.15 % (5.41 %)
Q2 2020 1.14 % 1.68 % (12.85 %)
Q3 2020 (4.69 %) (2.98 %) (23.99 %)
Q4 2020 (9.61 %) (9.20 %) (33.32 %)
Q1 2021 (13.55 %) (14.60 %) (40.14 %)
Q2 2021 (9.08 %) (9.85 %) (33.33 %)
Q3 2021 (11.41 %) (15.82 %) (39.63 %)
Q4 2021 (4.73 %) (6.04 %) (35.34 %)
Q1 2022 (0.66 %) (3.55 %) (30.84 %)
Q2 2022 0.92 % (8.01 %) (31.81 %)
Q3 2022 7.34 % 2.50 % (17.97 %)
Q4 2022 4.07 % (1.12 %) (14.91 %)
2022 4.07 % (1.12 %) (14.91 %)
Q1 2023 2.75 % (2.22 %) (13.61 %)
Q2 2023 5.38 % 4.42 % (5.12 %)
Q3 2023 3.76 % 0.68 % (7.28 %)
Q4 2023 5.44 % 4.63 % (8.57 %)
2023 5.44 % 4.63 % (8.57 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 6.44 - - 39.67
Q2 2016 6.44 - - 41.31
Q3 2016 6.44 - - 43.39
Q4 2016 6.44 6.58 6.98 38.64
Q1 2017 6.44 5.81 6.52 39.68
Q2 2017 6.44 5.18 5.90 39.95
Q3 2017 6.44 4.64 5.36 42.22
Q4 2017 6.44 4.37 4.69 42.36
Q1 2018 6.44 4.11 4.11 43.16
Q2 2018 6.44 4.18 4.18 42.51
Q3 2018 6.44 3.44 3.44 43.41
Q4 2018 6.44 2.29 2.29 42.97
Q1 2019 6.44 1.59 1.59 43.81
Q2 2019 6.44 0.93 0.93 43.53
Q3 2019 6.44 0.32 0.32 43.83
Q4 2019 6.44 (0.74) (0.74) 42.15
Q1 2020 6.44 (1.89) (1.89) 41.12
Q2 2020 6.44 (3.69) (3.69) 39.74
Q3 2020 6.44 (9.93) (5.65) 33.80
Q4 2020 6.44 (18.13) (6.78) 21.95
Q1 2021 6.44 (18.54) (7.19) 27.49
Q2 2021 6.44 (17.82) (6.47) 26.67
Q3 2021 7.31 (12.84) (6.87) 30.05
Q4 2021 7.31 (5.77) (6.34) 28.43
Q1 2022 7.31 (5.15) (5.72) 27.77
Q2 2022 7.31 (6.92) (6.33) 25.42
Q3 2022 7.31 (4.41) (3.91) 25.55
Q4 2022 7.31 (3.37) (3.24) 25.29
Q1 2023 7.31 (3.17) (3.04) 24.84
Q2 2023 7.31 (0.23) (1.27) 25.42
Q3 2023 7.31 (1.09) (1.79) 24.69
Q4 2023 7.31 (4.22) (2.08) 21.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 21.22 18.88 3.11
Q2 2017 16.85 14.79 2.18
Q3 2017 15.96 13.82 1.75
Q4 2017 15.16 14.12 1.56
Q1 2018 13.91 13.91 1.32
Q2 2018 13.75 13.75 1.35
Q3 2018 14.51 14.51 1.15
Q4 2018 26.46 26.46 1.41
Q1 2019 36.10 36.10 1.31
Q2 2019 65.76 65.76 1.40
Q3 2019 More than 100 More than 100 1.27
Q4 2019 NEG NEG 1.66
Q1 2020 NEG NEG 1.21
Q2 2020 NEG NEG 1.70
Q3 2020 NEG NEG 2.88
Q4 2020 NEG NEG 5.96
Q1 2021 NEG NEG 4.91
Q2 2021 NEG NEG 5.37
Q3 2021 NEG NEG 4.22
Q4 2021 NEG NEG 3.28
Q1 2022 NEG NEG 3.00
Q2 2022 NEG NEG 2.35
Q3 2022 NEG NEG 2.10
Q4 2022 NEG NEG 1.78
Q1 2023 NEG NEG 2.20
Q2 2023 NEG NEG 2.36
Q3 2023 NEG NEG 2.42
Q4 2023 NEG NEG 2.77

Business Segments (Million)

Compared With The
Period National meals Catering Services Others
Q1 2018 54.67 - -
Q2 2018 60.40 - -
Q3 2018 62.06 - -
Q4 2018 56.56 - -
Q1 2019 54.74 - -
Q2 2019 63.12 - -
Q3 2019 61.31 - -
Q4 2019 50.30 - 1.02
Q1 2020 48.68 - -
Q2 2020 23.41 - -
Q3 2020 24.90 - -
Q4 2020 28.77 - -
Q1 2021 32.39 - 0.48
Q2 2021 33.68 - -
Q3 2021 29.83 - -
Q4 2021 32.50 - -
Q1 2022 37.07 - 0.27
Q2 2022 43.04 - 0.01
Q3 2022 42.77 - 0.88
Q1 2023 38.68 2.52 0.61
Q2 2023 46.51 13.61 1.15
Q3 2023 31.68 8.55 0.87
Q4 2023 29.31 3.10 0.81


Financial Ratios
Current
Market Cap (M Riyal) 147.66
Enterprise Value (EV) (M Riyal) 148.96
Shares Outstanding ((M)) 7.31
EPS ( Riyal) (TTM) (11.48)
Book Value (BV) ( Riyal) 7.18
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 2.81
Return on Average Assets (%) (TTM) (40.25 )
Return on Average Equity (%) (TTM) (88.91 )
EV/adj EBITDA (5.21)
EV/Revenues 1.19
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Share Price

Raydan Food Co.
20.20
(0.84) (3.99 %)

Raydan Food Co. (RAYDAN)

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