Financial Results : Raydan’s losses reach SAR 18.4M in H1 2025, SAR 10.5M in Q2

Raydan’s losses reach SAR 18.4M in H1 2025, SAR 10.5M in Q2

11/08/2025 Argaam Exclusive

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Raydan Food Co. widened the H1 2025 net losses to SAR 18.4 million in H1 2025 from SAR 4.3 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 90.03 68.88 (23.5 %)
Gross Income 6.83 (10.93) (260.0 %)
Operating Income (7.32) (21.48) (193.4 %)
Net Income (4.91) (18.39) (274.6 %)
Average Shares 15.81 15.81 -
Earnings Per Share before unusual items (Riyals) (0.31) (1.16) (274.6 %)
EPS (Riyal) (0.31) (1.16) (274.6 %)

The company attributed the higher losses to seasonal sales and the absence of Hajj contracts this year.

 

In Q2 2025, net losses deepened to SAR 10.54 million from SAR 1.23 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 47.46 24.66 (48.0 %)
Gross Income 2.76 (10.21) (470.1 %)
Operating Income (5.42) (14.97) (176.2 %)
Net Income (1.57) (10.55) (573.5 %)
Average Shares 15.81 15.81 -
Earnings Per Share before unusual items (Riyal) (0.10) (0.67) (573.5 %)
EPS (Riyal) (0.10) (0.67) (573.5 %)

Similarly, Raydan incurred net losses of SAR 7.84 million in Q1 2025.

 

Total shareholders’ equity, after minority interest, reached SAR 62.58 million at the end of the current period, down from SAR 149.14 million a year earlier.

 

The company reported accumulated losses of SAR 95.5 million, 60.41% of capital, mainly due to lower sales and contract revenues, higher costs and expenses, asset impairments, foreign exchange losses, losses from an associate, and higher cost of revenue.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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) (927.5 %)
Q4 2023 33.21 (5.5 %) (0.97) 75.2 % (1.40) 70.0 %
Q1 2024 42.57 1.8 % 4.08 959.0 % (1.90) 65.7 %
Q2 2024 47.46 (22.5 %) 2.76 (64.7 %) (5.42) (346.2 %)
Q3 2024 32.72 (20.4 %) (2.42) (200.0 %) (10.14) (134.7 %)
Q4 2024 32.62 (1.8 %) (3.20) (231.2 %) (16.36) (1,070.0 %)
Q1 2025 44.21 3.9 % (0.73) (117.8 %) (6.52) (242.4 %)
Q2 2025 24.66 (48.0 %) (10.21) (470.1 %) (14.97) (176.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 11.86 - 0.85 - 11.86 0.85
Q2 2016 10.58 - 0.76 - 10.58 0.76
Q3 2016 14.07 - 1.01 - 14.07 1.01
Q4 2016 5.86 - 0.42 (2.56) 8.42 0.60
Q1 2017 6.87 (42.0 %) 0.49 (2.07) 8.94 0.64
Q2 2017 6.56 (38.0 %) 0.47 - 6.56 0.47
Q3 2017 10.59 (24.7 %) 0.76 - 10.59 0.76
Q4 2017 4.13 (29.4 %) 0.30 - 4.13 0.30
Q1 2018 5.16 (24.9 %) 0.37 - 5.16 0.37
Q2 2018 7.04 7.3 % 0.51 - 7.04 0.51
Q3 2018 5.84 (44.9 %) 0.42 - 5.84 0.42
Q4 2018 (3.33) (180.5 %) (0.24) - (3.33) (0.24)
Q1 2019 0.71 (86.2 %) 0.05 - 0.71 0.05
Q2 2019 2.76 (60.8 %) 0.20 - 2.76 0.20
Q3 2019 1.89 (67.6 %) 0.14 - 1.89 0.14
Q4 2019 (10.14) (204.7 %) (0.73) - (10.14) (0.73)
Q1 2020 (6.66) (1037.3 %) (0.48) - (6.66) (0.48)
Q2 2020 (8.84) (419.8 %) (0.64) - (8.84) (0.64)
Q3 2020 (38.33) (2129.2 %) (2.75) (27.61) (10.73) (0.77)
Q4 2020 (62.93) (520.5 %) (4.52) (45.47) (17.46) (1.25)
Q1 2021 (9.25) (39.0 %) (0.66) - (9.25) (0.66)
Q2 2021 (4.24) 52.0 % (0.30) - (4.24) (0.30)
Q3 2021 (17.47) 54.4 % (1.10) 1.80 (19.27) (1.22)
Q4 2021 (11.25) 82.1 % (0.71) 2.35 (13.60) (0.86)
Q1 2022 (4.71) 49.0 % (0.30) - (4.71) (0.30)
Q2 2022 (17.20) (305.4 %) (1.09) (8.50) (8.70) (0.55)
Q3 2022 0.91 105.2 % 0.06 2.52 (1.61) (0.10)
Q4 2022 (3.62) 67.8 % (0.23) 5.09 (8.71) (0.55)
Q1 2023 (3.26) 30.9 % (0.21) - (3.26) (0.21)
Q2 2023 4.25 124.7 % 0.27 - 4.25 0.27
Q3 2023 (5.35) (686.1 %) (0.34) - (5.35) (0.34)
Q4 2023 (26.54) (632.8 %) (1.68) (15.69) (10.85) (0.69)
Q1 2024 (3.25) 0.1 % (0.21) - (3.25) (0.21)
Q2 2024 (1.57) (136.8 %) (0.10) - (1.57) (0.10)
Q3 2024 (12.75) (138.6 %) (0.81) - (12.75) (0.81)
Q4 2024 (55.53) (109.2 %) (3.51) (35.39) (20.14) (1.27)
Q1 2025 (7.84) (141.1 %) (0.50) - (7.84) (0.50)
Q2 2025 (10.55) (573.5 %) (0.67) - (10.55) (0.67)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %) (30.83 %)
Q2 2022 0.92 % (8.01 %) (31.81 %)
Q3 2022 7.34 % 2.50 % (17.97 %)
Q4 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 %)
Q1 2024 7.49 % 7.29 % (8.53 %)
Q2 2024 5.04 % 3.58 % (12.79 %)
Q3 2024 2.21 % 0.79 % (18.23 %)
Q4 2024 0.78 % (10.07 %) (24.27 %)
2024 0.78 % (10.07 %) (24.27 %)
Q1 2025 (2.28 %) (12.85 %) (26.94 %)
Q2 2025 (12.33 %) (22.14 %) (38.21 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 13.92 - - 18.35
Q2 2016 13.92 - - 19.11
Q3 2016 13.92 - - 20.08
Q4 2016 13.92 3.04 3.23 17.88
Q1 2017 13.92 2.69 3.02 18.36
Q2 2017 13.92 2.40 2.73 18.48
Q3 2017 13.92 2.15 2.48 19.53
Q4 2017 13.92 2.02 2.17 19.60
Q1 2018 13.92 1.90 1.90 19.97
Q2 2018 13.92 1.93 1.93 19.67
Q3 2018 13.92 1.59 1.59 20.08
Q4 2018 13.92 1.06 1.06 19.88
Q1 2019 13.92 0.74 0.74 20.27
Q2 2019 13.92 0.43 0.43 20.14
Q3 2019 13.92 0.15 0.15 20.28
Q4 2019 13.92 (0.34) (0.34) 19.50
Q1 2020 13.92 (0.87) (0.87) 19.03
Q2 2020 13.92 (1.71) (1.71) 18.39
Q3 2020 13.92 (4.60) (2.61) 15.64
Q4 2020 13.92 (8.39) (3.14) 10.16
Q1 2021 13.92 (8.58) (3.32) 12.72
Q2 2021 13.92 (8.25) (2.99) 12.34
Q3 2021 15.81 (5.94) (3.18) 13.90
Q4 2021 15.81 (2.67) (2.93) 13.15
Q1 2022 15.81 (2.38) (2.65) 12.85
Q2 2022 15.81 (3.20) (2.93) 11.76
Q3 2022 15.81 (2.04) (1.81) 11.82
Q4 2022 15.81 (1.56) (1.50) 11.70
Q1 2023 15.81 (1.47) (1.41) 11.49
Q2 2023 15.81 (0.11) (0.59) 11.76
Q3 2023 15.81 (0.50) (0.83) 11.42
Q4 2023 15.81 (1.95) (0.96) 9.75
Q1 2024 15.81 (1.95) (0.96) 9.53
Q2 2024 15.81 (2.32) (1.33) 9.43
Q3 2024 15.81 (2.79) (1.80) 8.63
Q4 2024 15.81 (4.62) (2.39) 5.12
Q1 2025 15.81 (4.91) (2.68) 4.63
Q2 2025 15.81 (5.48) (3.24) 3.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 21.24 18.90 3.11
Q2 2017 16.86 14.80 2.19
Q3 2017 15.97 13.83 1.76
Q4 2017 15.17 14.13 1.57
Q1 2018 13.92 13.92 1.32
Q2 2018 13.77 13.77 1.35
Q3 2018 14.53 14.53 1.15
Q4 2018 26.48 26.48 1.41
Q1 2019 36.13 36.13 1.31
Q2 2019 65.82 65.82 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 2.89
Q4 2020 NEG NEG 5.97
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 3.01
Q2 2022 NEG NEG 2.35
Q3 2022 NEG NEG 2.10
Q4 2022 NEG NEG 1.78
Q1 2023 NEG NEG 2.21
Q2 2023 NEG NEG 2.36
Q3 2023 NEG NEG 2.42
Q4 2023 NEG NEG 2.77
Q1 2024 NEG NEG 2.73
Q2 2024 NEG NEG 3.09
Q3 2024 NEG NEG 3.07
Q4 2024 NEG NEG 4.26
Q1 2025 NEG NEG 4.47
Q2 2025 NEG NEG 3.56

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
Q1 2024 40.05 2.17 0.34
Q2 2024 39.20 7.82 0.44
Q3 2024 32.03 0.32 0.37
Q4 2024 31.35 0.71 0.57
Q1 2025 43.39 0.73 0.09
Q2 2025 18.57 6.03 0.06


Financial Ratios
Current
Market Cap (M Riyal) 216.76
Enterprise Value (EV) (M Riyal) 220.18
Shares Outstanding ((M)) 15.81
EPS ( Riyal) (TTM) (5.48)
Book Value (BV) ( Riyal) 3.96
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 3.46
Return on Average Assets (%) (TTM) (39.09 )
Return on Average Equity (%) (TTM) (81.87 )
EV/adj EBITDA (7.41)
EV/Revenues 1.64
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Share Price

Raydan Food Co.
13.71
0.39 2.93 %

Raydan Food Co. (RAYDAN)

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