Financial Results : Raydan widens 9M 2025 losses to SAR 28.4M, Q3 losses at SAR 10M

Raydan widens 9M 2025 losses to SAR 28.4M, Q3 losses at SAR 10M

11/11/2025 Argaam Exclusive

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Raydan Food Co. reported a net loss of SAR 28.4 million for the first nine months of 2025, compared with SAR 16.9 million in the same period a year earlier.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 122.75 94.42 (23.1 %)
Gross Income 4.41 (8.90) (301.6 %)
Operating Income (17.45) (28.22) (61.7 %)
Net Income (17.66) (28.45) (61.1 %)
Average Shares 7.31 7.31 -
Earnings Per Share before unusual items (Riyals) (2.42) (3.89) (61.1 %)
EPS (Riyal) (2.42) (3.89) (61.1 %)

The company attributed the widened losses to a decline in revenues in 9M 2025, as it did not secure Hajj-related contracts this year.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 32.72 23.65 (27.7 %)
Gross Income (2.42) (2.59) (7.0 %)
Operating Income (10.13) (8.63) 14.8 %
Net Income (12.76) (10.06) 21.1 %
Average Shares 7.31 7.31 -
Earnings Per Share before unusual items (Riyal) (1.74) (1.38) 21.1 %
EPS (Riyal) (1.74) (1.38) 21.1 %

In Q3 2025, Raydan’s net losses narrowed to SAR 10.05 million, compared with SAR 12.55 million in Q3 2024, following net losses of SAR 10.54 million in Q2 2025.

 

Total shareholders’ equity, no minority interest, reached SAR 52.23 million as of Sept. 30, 2025, down from SAR 136.39 million a year earlier.

 

The company reported accumulated losses of SAR 105.559 million, representing 66.8% of capital.

 

Attached Documents:

 

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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) (928.0 %)
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 %) (10.13) (134.6 %)
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 %)
Q3 2025 23.65 (27.7 %) (2.59) (7.0 %) (8.63) 14.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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)
Q1 2024 (3.25) 0.1 % (0.44) - (3.25) (0.44)
Q2 2024 (1.57) (136.8 %) (0.21) - (1.57) (0.21)
Q3 2024 (12.76) (138.6 %) (1.74) - (12.76) (1.74)
Q4 2024 (55.53) (109.2 %) (7.59) (35.39) (20.14) (2.75)
Q1 2025 (7.84) (141.1 %) (1.07) - (7.84) (1.07)
Q2 2025 (10.55) (573.5 %) (1.44) - (10.55) (1.44)
Q3 2025 (10.06) 21.1 % (1.38) - (10.06) (1.38)

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 %) (30.84 %)
Q2 2022 0.92 % (8.01 %) (31.81 %)
Q3 2022 7.34 % 2.50 % (17.97 %)
Q4 2022 4.07 % (1.12 %) (14.91 %)
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 % (10.06 %) (24.27 %)
2024 0.78 % (10.07 %) (24.27 %)
Q1 2025 (2.28 %) (12.84 %) (26.94 %)
Q2 2025 (12.33 %) (22.14 %) (38.21 %)
Q3 2025 (13.36 %) (22.86 %) (38.83 %)


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 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
Q1 2024 7.31 (4.22) (2.08) 20.61
Q2 2024 7.31 (5.02) (2.87) 20.39
Q3 2024 7.31 (6.03) (3.89) 18.65
Q4 2024 7.31 (10.00) (5.16) 11.07
Q1 2025 7.31 (10.62) (5.78) 10.00
Q2 2025 7.31 (11.85) (7.01) 8.56
Q3 2025 7.31 (11.48) (6.64) 7.18

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 21.22 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
Q1 2024 NEG NEG 2.73
Q2 2024 NEG NEG 3.09
Q3 2024 NEG NEG 3.07
Q4 2024 NEG NEG 4.25
Q1 2025 NEG NEG 4.47
Q2 2025 NEG NEG 3.55
Q3 2025 NEG NEG 4.29

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
Q3 2025 23.39 2.16 -


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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