RIYADH: Raydan Food Co.’s losses narrowed by 49 percent in the first quarter of 2022, helped by higher sales and revenues. Net losses reached SR4.7 million ($1.3 million) in the first quarter of 2022, from SR9.2 million in the prior-year period, according to bourse filing. The company attributed the results to an increase in quarter one revenue by 14 percent to SR37,338. In a
RIYADH: One of Saudi Arabia's most popular local food chains isn't doing well even as it reduced losses. Raydan Food Co, which is known for its meat and rice dish reported its accumulated losses by end of 2021 hit SR158 million ($42 million) or 46.7 percent of the capital. The company’s losses are mainly stemming from the decline in value of right-of-use assets, in addition to
RIYADH: With earnings season approaching for the Kingdom’s listed companies and as oil prices dipped, Saudi stocks closed Wednesday’s trading session down. TASI lost 0.48 percent to 13,038 points, reversing three days of gains, while the parallel market, Nomu, shed 0.34 percent to 24,942. In tandem with the Saudi index, most stock exchanges in the GCC slipped, including Abu
RIYADH: Raydan Food Co. reported widening losses as sales dipped and costs rose.
First-quarter net losses at the company, which owns restaurants and provides catering across the Kingdom, climbed to SR8.9 million ($2.4 million) from SR6.7 million in the year earlier period, but were an improvement on the SR33.3 million loss posted for the fourth quarter of 2020, Raydan said in a filing to the Tadawul.
Sales slipped to SR34.3 million from SR48.7 million a year ago, but were up from the previous quarter’s SR29.4 million.
Raydan attributed its year-on-year loss to lower sales because of the coronavirus pandemic, higher cost of sales and an increase in operating costs, including closing, temporarily or permanently, some of its outlets.