Raydan Food Co. reported a net profit of nearly SAR 997,500 in H1 2023, against a loss of SAR 21.9 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 80.39 | 103.08 | 28.2 % |
| Gross Income | 4.91 | 8.20 | 67.1 % |
| Operating Income | (10.38) | (3.35) | 67.8 % |
| Net Income | (21.91) | 1.00 | 104.6 % |
| Average Shares | 15.81 | 15.81 | 0.0 % |
| EPS (Riyals) | (1.39) | 0.06 | 104.6 % |
The company reported higher sales and other revenues, lower general and administrative expenses and reversal of an impairment in the value of a right of use assets. In addition, Raydan Food realized profits from disposal of property, plant and equipment, and profits from the associate company.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 43.05 | 61.27 | 42.3 % |
| Gross Income | 2.54 | 7.82 | 207.2 % |
| Operating Income | (6.61) | 2.20 | 133.3 % |
| Net Income | (17.20) | 4.25 | 124.7 % |
| Average Shares | 15.81 | 15.81 | 0.0 % |
| EPS (Riyals) | (1.09) | 0.27 | 124.7 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 41.80 | 61.27 | 46.6 % |
| Gross Income | 0.39 | 7.82 | 1930.1 % |
| Operating Income | (0.86) | 2.20 | 354.5 % |
| Net Income | (3.26) | 4.25 | 230.7 % |
| Average Shares | 15.81 | 15.81 | - |
| EPS (Riyals) | (0.21) | 0.27 | 230.7 % |
The company reported a net profit of SAR 4.3 million in Q2 2023, against a loss of SAR 17.2 million in Q2 2022.
Sequentially, Raydan Food turned to a profit from a loss of SAR 3.26 million in Q1 2023.
Shareholders’ equity, after minority interest, stood at SAR 185.92 million as of June 30, 2023, from SAR 185.91 million a year earlier.
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