Riyadh - Mubasher: Raydan Food Company has incurred accumulated losses of SAR 81.178 million as of 30 June 2021, accounting for 36.08% of the company's capital.
These losses are mainly driven by the SAR 68.159 million accumulated losses as of 31 December 2021, alongside the SAR 13.019 million losses due to lower revenues and higher cost of sales, according to a bourse filing on Sunday.
To tackle the accumulated losses, the company will grant commercial franchises, find less costly operational solutions, and benefit from its capital increase to improve future operational and marketing performance.
It is noteworthy to mention that during the first quarter (Q1) of 2021, the company incurred net losses after Zakat and tax worth SAR 8.87 million, higher by 33% compared to SAR 6.66 million in Q1-20.
