Saudi food chain Raydan narrows losses by 49% in Q1

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 separate announcement, Raydan Food announced that accumulated losses reached 48 percent of capital, amounting to almost SR162 million.