Raydan Food narrows losses to SAR 30.5 mln in 9M 2021

11/11/2021 Argaam Exclusive

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Raydan Food Co. narrowed its net loss after Zakat and tax to SAR 30.5 million in the first nine months of 2021, from SAR 53.8 million in the prior-year period.

The company attributed the decline in losses to lower impairment losses on property, plant and equipment, decrease in disposal losses of property, plant and equipment, realizing gain on disposal of right-of-use assets, higher share of associate’s profits, and higher other revenue.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	97.00	95.91	(1.1 %)
Gross Income	(5.50)	(7.53)	(36.9 %)
Operating Income	(20.72)	(26.09)	(25.9 %)
Net Income	(53.83)	(30.96)	42.5 %
Average Shares	13.92	15.81	13.6 %
EPS (Riyals)	(3.87)	(1.96)	49.4 %

The company reported a net loss after Zakat and tax of SAR 17.5 million for Q3 2021, compared to SAR 38.3 million in the same quarter last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	28.17	29.83	5.9 %
Gross Income	(1.79)	(4.90)	(173.7 %)
Operating Income	(7.55)	(14.29)	(89.3 %)
Net Income	(38.33)	(17.47)	54.4 %
Average Shares	13.92	15.81	13.6 %
EPS (Riyals)	(2.75)	(1.10)	59.9 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	33.20	29.83	(10.2 %)
Gross Income	0.31	(4.90)	(1680.6 %)
Operating Income	(3.46)	(14.29)	(312.7 %)
Net Income	(4.24)	(17.47)	(311.7 %)
Average Shares	13.92	15.81	13.6 %
EPS (Riyals)	(0.30)	(1.10)	(262.5 %)

On a sequential basis, the company widened its losses from a loss of SAR 4.1 million in Q2 2021 on lower revenue, higher general and administrative expenses and recording impairment and disposal losses on real estate, machinery and equipment in addition to higher financing expenses, Zakat and foreign income tax expenses.

Accumulated losses stood at SAR 109.235 million as of Sept. 30, 2021, representing 32.37% of the company’s SAR 337.5 million capital.

Shareholders’ equity increased to SAR 256.185 million as of Sept. 30 from SAR 217.609 million in the same period last year.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	208.58	-	37.72	-	26.68	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	255.21	22.4 %	49.31	30.7 %	33.36	25.0 %
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	314.13	23.1 %	69.77	41.5 %	50.49	51.3 %
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	-
2016	299.93	(4.5 %)	73.27	5.0 %	48.71	(3.5 %)
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 %)
2017	262.60	(12.4 %)	55.75	(23.9 %)	27.18	(44.2 %)
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 %)
2018	233.69	(11.0 %)	42.28	(24.2 %)	15.94	(41.4 %)
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 %)
2019	230.48	(1.4 %)	19.71	(53.4 %)	(4.66)	(129.2 %)
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 %)
2020	127.82	(44.5 %)	(12.43)	(163.1 %)	(33.91)	(628.1 %)
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	208.58	-	37.72	-	26.68	-
2014	255.21	22.4 %	49.31	30.7 %	33.36	25.0 %
2015	314.13	23.1 %	69.77	41.5 %	50.49	51.3 %
2016	299.93	(4.5 %)	73.27	5.0 %	48.71	(3.5 %)
2017	262.60	(12.4 %)	55.75	(23.9 %)	27.18	(44.2 %)
2018	233.69	(11.0 %)	42.28	(24.2 %)	15.94	(41.4 %)
2019	230.48	(1.4 %)	19.71	(53.4 %)	(4.66)	(129.2 %)
2020	127.82	(44.5 %)	(12.43)	(163.1 %)	(33.91)	(628.1 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	28.51	-	2.05	-	28.51	2.05
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	34.14	19.7 %	2.45	-	34.14	2.45
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	50.23	47.1 %	3.61	-	50.23	3.61
Q1 2016	11.86	-	0.85	-	11.86	0.85
Q2 2016	10.58	-	0.76	-	10.58	0.76
Q3 2016	14.07	-	1.01	-	14.07	1.01
Q4 2016	5.86	-	0.42	(2.56)	8.42	0.60
2016	42.45	(15.5 %)	3.05	(2.56)	45.01	3.23
Q1 2017	6.87	(42.0 %)	0.49	(2.07)	8.94	0.64
Q2 2017	6.56	(38.0 %)	0.47	-	6.56	0.47
Q3 2017	10.59	(24.7 %)	0.76	-	10.59	0.76
Q4 2017	4.13	(29.4 %)	0.30	-	4.13	0.30
2017	27.16	(36.0 %)	1.95	(2.07)	29.23	2.10
Q1 2018	5.16	(24.9 %)	0.37	-	5.16	0.37
Q2 2018	7.04	7.3 %	0.51	-	7.04	0.51
Q3 2018	5.84	(44.9 %)	0.42	-	5.84	0.42
Q4 2018	(3.33)	(180.5 %)	(0.24)	-	(3.33)	(0.24)
2018	14.71	(45.8 %)	1.06	-	14.71	1.06
Q1 2019	0.71	(86.2 %)	0.05	-	0.71	0.05
Q2 2019	2.76	(60.8 %)	0.20	-	2.76	0.20
Q3 2019	1.89	(67.6 %)	0.14	-	1.89	0.14
Q4 2019	(10.14)	(204.7 %)	(0.73)	-	(10.14)	(0.73)
2019	(4.78)	(132.5 %)	(0.34)	-	(4.78)	(0.34)
Q1 2020	(6.66)	(1037.3 %)	(0.48)	-	(6.66)	(0.48)
Q2 2020	(8.84)	(419.8 %)	(0.64)	-	(8.84)	(0.64)
Q3 2020	(38.33)	(2129.2 %)	(2.75)	(27.61)	(10.73)	(0.77)
Q4 2020	(62.93)	(520.5 %)	(4.52)	(45.47)	(17.46)	(1.25)
2020	(116.76)	(2,343.2 %)	(8.39)	(73.08)	(43.68)	(3.14)
Q1 2021	(9.25)	(39.0 %)	(0.66)	-	(9.25)	(0.66)
Q2 2021	(4.24)	52.0 %	(0.30)	-	(4.24)	(0.30)
Q3 2021	(17.47)	54.4 %	(1.10)	1.80	(19.27)	(1.22)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	28.51	-	2.05	-	28.51	2.05
2014	34.14	19.7 %	2.45	-	34.14	2.45
2015	50.23	47.1 %	3.61	-	50.23	3.61
2016	42.45	(15.5 %)	3.05	(2.56)	45.01	3.23
2017	27.16	(36.0 %)	1.95	(2.07)	29.23	2.10
2018	14.71	(45.8 %)	1.06	-	14.71	1.06
2019	(4.78)	(132.5 %)	(0.34)	-	(4.78)	(0.34)
2020	(116.76)	(2,343.2 %)	(8.39)	(73.08)	(43.68)	(3.14)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	18.08 %	16.20 %	13.67 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	19.32 %	17.32 %	13.38 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	22.21 %	20.86 %	15.99 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	23.24 %	21.35 %	14.98 %
2016	24.43 %	21.55 %	15.01 %
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 %
2017	21.23 %	16.80 %	11.13 %
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 %
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 %)
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 %)
2020	(9.72 %)	(9.04 %)	(34.17 %)
Q1 2021	(13.55 %)	(14.60 %)	(40.14 %)
Q2 2021	(9.08 %)	(9.85 %)	(33.33 %)
Q3 2021	(11.41 %)	(15.82 %)	(39.63 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	-	-	-
2012	-	-	-
2013	18.08 %	16.20 %	13.67 %
2014	19.32 %	17.32 %	13.38 %
2015	22.21 %	20.86 %	15.99 %
2016	24.43 %	21.55 %	15.01 %
2017	21.23 %	16.80 %	11.13 %
2018	18.09 %	13.63 %	6.30 %
2019	8.55 %	8.07 %	(2.07 %)
2020	(9.72 %)	(9.04 %)	(34.17 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	25.16 %	23.18 %	15.85 %
Q2 2016	27.77 %	21.64 %	14.16 %
Q3 2016	23.10 %	18.47 %	16.51 %
Q4 2016	16.02 %	22.66 %	12.91 %
Q1 2017	21.12 %	17.62 %	14.25 %
Q2 2017	19.34 %	15.09 %	9.45 %
Q3 2017	24.38 %	17.80 %	14.63 %
Q4 2017	19.93 %	17.04 %	7.12 %
Q1 2018	18.63 %	15.21 %	9.44 %
Q2 2018	22.00 %	18.26 %	11.66 %
Q3 2018	18.47 %	13.80 %	9.40 %
Q4 2018	12.99 %	6.99 %	(5.88 %)
Q1 2019	11.87 %	11.04 %	1.30 %
Q2 2019	11.46 %	11.81 %	4.38 %
Q3 2019	12.10 %	9.33 %	3.08 %
Q4 2019	(2.81 %)	(1.22 %)	(19.76 %)
Q1 2020	0.16 %	2.57 %	(13.67 %)
Q2 2020	(16.90 %)	(13.85 %)	(37.75 %)
Q3 2020	(6.36 %)	(6.74 %)	(38.08 %)
Q4 2020	(22.49 %)	(26.51 %)	(56.66 %)
Q1 2021	(8.95 %)	(10.71 %)	(28.13 %)
Q2 2021	0.93 %	3.83 %	(12.78 %)
Q3 2021	(16.42 %)	(32.27 %)	(64.58 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	13.92	-	-	18.35
Q2 2016	13.92	-	-	19.11
Q3 2016	13.92	-	-	20.08
Q4 2016	13.92	3.04	3.23	17.88
Q1 2017	13.92	2.69	3.02	18.36
Q2 2017	13.92	2.40	2.73	18.48
Q3 2017	13.92	2.15	2.48	19.53
Q4 2017	13.92	2.02	2.17	19.60
Q1 2018	13.92	1.90	1.90	19.97
Q2 2018	13.92	1.93	1.93	19.67
Q3 2018	13.92	1.59	1.59	20.08
Q4 2018	13.92	1.06	1.06	19.88
Q1 2019	13.92	0.74	0.74	20.27
Q2 2019	13.92	0.43	0.43	20.14
Q3 2019	13.92	0.15	0.15	20.28
Q4 2019	13.92	(0.34)	(0.34)	19.50
Q1 2020	13.92	(0.87)	(0.87)	19.03
Q2 2020	13.92	(1.71)	(1.71)	18.39
Q3 2020	13.92	(4.60)	(2.61)	15.64
Q4 2020	13.92	(8.39)	(3.14)	10.16
Q1 2021	13.92	(8.58)	(3.32)	12.72
Q2 2021	13.92	(8.25)	(2.99)	12.34
Q3 2021	15.81	(5.94)	(3.18)	13.90

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	-	-	-	-
2012	-	-	-	-
2013	13.92	2.05	2.05	7.91
2014	13.92	2.45	2.45	17.41
2015	13.92	3.61	3.61	17.50
2016	13.92	3.05	3.23	17.88
2017	13.92	1.95	2.10	19.60
2018	13.92	1.06	1.06	19.88
2019	13.92	(0.34)	(0.34)	19.50
2020	13.92	(8.39)	(3.14)	10.16

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	21.24	18.90	3.11
Q2 2017	16.86	14.80	2.19
Q3 2017	15.97	13.83	1.76
Q4 2017	15.17	14.13	1.57
Q1 2018	13.92	13.92	1.32
Q2 2018	13.77	13.77	1.35
Q3 2018	14.53	14.53	1.15
Q4 2018	26.48	26.48	1.41
Q1 2019	36.13	36.13	1.31
Q2 2019	65.82	65.82	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	2.89
Q4 2020	NEG	NEG	5.97
Q1 2021	NEG	NEG	4.91
Q2 2021	NEG	NEG	5.37
Q3 2021	NEG	NEG	4.22

Period	P/E	Adjusted P/E	Price/book
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	15.73	14.61	1.57
2018	26.48	26.48	1.41
2019	NEG	NEG	1.66
2020	NEG	NEG	5.97

Business Segments (Million)

Compared With The

Period	National meals	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	-

Period	National meals	Others
2018	233.69	-
2019	229.46	1.02
2020	125.77	2.05

Financial Ratios

	Current
Market Cap (M Riyal)	362.68
Enterprise Value (EV) (M)	365.15
Shares Outstanding ((M))	15.81
EPS ( Riyal) (TTM)	(1.45)
Book Value (BV) ( Riyal)	8.63
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.66
Return on Average Assets (%) (TTM)	(8.58 )
Return on Average Equity (%) (TTM)	(14.46 )

Raydan Food Co. (RAYDAN)

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Raydan Food narrows losses to SAR 30.5 mln in 9M 2021

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q3

Financial Ratios

Share Price

Raydan Food Co. (RAYDAN)

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Raydan Food narrows losses to SAR 30.5 mln in 9M 2021

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2021

Revenue by Business Segment (Latest) 2021 Q3

Financial Ratios

Share Price

Raydan Food Co. (RAYDAN)

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Business Segments (Million)