Raydan Food narrows 9M 2022 losses to SAR 21 mln; Q3 profit at SAR 911,000

Raydan Food narrows 9M 2022 losses to SAR 21 mln; Q3 profit at SAR 911,000

09/11/2022 Argaam Exclusive

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Raydan Food Co. narrowed its net loss after Zakat and tax to SAR 21 million in the first nine months of 2022, from SAR 31 million in the prior-year period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 95.91 124.04 29.3 %
Gross Income (7.53) 10.37 237.6 %
Operating Income (26.09) (9.86) 62.2 %
Net Income (30.96) (21.00) 32.2 %
Average Shares 15.81 15.81 -
EPS (Riyals) (1.96) (1.33) 32.2 %

The company attributed the improved results to higher sales as well as lower general and administrative expenses, in addition to a decline in financing expenses.

 

The company turned to a net profit after Zakat and tax of SAR 911,000 for Q3 2022, against a loss of SAR 17.4 million in the same quarter last year, mainly due to higher sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 29.83 43.65 46.3 %
Gross Income (4.90) 5.46 211.4 %
Operating Income (14.29) 0.52 103.7 %
Net Income (17.47) 0.91 105.2 %
Average Shares 15.81 15.81 -
EPS (Riyals) (1.10) 0.06 105.2 %

On a sequential basis, the company tuned profitable from SAR 17.20 million losses.

 

Accumulated losses stood at SAR 178.503 million as of Sept. 30, 2022, representing 52.89% of the company’s capital.

 

Shareholders’ equity, after deducting minority interest, reached SAR 186.83 million as of Sept. 30, 2022, from SAR 256.18 million in the same period last year.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %)
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 %)
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 %)
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 %)
Q4 2021 35.26 14.4 % 1.33 119.1 % 1.85 114.0 %
Q1 2022 37.34 13.6 % 2.36 180.3 % (3.77) 54.8 %
Q2 2022 43.05 29.6 % 2.54 720.6 % (6.61) (90.8 %)
Q3 2022 43.65 46.3 % 5.46 211.4 % 0.52 103.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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
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)
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)
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)
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)
Q4 2021 (11.25) 82.1 % (0.71) 2.35 (13.60) (0.86)
Q1 2022 (4.71) 49.0 % (0.30) - (4.71) (0.30)
Q2 2022 (17.20) (305.4 %) (1.09) (8.50) (8.70) (0.55)
Q3 2022 0.91 105.2 % 0.06 2.52 (1.61) (0.10)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 23.24 % 21.35 % 14.98 %
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 %
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 %
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 %)
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 %)
Q1 2021 (13.55 %) (14.60 %) (40.14 %)
Q2 2021 (9.08 %) (9.85 %) (33.33 %)
Q3 2021 (11.41 %) (15.82 %) (39.63 %)
Q4 2021 (4.73 %) (6.04 %) (35.34 %)
Q1 2022 (0.66 %) (3.55 %) (30.83 %)
Q2 2022 0.92 % (8.01 %) (31.81 %)
Q3 2022 7.34 % 2.50 % (17.97 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2021 15.81 (2.67) (2.93) 13.15
Q1 2022 15.81 (2.38) (2.65) 12.85
Q2 2022 15.81 (3.20) (2.93) 11.76
Q3 2022 15.81 (2.04) (1.81) 11.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2021 NEG NEG 3.28
Q1 2022 NEG NEG 3.01
Q2 2022 NEG NEG 2.35
Q3 2022 NEG NEG 2.10

Business Segments (Million)

Compared With The
Period National meals Catering Services 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 - -
Q4 2021 32.50 - -
Q1 2022 37.07 - 0.27
Q2 2022 43.04 - 0.01
Q3 2022 42.77 - 0.88

Current
Market Cap (M Riyal) 361.73
Enterprise Value (EV) (M) 364.20
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 2.65
Return on Average Assets (%) (TTM) (8.58 )
Return on Average Equity (%) (TTM) (14.46 )

Share Price

22.92
0.08 0.35 %

Raydan Food Co. (RAYDAN)


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