Raydan widens 2023 loss to SAR 30.9M; Q4 at SAR 26.5M

28/03/2024 Argaam Exclusive

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Raydan Food Co. increased its 2023 net losses to SAR 30.9 million, from SAR 24.6 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	159.18	177.37	11.4 %
Gross Income	6.48	9.66	48.9 %
Operating Income	(14.52)	(7.98)	45.1 %
Net Income	(24.62)	(30.89)	(25.5 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(1.56)	(1.95)	(25.5 %)

This was attributed to higher selling and marketing expenses, as well as an increase in general and administrative expenses.

The company also cited other receivable impairment provision worth SAR 1.08 million, as well as higher financing expenses and losses from impairment in an associate investment.

However, the company’s sales increased due to branch expansion compared to last year. The firm also recorded higher selling prices for its products.

In Q4 2023, net losses soared to SAR 26.5 million from SAR 3.62 million a year earlier.

The company recorded a loss of SAR 5.35 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	35.14	41.09	16.9 %
Gross Income	(3.88)	2.42	162.3 %
Operating Income	(4.66)	0.81	117.4 %
Net Income	(3.62)	(5.35)	(47.6 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.23)	(0.34)	(47.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	41.09	41.09	-
Gross Income	2.42	2.42	-
Operating Income	(4.32)	0.81	118.8 %
Net Income	(5.35)	(5.35)	(0.0 %)
Average Shares	15.81	15.81	-
EPS (Riyals)	(0.34)	(0.34)	(0.0 %)

Total shareholders’ equity, after minority interest, decreased to SAR 154.05 million as of Dec. 31, 2023, from SAR 184.99 million a year earlier.

Accumulated losses amounted to SAR 4.37 million at the end of 2023, representing 2.77% of the company’s capital.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	255.21	22.4 %	49.31	30.7 %	34.14	19.7 %	2.45
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	314.13	23.1 %	69.77	41.5 %	50.23	47.1 %	3.61
Q1 2016	74.82	-	18.82	-	11.86	-	0.85
Q2 2016	74.72	-	20.75	-	10.58	-	0.76
Q3 2016	85.21	-	19.68	-	14.07	-	1.01
Q4 2016	65.19	-	10.44	-	5.86	-	0.42
2016	299.93	(4.5 %)	73.27	5.0 %	42.45	(15.5 %)	3.05
Q1 2017	62.74	(16.1 %)	13.25	(29.6 %)	6.87	(42.0 %)	0.49
Q2 2017	69.47	(7.0 %)	13.43	(35.3 %)	6.56	(38.0 %)	0.47
Q3 2017	72.37	(15.1 %)	17.65	(10.3 %)	10.59	(24.7 %)	0.76
Q4 2017	58.02	(11.0 %)	11.57	10.8 %	4.13	(29.4 %)	0.30
2017	262.60	(12.4 %)	55.75	(23.9 %)	27.16	(36.0 %)	1.95
Q1 2018	54.67	(12.9 %)	10.19	(23.1 %)	5.16	(24.9 %)	0.37
Q2 2018	60.40	(13.1 %)	13.29	(1.1 %)	7.04	7.3 %	0.51
Q3 2018	62.06	(14.2 %)	11.46	(35.0 %)	5.84	(44.9 %)	0.42
Q4 2018	56.56	(2.5 %)	7.35	(36.5 %)	(3.33)	(180.5 %)	(0.24)
2018	233.69	(11.0 %)	42.28	(24.2 %)	14.71	(45.8 %)	1.06
Q1 2019	54.74	0.1 %	6.50	(36.2 %)	0.71	(86.2 %)	0.05
Q2 2019	63.12	4.5 %	7.23	(45.5 %)	2.76	(60.8 %)	0.20
Q3 2019	61.31	(1.2 %)	7.42	(35.3 %)	1.89	(67.6 %)	0.14
Q4 2019	51.32	(9.3 %)	(1.44)	(119.6 %)	(10.14)	(204.7 %)	(0.73)
2019	230.48	(1.4 %)	19.71	(53.4 %)	(4.78)	(132.5 %)	(0.34)
Q1 2020	48.68	(11.1 %)	0.08	(98.8 %)	(6.66)	(1037.3 %)	(0.48)
Q2 2020	23.41	(62.9 %)	(3.96)	(154.7 %)	(8.84)	(419.8 %)	(0.64)
Q3 2020	28.17	(54.1 %)	(1.79)	(124.1 %)	(38.33)	(2129.2 %)	(2.75)
Q4 2020	30.81	(40.0 %)	(6.93)	(380.9 %)	(62.93)	(520.5 %)	(4.52)
2020	127.82	(44.5 %)	(12.43)	(163.1 %)	(116.76)	(2,343.2 %)	(8.39)
Q1 2021	32.87	(32.5 %)	(2.94)	(3873.1 %)	(9.25)	(39.0 %)	(0.66)
Q2 2021	33.20	41.8 %	0.31	107.8 %	(4.24)	52.0 %	(0.30)
Q3 2021	29.83	5.9 %	(4.90)	(173.7 %)	(17.47)	54.4 %	(1.10)
Q4 2021	35.26	14.4 %	1.33	119.1 %	(11.25)	82.1 %	(0.71)
2021	131.17	2.6 %	(6.21)	50.1 %	(42.21)	63.9 %	(2.67)
Q1 2022	37.34	13.6 %	2.36	180.3 %	(4.71)	49.0 %	(0.30)
Q2 2022	43.05	29.6 %	2.54	720.6 %	(17.20)	(305.4 %)	(1.09)
Q3 2022	43.65	46.3 %	5.46	211.4 %	0.91	105.2 %	0.06
Q4 2022	35.14	(0.3 %)	(3.88)	(392.9 %)	(3.62)	67.8 %	(0.23)
2022	159.18	21.4 %	6.48	204.4 %	(24.62)	41.7 %	(1.56)
Q1 2023	41.80	12.0 %	0.39	(83.7 %)	(3.26)	30.9 %	(0.21)
Q2 2023	61.27	42.3 %	7.82	207.2 %	4.25	124.7 %	0.27
Q3 2023	41.09	(5.9 %)	2.42	(55.7 %)	(5.35)	(686.1 %)	(0.34)
Q4 2023	41.09	16.9 %	2.42	162.3 %	(5.35)	(47.6 %)	(0.34)
2023	177.37	11.4 %	9.66	48.9 %	(30.89)	(25.5 %)	(1.95)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	255.21	22.4 %	49.31	30.7 %	34.14	19.7 %	2.45
2015	314.13	23.1 %	69.77	41.5 %	50.23	47.1 %	3.61
2016	299.93	(4.5 %)	73.27	5.0 %	42.45	(15.5 %)	3.05
2017	262.60	(12.4 %)	55.75	(23.9 %)	27.16	(36.0 %)	1.95
2018	233.69	(11.0 %)	42.28	(24.2 %)	14.71	(45.8 %)	1.06
2019	230.48	(1.4 %)	19.71	(53.4 %)	(4.78)	(132.5 %)	(0.34)
2020	127.82	(44.5 %)	(12.43)	(163.1 %)	(116.76)	(2,343.2 %)	(8.39)
2021	131.17	2.6 %	(6.21)	50.1 %	(42.21)	63.9 %	(2.67)
2022	159.18	21.4 %	6.48	204.4 %	(24.62)	41.7 %	(1.56)
2023	177.37	11.4 %	9.66	48.9 %	(30.89)	(25.5 %)	(1.95)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2021	(4.73 %)	(6.04 %)	(35.34 %)
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 %)
Q4 2022	4.07 %	(1.12 %)	(14.91 %)
2022	4.07 %	(1.12 %)	(14.91 %)
Q1 2023	2.75 %	(2.22 %)	(13.61 %)
Q2 2023	5.38 %	4.42 %	(5.12 %)
Q3 2023	3.76 %	0.68 %	(7.28 %)
Q4 2023	7.04 %	5.63 %	3.88 %
2023	5.44 %	5.25 %	(7.90 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2021	(4.73 %)	(6.04 %)	(35.34 %)
2022	4.07 %	(1.12 %)	(14.91 %)
2023	5.44 %	5.25 %	(7.90 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q4 2021	3.76 %	11.20 %	(38.57 %)
Q1 2022	6.33 %	(1.11 %)	(12.63 %)
Q2 2022	5.91 %	(12.93 %)	(20.21 %)
Q3 2022	12.51 %	13.77 %	(3.68 %)
Q4 2022	(11.05 %)	(5.17 %)	(24.78 %)
Q1 2023	0.92 %	(5.42 %)	(7.79 %)
Q2 2023	12.76 %	9.98 %	6.94 %
Q3 2023	5.89 %	(1.95 %)	(13.01 %)
Q4 2023	5.89 %	17.97 %	28.06 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2022	15.81	(1.56)	(1.50)	11.70
Q1 2023	15.81	(1.47)	(1.41)	11.49
Q2 2023	15.81	(0.11)	(0.59)	11.76
Q3 2023	15.81	(0.50)	(0.83)	11.42
Q4 2023	15.81	(0.61)	0.45	9.75

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2021	15.81	(2.67)	(2.93)	13.15
2022	15.81	(1.56)	(1.50)	11.70
2023	15.81	(1.95)	(0.89)	9.75

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2022	NEG	NEG	1.78
Q1 2023	NEG	NEG	2.21
Q2 2023	NEG	NEG	2.36
Q3 2023	NEG	NEG	2.42
Q4 2023	NEG	59.44	2.77

Period	P/E	Adjusted P/E	Price/book
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
2021	NEG	NEG	3.28
2022	NEG	NEG	1.78
2023	NEG	NEG	2.77

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
Q1 2023	38.68	2.52	0.61
Q2 2023	60.13	-	1.15
Q3 2023	40.25	-	0.84

Period	National meals	Catering Services	Others
2018	233.69	-	-
2019	229.46	-	1.02
2020	125.77	-	2.05
2021	128.41	-	2.76
2022	148.96	7.48	2.74
2023	146.17	27.77	3.43

Financial Ratios

	Current
Market Cap (M Riyal)	464.02
Enterprise Value (EV) (M)	468.43
Shares Outstanding ((M))	15.81
EPS ( Riyal) (TTM)	(0.61)
Book Value (BV) ( Riyal)	9.53
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	NEG
Price/book	3.08
Return on Average Assets (%) (TTM)	(3.56 )
Return on Average Equity (%) (TTM)	(5.83 )

Raydan Food Co. (RAYDAN)

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Raydan widens 2023 loss to SAR 30.9M; Q4 at SAR 26.5M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2023 Q4

Financial Ratios

Share Price

Raydan Food Co. (RAYDAN)

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Raydan widens 2023 loss to SAR 30.9M; Q4 at SAR 26.5M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Raydan Food Co. (RAYDAN)

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Business Segments (Million)