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Raydan Food’s profit dips 67.5% in Q3

Raydan Food’s profit dips 67.5% in Q3
The profit drop is attributed to lower sales
RAYDAN
6012
10.44% 27.50 2.60

Riyadh – Mubasher: The net profits of Raydan Food Company decreased by 67.5% year-on-year (YoY) over the third quarter (Q3) of 2019, registering SAR 1.9 million, compared with SAE 5.84 million in Q3-18, a bourse statement revealed. 

The drop in profit is attributed to lower sales and higher operating costs and financing expenses, in addition to the effect related to the application of the international standard of the financial report number (16) of lease contracts.

Over the period from January to September of the year, profits plunged by 70.2% to SAR 5.38 million from SAR 18.04 million a year earlier.

As regards the second quarter of 2019, the profits slipped by 60.7% to SAR 2.77 million from SAR 7.04 million in Q2-18.