Riyadh – Mubasher: Raydan Food Company swung to net losses of SAR 8.84 million in the second quarter (Q2) of 2020, versus net profits of SAR 2.77 million in the same quarter in 2019.

The move to losses resulted from lower sales and other income, ascribed partially to the coronavirus pandemic, combined with an increase in sales and financing costs as well as operating and marketing expenses, according to a bourse filing on Monday.

Revenues came in at SAR 23.414 million in the three-month period ended 30 June 2020, down 62.9% when compared to SAR 63.118 million in the year-ago period.

Over the first half (H1), Raydan Food incurred SAR 15.5 million losses, against profits of SAR 3.5 million in H1 of last year.