Riyadh – Mubasher: Raydan Food Company swung to a net loss of SAR 38.33 million in the third quarter (Q3) of the year, compared with a net profit of SAR 1.9 million in the same period a year earlier.

The move to quarterly losses was due to a drop in sales and other income, coupled with a rise in sales costs and operating expenses, according to a bourse statement on Wednesday.

Revenue for the July-September period reached SAR 29.4 million, an annual contraction of 52%.

During the first nine months of 2020, the company incurred losses worth SAR 53.8 million, against profits of SAR 5.4 million last year.