Riyadh – Mubasher: The accumulated losses of Raydan Food Company have reached SAR 67.04 million by the end of December 2020.

This amount is equivalent to 29.79% of the capital, according to a bourse disclosure on Tuesday.

Raydan recently announced an annual net loss of SAR 83.33 million in 2020.

Sales, meanwhile, declined by 41.9% to SAR 133.89 million last year from SAR 230.48 million in 2019.

Last December, the company submitted a request to the Saudi Capital Market Authority (CMA) to increase the capital by SAR 112.5 million through a rights issue.