Riyadh – Mubasher: Raydan Food Company signed a five-year franchise agreement with Egypt-based Al Raya Restaurants Company, according to a bourse disclosure to Thursday.

The contract value stands at $30,000 worth of franchise fees in addition to an undisclosed percentage of sales.

The agreement is registered under the trademark of Raydan to the franchise agent Al Raya Restaurants.

Raydan said the impact on the income statements will be positive and would reflect during the second quarter (Q2) of 2021.

The listed company recently announced accumulated losses of SAR 67.04 million by the end of December 2020.