Raydan Food Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 177,373.73 | 159,177.6 | 11.43 | ||
| Gross Profit (Loss) | 9,655.45 | 6,482.65 | 48.94 | ||
| Operational Profit (Loss) | -23,497.44 | -14,243.32 | 64.97 | ||
| Net profit (Loss) | -30,889.17 | -24,621.54 | 25.45 | ||
| Total Comprehensive Income | -30,936 | -22,927.67 | 34.93 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 154,057.95 | 184,990.49 | -16.72 | ||
| Profit (Loss) per Share | -1.95 | -0.83 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 4,377.41 | 2.77 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | - Increase in the company’s branches compared to last year after opening new branches.
- Increase the selling prices of products. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | - Increase selling and marketing expenses.
- Increase in general and administrative expenses. - Other receivable impairment Provision - Increase in financing expenses. - Losses from Impairment in Investment from investment in the associate. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | - Some comparative figures in the interim consolidated statement of profit or loss and comprehensive income for the period ending on December 31, 2022 AD have been reclassified into the financial statements for the period ending on December 31, 2023 AD. It has no impact on operating profit or loss and has no impact on net profit/loss compared to previously announced.
- Assets available for sale amounting to 8,328,290 SAR were reclassified within advance payments and other receivables in the comparative financial position statement as of December 31, 2022, which has no impact on the total current assets.
- Some comparative figures in the consolidated statement of cash flows for the period ending on December 31, 2022 AD have been reclassified in the comparative financial statements for the period ending on December 31, 2023 AD. It has an impact on the net cash generated from (used in) operating activities and the net cash used in financing activities with the same value, increase and decrease. |
| Additional Information | - Sales for the current period 2023 amounted to 177,373,734 SR compared to 159,177,603 SR for the comparative period 2022. With an increase of 18,196,131 SR, and percent of %11.43.
- The gross profit for the current period, 2023, amounted to 9,655,452 SR, compared with gross profit of 6,482,654 SR for the comparative period 2022. with an increase of 3,172,798 SR, and percent of 48.94 %.
- The operating loss for the current period 2023, amounted to23,497,442- SR compared to an operating loss of - 14,243,321 SR for the comparative period 2022. with an increase of 9,254,121 SR, and percent of 64.97 %.
- The net loss (after zakat and tax) for the current period 2023 is an amount of - 30,889,166 SR compared to a net loss (after zakat and tax) - 24,621,539 SR for the comparative period 2022. with an increase of 6,267,627 SAR, and percent of 25.46 %.
- The total comprehensive loss for the current period 2023. amounted to -30,936,002 SR, compared to a comprehensive loss of -22,927,665 SR for the comparative period 2022.with an increase of 8,008,337 SR, and percent of 34.93 %.
- The amount of loss per share for the current period 2023 is -1.95 SR compared to a loss per share of -0.83 SR. for the comparative period 2022.
- The total shareholders’ equity (after excluding minority rights) for the current period 2023. amounted to 154,057,945 SR compared to 184,990,495 SR for the comparative period 2022. with a decrease of 30,932,550 SR, and percent of 16.72%.
- The accumulated losses at the end of the current period amounted to -4,377,410 SR, and percent of 2.77% of the capital.
- The company's statutory reserve balance amounting to 27,413,798 SR, as in the financial statements for the year ending on December 31, 2022, was transferred to the retained earnings account. According to the extraordinary general assembly meeting on October 10, 2023 AD, corresponding to Rabi’ al-Awwal 25, 1445 AH.
- A provision for a decrease in investment in an associate company amounting to 15,687,536 SR was recorded according to the assessment of the decrease in investment in the associate company. (impairment).
- Losses from a decline in the value of Right of use assets were refunded in the amount of 9,356,932 SR, according to the decline assessment. (impairment).
- A provision for a decrease of other receivables was recorded in the amount of 1,084,911 SR.
- Expropriation compensation losses amounting to 102,079 SR were recorded |
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