Riyadh- Mubasher: Raydan Food Company incurred net losses after Zakat and tax worth SAR 8.87 million during the first quarter (Q1) of 2021, higher by 33% compared to SAR 6.66 million in Q1-20.

Loss per share stood at SAR 0.39 in Q1-21, compared with SAR 0.3 in Q1-20, according to the initial income statements.

The net losses in Q1-21 meanwhile shrank 76.8% when compared to SAR 38.33 million in the fourth quarter (Q4) of 2020.

Annual revenues declined by 29.5% to SAR 34.32 million in Q1-21 from SAR 48.68 million in Q1-20.

On a quarterly basis, the revenues in the first three months of 2021 were higher by 16.7% than SAR 29.39 million in Q4-20.

Raydan said its accumulated losses have reached SAR 75.92 million until 31 March 2021, accounting for 33.74% of the SAR 225 million paid-up capital.