Riyadh – Mubasher: Raydan Food Company moved to losses of SAR 6.66 million during the first quarter (Q1) of 2020, against SAR 714.7 million worth of net profits in the same quarter a year earlier, as shown in the company's initial financials.
Sales amounted to SAR 48.7 million in the January-March period in 2020, down by 11% when compared to SAR 54.7 million in Q1-19, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The food company attributed the Q1-20 results to lower sales due to the coronavirus (COVID-19) pandemic, higher sales costs, and rising operating and financing costs.
