RIYADH: Raydan Food Co. reported widening losses as sales dipped and costs rose.
First-quarter net losses at the company, which owns restaurants and provides catering across the Kingdom, climbed to SR8.9 million ($2.4 million) from SR6.7 million in the year earlier period, but were an improvement on the SR33.3 million loss posted for the fourth quarter of 2020, Raydan said in a filing to the Tadawul.
Sales slipped to SR34.3 million from SR48.7 million a year ago, but were up from the previous quarter’s SR29.4 million.
Raydan attributed its year-on-year loss to lower sales because of the coronavirus pandemic, higher cost of sales and an increase in operating costs, including closing, temporarily or permanently, some of its outlets.
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