The profits of Raydan Food Company fell by 60.7% during the second quarter of 2019 when compared to the corresponding period last year, while leaping 287.3% when compared to Q1-19.
Year-on-year, the net profits of the period fell to SAR 2.77 million during Q2-19 from SAR 7.04 million, according to the company’s financial statements published on the Saudi Stock Exchange (Tadawul) on Wednesday.
The decline in net profits was mainly attributed to higher operating and financing costs, while it was also consequent to the application of the International Accounting Standards.
During the first half of 2019, Raydan Food’s net profits plunged to SAR 3.48 million from SAR 12.2 million during the same period in 2018, a 71.47 % year-on-year decline.
It is worth to mention that during the first quarter of 2019, the company’s profits shrank by 86.16% to around SAR 714,730 from SAR 5.16 million during the same period in 2018.