RIYADH: One of Saudi Arabia’s most popular local food chains isn’t doing well even as it reduced losses.
Raydan Food Co, which is known for its meat and rice dish reported its accumulated losses by end of 2021 hit SR158 million ($42 million) or 46.7 percent of the capital.
The company’s losses are mainly stemming from the decline in value of right-of-use assets, in addition to assets, as well as property, plant, and equipment values, it said in a filing.
In a separate announcement, the listed company said it managed to narrow losses by 63 percent to SR42 million in 2021, as sales rose following a dip caused by the pandemic last year.
Popular Saudi food chain Raydan’s accumulated losses hit 46.7% of capital
Source: Viral Real Articles
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