Latest news with #RaydanFood
Arab News
3 days ago
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 10,825
RIYADH: Saudi Arabia's Tadawul All Share Index dipped on Sunday, losing 165.14 points, or 1.50 percent, to close at 10,825.27. The total trading turnover of the benchmark index was SR4.27 billion ($1.13 billion), as 31 of the listed stocks advanced, while 215 retreated. The MSCI Tadawul Index decreased by 21.69 points, or 1.55 percent, to close at 1,382.11. The Kingdom's parallel market Nomu dipped, losing 140.52 points, or 0.52 percent, to close at 26,669.23. This comes as 20 of the listed stocks advanced while 61 retreated. The best-performing stock was Emaar The Economic City, with its share price surging 3.91 percent to SR13.28. Other top performers included Sinad Holding Co., which saw its share price rise by 2.56 percent to SR10.42, and Alkhaleej Training and Education Co., which saw a 2.22 percent increase to SR25.35. The shares of Al Yamamah Steel Industries Co. and Morabaha Marina Financing Co. also rose by 2.19 percent and 1.85 percent to SR30.30 and SR11, respectively. On the downside, United Carton Industries Co. was the day's weakest performer, with its share price declining 9.31 percent to SR40.90. Raydan Food Co. and Makkah Construction and Development Co. also saw declines, with their shares dropping by 8.04 percent and 7.02 percent to SR13.50 and SR90, respectively. Moreover, the shares of Gulf Insurance Group and Saudi Fisheries Co. dipped by 6.54 percent and 5.94 percent to SR24.02 and SR95, respectively. On the parallel market, Digital Research Co. led the gains, with its share price rising 13.02 percent to SR59.90. Future Care Trading Co. and Saudi Parts Center Co. also saw a positive change, with their shares increasing by 9.32 percent and 7.14 percent to SR3.52 and SR45, respectively. Conversely, Amwaj International Co. was the weakest performer on Nomu, with its share price falling 9.78 percent to close at SR36.90. Fad International Co. and Dar Almarkabah for Renting Cars Co. followed with decreases of 9.42 percent and 9.26 percent to SR76 and SR2.45, respectively.
Argaam
15-05-2025
- Business
- Argaam
Raydan's accumulated losses reach 53.74% of capital
Raydan Food Co. announced that its accumulated losses amounted to 53.74% of capital as of March 31, 2025. In a statement to Tadawul, the company pointed out that the accumulated losses amounted to approximately SAR 84.95 million. The increase in accumulated losses was attributed to a decline in sales and a reduction in revenue from contracts and franchise operations, as well as an increase in selling and marketing expenses, impairment losses on right-of-use assets and land (classified under property and equipment), as well as foreign currency translation losses. The company also incurred losses from the revaluation of its investment in an associate company and recorded its share of that company's losses. Furthermore, the cost of revenue increased during the period. To address the situation, Raydan outlined a number of measures it intends to implement. These include restructuring its service and operational segments, increasing sales at existing branches by diversifying menu offerings and focusing on delivery services through a comprehensive marketing plan, and enhancing revenues from its catering segment by entering into long-term strategic agreements. The company also plans to reduce operating costs by consolidating its warehouses, slaughterhouses, and central kitchen. It aims to expand geographically into currently unserved areas through new catering contracts and branch openings, and restructure its franchise model with a focus on expansion outside Saudi Arabia. Raydan stated that its board of directors will disclose its recommendations regarding the accumulated losses on July 13, 2025. An extraordinary general meeting will be called by no later than November 10, 2025, to vote on whether to continue the company's operations. The company confirmed it will comply with the procedures and regulations set for listed companies whose accumulated losses exceed 20% of capital, and that the board has recommended taking all necessary actions in accordance with the laws applicable to companies with losses exceeding 50%. These include ensuring transparency, disclosure, and the protection of shareholder rights and interests. Raydan also noted that the above dates are in line with Article 132 of the Companies Law, which requires that if a joint-stock company's losses reach 50% of its paid-up capital, the board must disclose this and announce its recommendations within 60 days of becoming aware. An extraordinary general assembly must then be held within 180 days to decide whether to continue operations or dissolve the company.
