Saudi food chain Raydan's H1 losses hit $6m despite 22% revenue growth

RIYADH: Raydan Food Co.’s losses have widened by 62 percent to SR22 million ($6 million) in the first half of 2022, despite a surge in revenue during the period.

However, Raydan, which is into ​​traditional food restaurants and catering, saw its first-half revenue surge 22 percent to reach SR80 million, according to a bourse filing.

Its accumulated losses, however, hit SR179 million at the end of the first six months of the year, representing 53 percent of its capital which amounted to SR338 million.