Saudi food chain Raydan forgoes 5.5% of sales as it closes Jeddah branch

Follow-ups -eshrag News:

Sun, 2022-09-11 11:18

RIYADH: Saudi Arabia’s Raydan Food Co. has shut down one of its branches in Jeddah, which used to contribute 5.5 percent of the company’s total sales.

This was based on decisions by competent authorities to remove some neighborhoods that fall within the food chain operator’s scope, according to a bourse filing.

Raydan said it will take the necessary measures to address the financial impact of the closure on the 2022 fiscal period.

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