Raydan Food Company of Saudi Arabia has posted a loss of $6 million in the first half of 2022, despite an increase in revenue.
According to a bourse filing, the company saw its first-half revenue surge 22 percent to reach $21.33 million.
Its accumulated losses, however, hit $47.73 million at the end of the first six months of the year, representing 53 percent of its capital which amounted to $90.13 million.
The company attributed the poor financial results to higher general and administrative expenses, a rise in marketing expenses, and a decline in the company’s share of the losses of the associate company.
