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.
During the first half of the year, the company saw its losses widen by 62 percent to SR22 million ($6 million), while sales surged 22 percent to SR80 million.
The rise in losses was mainly attributed to higher general and admin expenses and marketing costs.