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Saudi-listed restaurant operator Raydan Food Company reported that its accumulated losses have reached more than 157.5 million riyals ($41.9 million), representing 46.67 percent of its capital.
The accumulated losses as of December 31, 2021 were incurred due to discontinued operations of its subsidiary and disposal of property, plant and equipment, among others, the company told the Saudi Stock Exchange (Tadawul).
To address the losses, the company said it is studying its expansion plan and working to reduce the cost of sales, improve its performance and increase its activity and franchise revenues.
The company has recently announced the opening of outlets in the Saudi Arabian cities of Al Baha and Najran.
(Writing by Cleofe Maceda; editing by Seban Scaria)
