Riyadh – Mubasher: Raydan Food Company commenced the liquidation procedures for its subsidiary in Egypt to avoid currency exchange losses, according to a bourse filing.
Raydan Egypt, a fully-owned subsidiary with a capital of EGP 50,000, will undergo this liquidation.
The transaction is expected to reflect on the company's consolidated financial statements in the forthcoming period, while continuing the franchising operations in Egypt.
In the first nine months (9M) of 2024, the Tadawul-listed firm suffered 304.14% year-on-year (YoY) higher net losses at SAR 17.57 million, compared to SAR 4.34 million.
Revenues dropped by 14.85% YoY to SAR 122.75 million in 9M-24 from SAR 144.16 million.
