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Integrated Diagnostics profit jumps in Q1 on strong demand for Covid-19 tests
StockMarketWire.com
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Healthcare company Integrated Diagnostics reported a rise in first-quarter profit amid strong demand for its Covid-19 test offering.
For the first three months of 2021, net profit was EGP 339 million, up 230% year-on-year in 1Q 2021, and revenue rose 126% to EGP 1,130 million.
'The record-breaking performance in the first quarter of 2021 was primarily supported by IDH's Covid-19-related test offering and was both volume- and price-driven, as total tests performed expanded 32% year-on-year and average revenue per test increased 71% versus 1Q 2020,' the company said.
Net profit margin stood at 30% for the quarter versus 21% in 1Q 2020.
'Looking ahead, while the company's immediate focus remains on continuing to play a frontline role in helping governments across our footprint combat the ongoing Covid-19 pandemic, IDH's longer-term outlook remains strong as evidenced by the recovery of our conventional business witnessed in the first quarter of 2021,' the company said.
At 9:35am: (LON:IDHC) Integrated Diagnostics Holdings Plc share price was 0p at 3.93p
Story provided by StockMarketWire.com
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