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Integrated Diagnostics Holdings PLC on Wednesday announced a surge in profit, celebrating its performance in Egypt. The Jersey-based diagnostic services provider with operations in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia said pretax profit more than doubled to EGP687.4 million, about £10.7 million, in the first half of 2024, from EGP309.4 million a year prior. Revenue jumped 33% to EGP2.50 billion from EGP1.87 billion. Notably, revenue per patient rose 27% to EGP606 from EGP478. ‘Breaking down our results by regions, our core market in Egypt displayed remarkable resilience, achieving a 37% year-on-year revenue growth. Despite the challenges of rising inflation and its impact on patients’ purchasing power, we saw a growing demand for our services, with test volumes expanding 10% year-on-year and average revenue per test rising 25% year-on-year,’ Chief Executive Officer Hend El-Sherbini said. Cost of sales increased 30% to EGP1.57 billion from EGP1.21 billion, while administrative costs came in 30% higher at EGP331.53 million from EGP254.3 million. CEO Hend El-Sherbini said: ‘Looking ahead, our strategic focus remains steadfast. In Egypt, we expect continued growth driven by recent economic reforms and a gradual improvement in purchasing power. With over four decades of experience in the diagnostics sector, we are particularly excited about the significant potential in our radiology venture. As the economy stabilizes, we see a tremendous opportunity to further capitalize on this growth area, leveraging our enhanced capabilities to deliver even greater value across the region.’ Integrated Diagnostics shares were up 0.8% at 39 US cents each on Wednesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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