Integrated Diagnostics Holdings (IDH), a leading consumer healthcare company with operations in Egypt, Jordan, Sudan and Nigeria, released on Saturday its reviewed financial statements and operational performance for the first half of 2021, recording revenue of EGP 2.293bn, up 141% versus the comparable period of last year.
Normalised EBITDA recorded EGP 1.203bn in 1H 2021, representing a 227% year-on-year increase, while net profit expanded 283% year-on-year to reach EGP 668m. In the second quarter of 2021, revenues reached a record-high of EGP 1.164bn, up 3% from Q1, with net profit recording EGP 327m.
Commenting on the Group’s performance for the six-month period, IDH Chief Executive Officer Dr. Hend El-Sherbini said:“Our revenues expanded an impressive 141% versus last year on the back of growing patient and test volumes. While top-line growth continued to be bolstered by our Covid-19-related tests, I am happy to report that we have continued to witness robust growth in conventional test offering for the second quarter in a row, signalling a sustained recovery which we expect to continue even as Covid-19-related volumes begin to taper off.”
Growth in conventional business came on the back of a 29% increase in tests performed versus the comparable period of last year. IDH’s consolidated top-line was also supported by its ramped-up house call service in Egypt and Jordan, which contributed to 23% of consolidated revenue in 1H 2021 compared to 18% in 1H 2020.
“Our house call services represent an important driver of future growth for the Company beyond the Covid-19 crisis. In parallel, we are also seeing growing contributions coming from our radiology venture, Al-Borg Scan, which recorded year-on-year revenue growth of 124%. To capitalise on the attractive growth opportunities offered by the segment, we are currently aiming to launch at least three new Al-Borg Scan branches over the coming twelve months,” El-Sherbini added.
On a geographic basis, IDH recorded impressive year-on-year growth in both Egypt and Jordan with revenues for 1H 2021 up 140% and 176%, respectively.
“Heading into the second half of the year, our strategic priorities remain unchanged as we aim to capitalise on the positive momentum witnessed. In the short-term we will continue to assist governments in Egypt and Jordan in their fight against the Covid-19 pandemic. In the first six months of the year we successfully added 14 new branches in our home market of Egypt, keeping us on track to meet our goal of 30 to 35 new lab rollouts for 2021. In parallel, we continue to assess potential growth opportunities across new African, Middle Eastern, and Asian markets, and have secured a$45m million loan from the International Finance Corporation (IFC) to finance our growth plans in the coming period,” El-Sherbini concluded.