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IDH seeks to increase stock of raw materials as hedge against inflation - Daily News Egypt

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IDH seeks to increase stock of raw materials as hedge against inflation

Company has stockpile of up to 3 months, seeks to add more: El-Sherbiny

The Integrated Diagnostics Company seeks to increase its stock of necessary raw materials and testing tools in order to protect the company’s business from the repercussions of high inflation and the devaluation of the local currency.

Hind El-Sherbiny, CEO of the company, said that the company has enough stock to cover its activities for a period of three months, in line with its operational strategy, which depends on storing sufficient reserves of raw materials.

El-Sherbiny expected that the company’s annual revenues would witness a growth of 18% and at least 20%, and the company is currently reviewing its performance estimates for the current year, assuming that services related to the Coronavirus will not contribute.

She pointed out that the company’s laboratories witnessed an increasing demand from patients to the branches, especially after the slow period during the month of Ramadan and the Eid holiday, especially with the continued decline in the impact of the Covid 19 crisis, pointing to the revenues of tests related to the Coronavirus that witnessed a decline of 11% as a result of a decline. The demand coincided with the decrease in the number of injured.

The profits of the Integrated Diagnostics Holding Company decreased by 9% during the first quarter of this year, to reach EGP 314m compared to a net profit of EGP 342m in the comparative quarter of 2021.

The company’s revenues decreased during the first quarter to reach EGP 1.13bn compared to revenues of EGP 1.18bn in the comparative quarter of 2021.

The cost of sales rose during the first three months of this year to EGP 649m compared to EGP 491m, an increase of 32%.

Gross profit declined during the period by 17% to reach EGP 532m compared to EGP 649m during the quantitative period of last year.

Topics: IDH inflation

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