Egyptian tycoon Hend El-Sherbini’s IDH reports highest-ever 9M profit as COVID-19 tests drive growth

Egypt-based healthcare services provider, Integrated Diagnostics Holdings (IDH), has reported a 206-percent increase in earnings for the first nine months of 2021, leading the group to post EGP1.15 billion ($73.05 million) in profit — its highest-ever.

IDH is a leading consumer healthcare group in the Middle East and Africa, with operations in Egypt, Jordan, Sudan and Nigeria under the leadership of Hend El-Sherbini, the group’s CEO.

The group offers more than 1,400 international-standard diagnostics tests, with a branch network of 483 labs across four countries, making it the largest diagnostic provider in Egypt.

The triple-digit growth in its revenue and profit during the period under review was underpinned by a strong recovery in its core business and robust contributions from COVID-19-related test offerings in Egypt and Jordan.

IDH’s performance indicator revealed that the group benefitted from a 33-percent growth in its total tests and a 70-percent increase in the revenue that it made per test in the nine-month period.

As a result of the strong growth in its operations, the group’s revenue surged by 126 percent to EGP3.77 billion ($239.4 million), faster than the 90-percent growth in its direct costs related to the sales of its products and services.

Meanwhile, its profit skyrocketed by 206 percent to EGP1.15 billion ($73.05 million), more than three-fold the profit it reported in 2020.

During 9M 2021, core COVID-19 tests composed 42 percent of consolidated revenue, while other COVID-19-related tests (non-PCR) made a nine-percent contribution to consolidated revenue.

Commenting on the group’s performance, IDH CEO Dr. Hend El-Sherbini said the group successfully built on an already remarkable first half of the year to report its highest-ever revenue and net-profit figures.

“We recorded an outstanding performance which was supported by growing demand across our entire offering. While our COVID-19-related offering continued to make a significant contribution to consolidated revenue, we also witnessed a robust contribution coming from our traditional offering, with conventional revenues for Q3 2021 and 9M 2021 up 19 percent and 30 percent year-on-year,” she said.

As of press time, Nov. 17, shares in the Egypt-based healthcare group were trading at $1.25, down 1.08 percent from its opening price this morning. At the current price, the market value of El-Sherbini’s stake in IDH is assessed at $191.3 million.