Integrated Diagnostics Holdings (IDH), a Cairo-based healthcare services provider led by Egyptian businesswoman Hend El-Sherbini, experienced a significant decrease in earnings.
The company’s profit plummeted to less than $18 million during the period under review.
According to figures contained in the group’s recently published financial results, the group’s profit at the end of its 2022 fiscal year fell by 65 percent from EGP1.49 billion ($48.3 million) in 2021 to EGP527 million ($17.1 million), owing to a double-digit decline in COVID-19-related revenues throughout the year.
As a result of the significant decline in Covid-19-related tests, IDH, led by El-Sherbini, saw its revenue fall by 31 percent from EGP5.23 billion ($170 million) to EGP3.6 billion ($116.8 million) at the time of writing this report, owing to a 75-percent drop in COVID-19-related revenues.
The decline was attributed to several factors, including a decrease in infection rates, the removal of government regulations mandating testing, and a drop in the average price of PCR and Antigen tests.
Despite the decrease in COVID-19-related revenues, the company partially offset these losses with strong growth in its conventional revenues.
IDH is one of the Middle East and Africa’s leading consumer healthcare groups.
With more than 1,400 international-standard diagnostic tests, it operates through a branch network of 483 labs in four countries, making it Egypt’s largest diagnostic service provider.
El-Sherbini played a pivotal role in the growth and transformation of the consumer healthcare firm, owning a significant 25.5-percent stake in the company equivalent to 152,982,356 ordinary shares.
The group’s earnings decline resulted in a decrease in total assets from EGP6.24 billion ($202.3 million) to EGP5.29 billion ($171.5 million), while retained earnings also fell from EGP1.55 billion ($50.2 million) to EGP783.1 million ($25.4 million).
