Egyptian multimillionaire businesswoman Hend El-Sherbini has seen the market value of her stake in Integrated Diagnostics Holdings (IDH), a leading diagnostic service provider, fall by over $26 million in less than a month.
According to data tracked by Billionaires.Africa, the market value of El-Sherbini’s stake in Integrated Diagnostics Holdings (IDH) has slumped by EGP 807.66 million ($26.12 million) in the last 28 days due to a sustained decline in the group’s share price on the Egyptian Stock Exchange.
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, a leading Egyptian businesswoman and business executive who was instrumental in the growth and transformation of the Egyptian consumer healthcare firm, owns a significant 26.71-percent stake in the company, which translates to 160,250,305 ordinary shares.
However, in the past 28 days, the share price of Integrated Diagnostics Holdings on the Egyptian Stock Exchange has declined by 20 percent, falling from a price of EGP 25.20 ($0.8154) on July 3 to EGP 20.16 ($0.6524) at the time of writing.
As a result of the double-digit percent slump in IDH shares, the market value of El-Sherbini’s stake in IDH has shrunk by EGP 807.66 million ($26.12 million) in nearly a month, plummeting from EGP 4.04 billion ($130.59 million) to EGP 3.23 billion ($104.47 million) on July 31 as of report writing.
The recent decline in the group’s share price comes as its profit at the end of its 2022 fiscal year fell by 65 percent, falling 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.
