Egyptian healthcare provider Integrated Diagnostics Holdings (IDH) delivered solid financial results in 2023, exceeding revenue expectations.
Led by Egyptian businesswoman Hend El-Sherbini, the company reported consolidated revenue of EGP4.1 billion ($84.53 million), a 13.73-percent increase year-over-year from EGP3.61 billion ($74.25 million). This growth is particularly impressive considering that 19 percent of IDH’s 2022 revenue stemmed from COVID-19 testing.
Resilience in core markets drives growth
IDH’s core markets of Egypt and Jordan demonstrated strong performance, highlighting the company’s strategic progress. While net profit for 2023 dipped 11 percent year-over-year to EGP 468 million ($9.65 million), resulting in an 11-percent net-profit margin, the company points to its robust conventional business growth as a key driver.
Its conventional business, excluding COVID-19 testing, surged 42 percent in 2023, surpassing pre-pandemic revenue levels by 89 percent. This segment’s revenue reached EGP3.67 billion ($75.63 million) in 2023, compared to EGP2.179 billion ($44.93 million) in 2019.
IDH CEO applauds resilience, growth
Commenting on the results, CEO Hend El-Sherbini emphasized IDH’s ability to navigate a challenging environment and deliver strong growth. “The company experienced significant growth and profitability with 42-percent growth in the conventional business, representing 89 percent above pre-pandemic revenues of EGP 2.179 billion ($44.93 million) in 2019.” she stated, highlighting the 42-percent conventional business expansion.
El-Sherbini added that IDH’s core markets of Egypt and Jordan displayed strong growth, indicating further potential. She expressed confidence in the company’s long-term growth strategies, particularly its focus on expanding the conventional business and navigating the post-pandemic landscape.
Leading diagnostic services provider in MENA
Headquartered in Saint Helier, Jersey, IDH is a prominent consumer healthcare group within the Middle East and Africa (MEA) region. The company boasts a network of 483 labs across four countries (Egypt, Jordan, Sudan, and Nigeria), solidifying its position as Egypt’s largest diagnostic service provider.
El-Sherbini, a leading businesswoman in Egypt, holds a significant 26.71-percent stake (160,250,305 ordinary shares) in IDH and has been instrumental in the company’s growth and transformation.