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Key Points
- IDH's revenue surged by 33.44% to $51.38 million in the first half of 2024, driven by increased test volumes and higher revenue per test.
- Profits soared by 127.49%, reaching $9.87 million, supported by effective cost management and expansion into new markets like Saudi Arabia.
- IDH's assets grew by 17.3% to $139.21 million, while retained earnings rose by 41.44%, highlighting the company's strong financial health.
Integrated Diagnostics Holdings (IDH), a leading healthcare services provider headquartered in Cairo and led by Egyptian businesswoman Hend El-Sherbini, posted strong financial results for the first half of 2024. The company's revenue surged by 33.44 percent, exceeding $50 million, driven by a significant increase in test volumes and higher average revenue per test.
According to IDH's half-year report, revenue grew from EGP1.87 billion ($38.51 million) to EGP2.5 billion ($51.38 million). This revenue boost, coupled with effective cost management strategies, resulted in a 127.49-percent increase in profit, which soared to EGP480 million ($9.87 million), up from EGP211 million ($4.34 million) in the same period last year. The company's expansion into new markets, particularly Saudi Arabia, was a key contributor to this robust financial performance.
IDH thrives despite economic challenges
IDH's core markets, especially in Egypt and Jordan, demonstrated strong growth, reflecting the company's strategic progress. In Egypt, which remains the company’s largest market, revenues increased by 37 percent year-on-year to EGP2.07 billion ($42.57 million). This growth was largely attributed to a 10 percent rise in test volumes and a 25 percent increase in average revenue per test, driven by repricing strategies aimed at mitigating inflationary pressures.
IDH's CEO, Hend El-Sherbini, highlighted the company's resilience in the face of economic and regional challenges. "I am pleased to report that IDH has successfully built on a strong start to the year, delivering an impressive performance characterized by substantial consolidated revenue growth and improved profitability," El-Sherbini said.
IDH’s assets and retained earnings show significant growth
Headquartered in Saint Helier, Jersey, IDH is a leading consumer healthcare group in the Middle East and Africa, with a network of 483 labs across four countries: Egypt, Jordan, Sudan, and Nigeria. El-Sherbini, who holds a 26.71 percent stake in the company, has played a crucial role in its growth and transformation.
As of June 30, 2024, IDH's total assets increased by 17.3 percent to EGP6.77 billion ($139.21 million), up from EGP5.77 billion ($118.68 million) a year earlier. The company's retained earnings also saw a 41.44-percent rise, reaching EGP1.81 billion ($37.25 million), reflecting enhanced financial strength and operational capacity.
