IDH revenue reaches $83 million in first nine months of 2024

Feyisayo Ajayi -
Key Points
  • Integrated Diagnostics Holdings (IDH) reports a 9% revenue increase to $82.76 million in the first nine months of 2024, driven by higher test volumes.
  • Profits soared 87.1% to $14.59 million, boosted by foreign exchange gains and reduced net interest expenses.
  • IDH operates 483 laboratories across Egypt, Jordan, Sudan, and Nigeria, maintaining strong growth despite regional economic challenges.

Integrated Diagnostics Holdings (IDH), a leading healthcare services provider headquartered in Cairo and led by Egyptian businesswoman Hend El-Sherbini, reported strong financial performance for the first nine months of 2024, with revenue exceeding $80 million.

Financial performance boosted by operational efficiencies

In its latest report, IDH revealed that revenue for the period grew from EGP3.05 billion ($61.54 million) in 2023 to EGP4.11 billion ($82.76 million) in 2024, a 9 percent increase.

The company also reported a 6 percent rise in patient numbers, further boosting the bottom line. Profits soared by 87.1 percent to EGP724 million ($14.59 million), primarily due to EGP265 million in foreign exchange gains and a 15 percent reduction in net interest expenses.

Egypt remained IDH’s largest market, generating EGP3.37 billion ($68.01 million), or 82.1 percent of total revenue. In Jordan, the company’s subsidiary Biolab contributed 16.1 percent of revenue, amounting to JOD10.6 million ($14.95 million). Meanwhile, Echo-Lab in Nigeria, despite contributing only 1.5 percent of total revenue, saw a 38 percent increase in revenue, totaling N2.01 billion ($1.2 million), driven by a 63 percent rise in average revenue per test.

Strategic vision and growth

IDH operates a network of 483 laboratories across Egypt, Jordan, Sudan, and Nigeria, reinforcing its position as a dominant player in the healthcare sector in the Middle East and Africa. Despite economic hurdles, the company has continued to expand its footprint, delivering on its strategic vision under El-Sherbini’s leadership.

CEO El-Sherbini, who holds a 26.71 percent stake in the company, emphasized the company’s continued success. “I am pleased with the progress achieved up to this point, particularly when considering the unprecedented challenges faced across our footprint,” she said.

IDH’s asset base has also shown significant growth, with total assets rising to EGP2.98 billion ($60.17 million) as of September 2024. Cash and financial assets stood at EGP1.34 billion ($27.07 million), while net debt decreased significantly to EGP74 million ($1.5 million) from EGP361 million ($7.29 million) at the end of 2023.