Integrated Diagnostics Holdings (IDH), a renowned healthcare services organization based in Cairo and led by Egyptian businesswoman Hend El-Sherbini, reported outstanding financial achievements in the first half of 2024. The company’s revenue increased by 33.44 percent, topping $50 million, owing to a considerable increase in test volumes and greater average revenue per test.
IDH’s half-year report shows revenue increased from EGP1.87 billion ($38.51 million) to EGP2.5 billion ($51.38 million). This revenue gain, combined with strong cost control methods, resulted in a 127.49-percent increase in profit, which rocketed to EGP480 million ($9.87 million), up from EGP211 million ($4.34 million) in the same period the previous year. The company’s development into new markets, particularly Saudi Arabia, was a significant factor to its strong financial performance.
IDH’s key markets, particularly Egypt and Jordan, experienced substantial growth, indicating the company’s strategic progress. Egypt, the company’s largest market, saw revenues rise by 37% year on year to EGP2.07 billion ($42.57 million). This expansion was mostly due to a 10% increase in test volumes and a 25% increase in average revenue per test, which were driven by repricing initiatives targeted at alleviating inflationary pressures.
Hend El-Sherbini, IDH’s CEO, emphasized the company’s tenacity in the face of economic and regional obstacles. “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 told reporters.
IDH, headquartered in Saint Helier, Jersey, is a significant consumer healthcare firm in the Middle East and Africa, operating 483 labs in four countries: Egypt, Jordan, Sudan, and Nigeria. El-Sherbini, who owns a 26.71 percent share in the company, has been instrumental in its expansion and reinvention.
As of June 30, 2024, IDH’s total assets climbed by 17.3 percent to EGP6.77 billion ($139.21 million), up from EGP5.77 billion ($118.68 million) the previous year. The company’s retained earnings increased by 41.44 percent to EGP1.81 billion ($37.25 million), indicating improved financial health and operating capabilities.