2nd Sep 2020 11:36
Integrated Diagnostics Holdings PLC - consumer healthcare firm with operations in Egypt, Jordan, Sudan, and Nigeria - Declares an interim dividend of USD0.187 per share as it posts lower earnings for the first half of 2020.
Pretax profit down 22% year-on-year to EGP269.7 million - around GBP12.8 million - from EGP347.3 million. Revenue fell 10% to EGP949.7 million from EGP1.06 billion and administrative expenses up to EGP103.3 million from EGP83.4 million.
Gross profit margin for the period was unchanged at 47%, supported by lower raw material costs as well as lower wages and salaries.
Looking ahead, Chief Executive Hend El-Sherbini says: "We are cautiously optimistic as regards to the recovery across our markets, with volumes and revenue already having witnessed strong growth beginning in June. Thus, our guidance for the full year is for consolidated revenue of EGP2.1 billion to EGP2.2 billion, with an Ebitda margin of around 40%. On the long term, management is confident in the strong fundamentals of our geographies as well as our leading market position, and we look forward to the resumption of our historical growth trajectory post Covid-19."
Cash held as at June end was EGP467.4 million
Current stock price: USD3.50
Year-to-date change: down 13%
By Ife Taiwo; [email protected]
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