16th Aug 2018 14:15
LONDON (Alliance News) - Africa and Middle East focused consumer healthcare company Integrated Diagnostics Holdings PLC said Thursday its interim profits increased due to seeing more patients, despite the holy month of Ramadan.
The healthcare company provides more than 1,000 diagnostic services, including pathology and molecular diagnostics, genetics testing and basic radiology to patients and other laboratories.
Integrated Diagnostics pretax profit increased 35% to EGP304.0 million, about GBP13.4 million, for the six months to June-end from EGP226.0 million, about GBP9.9 million, the year before.
Revenue increased 26% to EGP865.9 million from EGP685.1 million. This was driven mainly by total patients increasing 10% to 3.2 million from 2.9 million.
Revenue increased despite the holy months of Ramadan coming in the period, typically a slow period for consumer healthcare companies, according to Integrated Diagnostics.
The medical laboratory company working out of Egypt, Jordan, Sudan and Nigeria increased its profit due to a higher number of walk-in patients in the period - who contribute a higher margin than contract patients.
Walk-in patients increased 24% to 932,000 from 755,000 the year before. The walk-in patients represented 29% of Integrated Diagnostic's patients but 42% of revenue, up from 26% and 39%, respectively, the year before.
Looking ahead, the company reaffirmed its full year guidance for over 20% revenue growth.
Integrated Diagnostics believes it can continue to expand its patient reach, increasing the number of tests per patient, and expand into new geographic markets through "selcetive, value-accretive acquisitions".
Chief Executive Officer Hend El-Sherbini said: "IDH has reported another strong set of financial results backed by real, organic growth across our growing four-country footprint. Particularly notable is the solid growth and strong contribution from our high-margin walk-in segment, driven by a sharp focus on marketing."
"IDH operated 405 branches at the end of this reporting period, and I am very pleased to be able to report that we are on plan with the integration of our new Nigerian operation into our platform. Also during the first half of 2018, we won accreditation from the College of American Pathologists for our state-of-the-art Mega Lab in Egypt, our largest market."
Shares in Integrated Diagnostics were up 5.6% at USD4.25 each.
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