27th Nov 2019 13:36
(Alliance News) - Integrated Diagnostics Holdings PLC on Wednesday reported a 20% year-on-year rise in revenue for the first nine months of 2019, but said that net profit was dented by margin contraction.
Chief Executive Hend El-Sherbini said: "IDH's growth during the nine-month period was driven by both higher patient and test volumes and an improvement in average pricing, with the conclusion of the state-sponsored 100 Million Healthy Lives campaign seeing average revenue per test normalising.
"Additionally, growth was also driven by increasing contribution from Al Borg Scan, which is delivering strong results and an upward trajectory in revenues and Ebitda. Meanwhile group profitability remained intact, with IDH's normalised Ebitda up 19% and with a stable 39% margin."
The medical diagnostics company with operations in Egypt, Jordan, Sudan and Nigeria posted revenue of EGP1.65 billion, around GBP79.3 million, for the nine months to September 30, up from EGP1.38 billion a year ago.
Egypt continued to be the company's primary driver of total revenue, recording a 24% increase in revenue to EGP1.41 billion for the period, Integrated Diagnostics said.
Net profit for the period inched 2% higher to EGP361 million, hurt by year-on-year decline in net profit margin to 22% from 26%.
"Bottom-line profitability was affected by higher interest expenses related to the financing of the new headquarters and Al Borg Scan's expansion, lower interest income following the distribution of EGP451 million in dividends for FY2018 and the effect of adopting IFRS 16," the company noted.
The company, however, said that earnings before interest, taxes, depreciation and amortisation, for the nine months increased 27% year-on-year to EGP686 million due to higher revenue, partly offset by the adoption of IFRS 16. Ebitda margin for the period was 42%, up from the 39% recorded a year ago.
Jersey-based Integrated Diagnostics saw a 11% jump in total patients to 5.6 million and 18% year-on-year increase in total number of tests to 23.1 million. Average revenue per test increase 2% to EGP71.
CEO El-Sherbini said: "Management remains confident as regards to its full-year targets and I look forward to reporting in the months ahead on yet another year of operational excellence and strong financial performance."
Integrated Diagnostics shares in London were down 1.1% at USD4.55 per share on Wednesday afternoon.
By Tapan Panchal; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Int Diag Hld