5th Oct 2022 16:10
(Alliance News) - Integrated Diagnostics Holdings PLC on Wednesday said that its radiology venture, Al-Borg Scan, has received American College of Radiology accreditation for its nuclear medicine and ultrasound units.
It also announced the launch of Al-Borg's sixth branch in Cairo's Maadi neighbourhood.
Integrated Diagnostics is a consumer healthcare company in the Middle East and Africa, with operations in Egypt, Jordan, Sudan and Nigeria.
It said Al-Borg Scan was the first radiology centre in Africa and one of the few radiology facilities in the Middle East to receive ACR accreditation.
Integrated Diagnostics expects the certification to be advantageous for future business, and said it would make agreements with insurance providers easier to obtain.
Yasmine El-Hini, acting country manager for Egypt at the International Finance Corp, added that the development would "deliver better health outcomes for patients".
The new branch of Al-Borg Scan, which is the second to be rolled out in 2022, is expected to help expand the venture into another "strategic and currently underserved" area.
The branch will offer a number of radiology services, including magnetic resonance imaging and echocardiography.
From Al-Borg Scan's initial launch in 2018 to June 30, 2022, Integrated Diagnostics has invested nearly EGP400.0 million, around GBP18.1 million.
In the six months to June 30, the venture reported revenue of EGP35.0 million, around GBP1.6 million, up 77% year-on-year.
Chief Executive Officer Hend El Sherbini said while she was "thrilled" with progress thus far, work had just begun.
"Over the coming year we are aiming to roll out two to three additional branches and further widen the venture's service offering as we look to capture a larger share of the fast-growing Egyptian radiology market," she said.
Integrated Diagnostics shares were trading 2.2% higher at USD0.81 in London on Wednesday afternoon.
By Holly Beveridge; [email protected]
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