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RNS Number : 3233H Integrated Diagnostics Holdings PLC 13 November 2025
Integrated Diagnostics Holdings Plc
9M 2025 Results
Thursday, 13 November 2025
Integrated Diagnostics Holdings plc delivers 41% revenue growth in 9M 2025
with continued margin expansion and robust bottom-line performance
(London) - Integrated Diagnostics Holdings ("IDH," "the Group," or "the
Company"), a leading provider of diagnostic services with operations in Egypt,
Jordan, Nigeria, Saudi Arabia, and Sudan, announced today its financial
results for the quarter and nine-month period ended 30 September 2025. The
Company reported revenues of EGP 5.8 billion in 9M 2025, representing a
year-on-year increase of 41%, driven by a 10% rise in tests performed and a
28% increase in average revenue per test. The Group's ongoing focus on cost
efficiency and operational leverage supported strong profitability across the
income statement. During the nine-month period, gross profit expanded 60%
year-on-year to EGP 2.5 billion, yielding a gross margin of 43%, compared with
38% last year. EBITDA grew 63% year-on-year to EGP 2.0 billion, with a margin
of 35%, up from 30% in 9M 2024. Meanwhile, net profit increased 33%
year-on-year to EGP 964 million. When excluding FX gains recorded in both
periods, normalised(1) net profit more than doubled year-on-year, with a
margin of 17% versus 11% last year.
On a quarterly basis, Q3 2025 revenue reached EGP 2.2 billion, up 39%
year-on-year. EBITDA rose 45% to EGP 840 million, with an associated margin of
38% versus 36% in Q3 2024. Net profit for the quarter stood at EGP 392
million, compared with EGP 244 million in the same period last year. The
quarter also marked the first full period of consolidation for Cairo Ray for
Radiotherapy, following its acquisition by Al Borg in June. The facility
further strengthens IDH's radiology footprint and represents a major milestone
in realising the Group's long-term strategy to build an integrated diagnostics
platform combining market-leading pathology and radiology services across its
regional markets.
Financial Results (IFRS)
EGP mn Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change
Revenue 1,609 2,239 39% 4,107 5,782 41%
Cost of Sales (963) (1,221) 27% (2,536) (3,275) 29%
Gross Profit 646 1,018 57% 1,571 2,507 60%
Gross Profit Margin 40.2% 45.4% 5.2 pts. 38.3% 43.4% 5.1 pts.
Operating Profit 459 697 52% 894 1,618 81%
EBITDA 581 840 45% 1,249 2,030 63%
EBITDA Margin 36.1% 37.5% 1.4 pts. 30.4% 35.1% 4.7 pts.
Net Profit 244 392 61% 724 964 33%
Net Profit Margin 15.2% 17.5% 2.3 pts. 17.6% 16.7% -1.0 pts.
Normalised Net Profit(1) 276 430 56% 459 1,005 119%
Normalised Net Profit Margin 17.2% 19.2% 2 pts. 11.2% 17.4% 6.2 pts.
Cash Balance(2) 1,338 1,829 37% 1,338 1,829 37%
Note: Throughout the document, percentage changes are calculated using the
exact value (as per the Consolidated Financials) and not the corresponding
rounded figure.
Key Operational Indicators(3)
EGP 9M 2024 9M 2025 Change
Branches 608 713(4) +105
Patients ('000) 6,598 6,828 3%
Revenue per Patient (EGP) 622 847 36%
Tests ('000) 28,839 31,672 10%
Revenue per Test (EGP) 142 183 28%
Test per Patient 4.4 4.6 6%
1 Normalised net profit excludes FX gains from both periods.
2 Cash balance includes time deposits, treasury bills, current accounts, and
cash on hand.
3 Key operational indicators are calculated based on revenue for the periods
of EGP 5,782 million and EGP 4,107 million for 9M 2025 and 9M 2024,
respectively.
4 IDH rolled out 103 new branches in Egypt, one new branch in Jordan, one new
branch in KSA, and re-opened a branch in Sudan over the past 12-month period.
It is important to note that due to the ongoing conflict in Sudan, only one of
IDH's 18 branches in the country is currently operating (reopened in Q3 2024).
Introduction
i. Financial Highlights
· IDH reported consolidated revenue of EGP 5,781 million in 9M
2025, an increase of 41% year-on-year, supported by both a 10% rise in test
volumes and a 28% increase in average revenue per test (ARPT). Growth remained
broad-based across markets, with Egypt, Jordan, and Nigeria all recording
double-digit increases. On a quarterly basis, consolidated revenue reached EGP
2,239 million, up 39% year-on-year and 14% sequentially compared with Q2 2025,
reflecting continued momentum in both corporate and walk-in business lines.
Revenue Progression Test Volumes Progression
(EGP mn) (mn)
· Gross profit stood at EGP 2,507 million in 9M 2025, up 60%
year-on-year, yielding a gross profit margin (GPM) of 43%, versus 38% in 9M
2024. The margin expansion was primarily driven by tighter cost controls and
scale efficiencies. Raw materials as a share of revenue decreased to 19.6%
from 21.9%, while direct salaries and wages improved slightly to 18% from 19%
last year. On a quarterly basis, gross profit came in at EGP 1,018 million, up
58% year-on-year, with a GPM of 45% compared with 40% in Q3 2024, underscoring
sustained operational efficiency.
· EBITDA recorded EGP 2,030 million in 9M 2025, up 63%
year-on-year, with a margin of 35% compared with 30% last year. The
improvement reflects both higher gross profitability and disciplined SG&A
management, as SG&A expenses as a percentage of revenue declined to 15%
from 17% a year earlier. On a quarterly basis, EBITDA reached EGP 840 million,
up 45% year-on-year, with a margin of 38% versus 36% in Q3 2024, reflecting
operating leverage and cost efficiencies across key markets.
· Net profit came in at EGP 964 million in 9M 2025, up 33%
year-on-year, with a net profit margin (NPM) of 17% versus 18% last year.
Excluding FX gains recorded in both periods, normalised(5) net profit
increases 119% year-on-year to EGP 1,005 million in 9M 2025, supported by
enhanced operational performance and improved cost control. On a three-month
basis, Q3 2025 net profit stood at EGP 392 million, compared with EGP 244
million in Q3 2024, with an associated NPM of 18% versus 15% last year.
5 Normalised net profit excludes FX gains from both periods.
ii. Operational Highlights
· As at 30 September 2025, IDH's branch network stood at 713
branches, up 105 branches year-on-year from 608 branches as at 30 September
2024. Over the past twelve months, IDH has inaugurated 103 new branches in
Egypt and one new location in Jordan, and one new branch in KSA, while
operations in Sudan remain suspended except for a single partially reopened
branch. The ongoing expansion reflects IDH's commitment to accessibility and
market coverage across all its operating geographies
· During 9M 2025, IDH conducted 31.7 million tests across its
geographies, up 10% year-on-year, supported by higher patient throughput
across both corporate and walk-in channels. Notably, test volumes in Egypt and
Jordan continued to rise steadily despite strategic price adjustments
introduced earlier in the year, underscoring the strength of the Group's brand
equity and the resilience of underlying demand.
· IDH's average revenue per test (ARPT) increased 28% year-on-year
to EGP 183 in 9M 2025, reflecting both pricing adjustments and a richer test
mix driven by high-value radiology and specialised diagnostics. Meanwhile,
average revenue per patient rose 36% to EGP 847, further highlighting the
Group's focus on enhancing value capture per encounter through cross-selling
and expanded service offerings.
· IDH served 6.8 million patients in the first nine months of 2025,
representing a 3% year-on-year increase. In parallel, the Group continued to
expand its average tests per patient metric, which reached a record-high 4.6
tests per patient versus 4.4 in the same period last year. This trend reflects
the success of IDH's long-term initiatives aimed at deepening patient
engagement, including the loyalty and digital outreach programmes rolled out
since FY 2021.
iii. Updates by Geography
· In Egypt (84% of total revenue in 9M 2025), IDH recorded a top
line of EGP 4,865 million during 9M 2025, up 44% year-on-year from EGP 3,373
million in 9M 2024. Growth was driven by a 9% increase in test volumes and a
33% rise in average revenue per test, reflecting the combined impact of price
adjustments and a richer test mix.
· IDH's Jordanian subsidiary, Biolab (14% of total revenues in 9M
2025), reported revenues of JOD 11.2 million in 9M 2025, up 6% year-on-year
from JOD 10.6 million in the same period last year. In Egyptian pound terms,
revenue rose 18% year-on-year to EGP 783 million. The increase reflects
continued volume growth with a 21% increase in number of tests and a 5%
increase in patients served. Biolab's digital outreach and loyalty campaigns
also continued to support patient retention and new client acquisition,
helping to sustain a steady recovery in patient activity through the third
quarter.
· In Nigeria (2% of total revenues in 9M 2025), Echo-Lab recorded
revenues of NGN 2,731 million in 9M 2025, representing 36% year-on-year growth
in local currency terms. In EGP terms, revenue rose 46% year-on-year to EGP 88
million. Growth was supported by both higher average revenue per test, which
increased by 31% in Naira terms, and a 4% increase in test volumes as Echo-Lab
continued to adjust pricing to offset local inflation. Notably, after turning
EBITDA-positive in Q1 2025, Echo-Lab has continued to deliver positive EBITDA
through the nine-month period, underscoring the strength of its operational
turnaround.
· Biolab KSA, IDH's newest venture in Saudi Arabia (1% of total
revenues in 9M 2025), reported revenues of SAR 3.3 million in 9M 2025, a 321%
increase year-on-year from SAR 0.8 million in the same period last year. In
Egyptian pound terms, revenue increased more than fourfold to EGP 44 million,
reflecting the strong ramp-up in patient activity as the network expanded and
brand awareness grew. Notably, in Q3 2025 Biolab KSA recorded revenues of EGP
18.5 million, up 217% y-o-y and c.30% versus Q2 2025. To capitalise on the
strong momentum enjoyed in the Kingdom, Biolab KSA has inaugurated its third
branch in early July of this year, taking the total operational network up to
three branches. Over the coming months, IDH plans to launch three additional
branches in the country (taking the total up to six), and leverage its
expanded ownership stake(6) to further accelerate growth at its newest
geography.
· In Sudan, one branch remains partially operational, while the
remaining 17 branches continue to be closed indefinitely pending stabilisation
of conditions in the country. The Group generated SDG 80.3 million in revenues
in 9M 2025, compared with SDG 52.6 million last year. In EGP terms, revenue
totalled EGP 1.9 million, versus EGP 1.6 million in 9M 2024.
6 In December 2024, IDH announced the purchase of Izhoor's entire 49% stake in
the venture for USD 3.2 million, bringing IDH's effective stake in Biolab KSA
to 100% (79% controlled by IDH and 21% by its Jordanian subsidiary Biolab). It
is worth noting that Biolab KSA was originally launched as a joint venture
between IDH (30%), Biolab (21%), and Izhoor Holding Medical Company (49%) in
January 2024.
iv. Management Commentary
Commenting on the Group's 9M 2025 performance, IDH Chief Executive Officer,
Dr. Hend El-Sherbini, said: "IDH's results for the first nine months of 2025
demonstrate the continued strength and resilience of our business model, as we
deliver another quarter of solid growth and margin expansion across our
regional footprint. The Group's performance during the period reflects our
disciplined execution, strong market positions, and the tangible results of
the operational and strategic initiatives we have been implementing over the
past two years.
During the nine-month period, we recorded consolidated revenues of EGP 5.8
billion, up 41% year-on-year, supported by a 10% growth in test volumes and a
28% rise in average revenue per test. Our profitability metrics also improved
markedly, with gross profit rising 60% and EBITDA increasing 63% year-on-year,
translating into an EBITDA margin of 35% compared with 30% last year. These
results highlight the scalability of our model and our ability to translate
top-line growth into robust profitability.
In our home market of Egypt, performance remained exceptional, with revenues
up 44% year-on-year to EGP 4.9 billion, supported by growing test volumes and
a richer mix driven by high-value radiology and specialised diagnostics. Al
Borg Scan continued to perform strongly following the consolidation of Cairo
Ray for Radiotherapy, while our house-call service maintained its solid
contribution of around 20% of Egypt's revenues. In Jordan, Biolab delivered
another period of steady growth, with revenues up 6% in local currency terms,
driven by a 21% increase in test volumes. We are particularly pleased with the
strong rebound in patient activity following the earlier promotional campaign,
which continues to reinforce Biolab's leadership in the Jordanian market. In
Nigeria, Echo-Lab maintained positive EBITDA throughout the nine-month period,
marking a key milestone in its turnaround and reaffirming the potential of
this high-growth market. Meanwhile, in Saudi Arabia, our newest geography, the
ramp-up continues to progress well, with revenues more than quadrupling
year-on-year as we expand our branch network and strengthen our local brand
presence.
Our strong performance year-to-date reflects not only healthy market dynamics
but also the structural efficiencies we've built across the organisation.
Through disciplined cost control, our COGS-to-revenue ratio improved to 57%,
while SG&A declined to 15% of revenue, underscoring the success of our
efficiency and digitisation initiatives. As a result, net profit rose 33%
year-on-year to EGP 964 million, and when excluding FX effects, normalised net
profit more than doubled, reflecting the true underlying momentum of our
operations.
Looking ahead to the remainder of the year, we remain focused on delivering on
our strategic priorities, including driving sustainable growth, deepening
operational efficiency, and expanding our regional footprint in a disciplined
and value-accretive manner. We expect the full-year to close on a strong note,
with continued revenue growth and robust margins supported by our scalable
platform, best-in-class service quality, and our high-calibre team."
v. Major Shareholder Update
The Board has been informed by Actis, which through funds under its management
is the owner of shares representing 21.67% of the Company (the "Actis
Shareholding"), that Actis has entered into a conditional agreement to
dispose, by way of an indirect share sale, of the entire Actis Shareholding to
a special purpose vehicle controlled by funds managed by Elliott Investment
Management L.P. (the "Transaction"). The Transaction is conditional on typical
closing conditions, including the receipt of any required regulatory
clearance.
Actis has confirmed to the Board that the necessary notifications under the
Disclosure and Transparency Regulations in respect of the Transaction will be
made to the Company when required. The Board has not had any interaction with
Elliot in relation to the Transaction, nor any other matters pertaining to the
Company at this stage.
- End -
Analyst and Investor Call Details
An analyst and investor call will be hosted at 13:00 pm (UK) | 15:00 (Egypt)
on Tuesday, 25 November 2025. You can learn more details and register for the
call by clicking on the link
(https://irfiles.technologyverse.com/idh/idh-9m25-results-conference-call.pdf)
.
For more information about the event, please contact: amoataz@EFG-HERMES.com
(mailto:amoataz@EFG-HERMES.com)
About Integrated Diagnostics Holdings (IDH)
IDH is a leading diagnostics services provider in the Middle East and Africa
offering a broad range of clinical pathology and radiology tests to patients
in Egypt, Jordan, Nigeria, Saudi Arabia, and Sudan. The Group's core brands
include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab
(Jordan), Echo-Lab (Nigeria), Ultralab and Al Mokhtabar Sudan (both in Sudan),
and Biolab KSA (Saudi Arabia). With over 40 years of experience, a long track
record for quality and safety has earned the Company a trusted reputation, as
well as internationally recognised accreditations for its portfolio of over
3,000 diagnostics tests. From its base of 628 branches as of 31 December 2024,
IDH served over 8.9 million patients and performed more than 39.2 million
tests in 2024. IDH will continue to add laboratories through a Hub, Spoke and
Spike business model that provides a scalable platform for efficient
expansion. Beyond organic growth, the Group targets expansion in appealing
markets, including acquisitions in the Middle Eastern, African, and East Asian
markets where its model is well-suited to capitalise on similar healthcare and
consumer trends and capture a significant share of fragmented markets. IDH has
been a Jersey-registered entity (i) whose shares are admitted to the equity
shares (transition) category (previously, the standard listing segment) of the
Official List of the UK Financial Conduct Authority and admitted to trading on
the main market for listed securities of the London Stock Exchange (ticker:
IDHC) since May 2015.
Shareholder Information
LSE: IDHC.L
Bloomberg: IDHC:LN
Listed on LSE: May 2015
Shares Outstanding: 581,326,272
Contact
Tarek Yehia
Investor Relations Director
T: +20 (0)2 3332 1126 | M: +20 10 6882 6678 | tarek.yehia@idhcorp.com
(mailto:tarek.yehia@idhcorp.com)
Forward-Looking Statements
These results for the nine-month period ended 30 September 2025 have been
prepared solely to provide additional information to shareholders to assess
the group's performance in relation to its operations and growth potential.
These results should not be relied upon by any other party or for any other
reason. This communication contains certain forward-looking statements. A
forward-looking statement is any statement that does not relate to historical
facts and events, and can be identified by the use of such words and phrases
as "according to estimates", "aims", "anticipates", "assumes", "believes",
"could", "estimates", "expects", "forecasts", "intends", "is of the opinion",
"may", "plans", "potential", "predicts", "projects", "should", "to the
knowledge of", "will", "would" or, in each case their negatives or other
similar expressions, which are intended to identify a statement as
forward-looking. This applies, in particular, to statements containing
information on future financial results, plans, or expectations regarding
business and management, future growth or profitability and general economic
and regulatory conditions and other matters affecting the Group.
Forward-looking statements reflect the current views of the Group's management
("Management") on future events, which are based on the assumptions of the
Management and involve known and unknown risks, uncertainties and other
factors that may cause the Group's actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements. The
occurrence or non-occurrence of an assumption could cause the Group's actual
financial condition and results of operations to differ materially from, or
fail to meet expectations expressed or implied by, such forward-looking
statements.
The Group's business is subject to a number of risks and uncertainties that
could also cause a forward-looking statement, estimate or prediction to differ
materially from those expressed or implied by the forward-looking statements
contained in this communication. The information, opinions and forward-looking
statements contained in this communication speak only as at its date and are
subject to change without notice. The Group does not undertake any obligation
to review, update, confirm or to release publicly any revisions to any
forward-looking statements to reflect events that occur or circumstances that
arise in relation to the content of this communication.
Group Operational & Financial Review
i. Revenue and Cost Analysis
Consolidated Revenue
IDH continued to build on the strong momentum from the start of the year,
reporting top-line growth of 41% year-on-year in 9M 2025, with revenues
reaching EGP 5,781 million for the nine-month period. Growth was driven by
both higher test volumes and increased average revenue per test, reflecting
the full impact of the strategic price adjustments introduced earlier in the
year across key markets. Test volumes rose 10% year-on-year, while average
revenue per test (ARPT) increased 28% versus 9M 2024, supported by a richer
test mix and higher-value radiology revenues.
On a quarterly basis, IDH recorded revenues of EGP 2,239 million in Q3 2025,
up 39% year-on-year and 14% sequentially compared with Q2 2025, marking
another quarter of strong operational and financial execution across the
Group's geographies.
Q3 2024 Q3 2025 Change 9M 2024 9M 2025 Change
Revenue (EGP mn) 1,609 2,239 39% 4,107 5,782 41%
Tests performed (mn) 11.0 12.1 10% 28.8 31.7 10%
Revenue per test (EGP) 146 185 27% 142 183 28%
Revenue Analysis: Contribution by Patient Segment
Contract Segment (67% of Group revenue in 9M 2025)
Revenues from the contract segment reached EGP 3,854 million in 9M 2025, up
44% year-on-year from EGP 2,679 million in the same period last year. Growth
was dual-driven, with average revenue per test rising 32% year-on-year and
test volumes increasing 9% compared with 9M 2024. The segment continued to
benefit from IDH's established relationships with corporate clients and
healthcare institutions, alongside robust growth in the insurance and referral
channels.
Average tests per patient at the contract segment also rose, reaching 4.8
tests per patient in 9M 2025 versus 4.6 in 9M 2024, reflecting the continued
success of IDH's loyalty and engagement programmes in encouraging repeat
testing and multi-service utilisation.
Walk-in Segment (33% of Group revenue in 9M 2025)
At IDH's walk-in segment, revenues reached EGP 1,928 million in 9M 2025,
marking a 35% year-on-year increase. The segment's performance was driven by a
13% rise in test volumes and a 19% increase in average revenue per test,
supported by higher patient spending per visit and improved service offerings
in radiology. Average tests per patient also reached a new high of 3.9 tests,
compared with 3.5 in 9M 2024 and 3.6 in 9M 2023, highlighting the ongoing
success of IDH's strategy to deepen customer engagement and promote
comprehensive testing.
Detailed Segment Performance Breakdown
Walk-in Segment Contract Segment Total
9M24 9M25 Change 9M24 9M25 Change 9M24 9M25 Change
Revenue (EGP mn) 1,428 1,928 35% 2,679 3,854 44% 4,107 5,782 41%
Patients ('000) 1,333 1,366 2% 5,266 5,462 4% 6,598 6,828 3%
% of patients 20% 20% 80% 80%
Revenue per Patient (EGP) 1,072 1,412 32% 509 706 39% 622 847 36%
Tests ('000) 4,660 5,266 13% 24,179 26,406 9% 28,839 31,672 10%
% of Tests 16% 17% 84% 83%
Revenue per Test (EGP) 306 366 19% 111 146 32% 142 183 28%
Test per Patient 3.5 3.9 10% 4.6 4.8 5% 4.4 4.6 6%
Revenue Analysis: Contribution by Geography
Egypt (84.1% of Group revenue in 9M 2025)
IDH's home and largest market, Egypt, recorded revenues of EGP 4,865 million
in 9M 2025, up 44 % year-on-year from EGP 3,373 million in 9M 2024. Top-line
growth was supported by a 9 % increase in tests performed and a 33 % rise in
average revenue per test, reflecting the continued benefit of strategic price
adjustments implemented earlier in the year and a richer mix driven by
radiology and specialised diagnostics.
Al-Borg Scan and Radiotherapy
IDH's radiology segment, including Al Borg Scan and its recently acquired
radiotherapy business following the consolidation of Cairo Ray for
Radiotherapy from June 2025, delivered a 31 % year-on-year increase in revenue
to EGP 217 million in 9M 2025, including EGP 202 million by Al Borg Scan and
EGP 15 million from radiotherapy. Growth was underpinned by a 29 % rise in
average revenue per scan/session, supported by improved utilisation rates and
the expanding service mix. While year-to-date scan and patient volumes were
down marginally, mainly reflecting the Ramadan-related slowdown earlier in the
year, third-quarter volumes rebounded, recording growth of 28% in scans.
House Calls
IDH's house-call service remained a key contributor to Egyptian operations,
accounting for roughly 20 % of Egypt's revenue during 9M 2025-consistent with
the prior period and still well above pre-pandemic levels. The service
continues to benefit from heightened consumer awareness, digital booking
enhancements, and the Group's strong logistics infrastructure, reinforcing its
role as a cornerstone of IDH's patient-centric offering.
Wayak
Wayak, IDH's e-pharmacy and digital health platform, sustained its rapid
expansion, recording revenues of EGP 24 million in 9M 2025, up 105 %
year-on-year. Growth was driven by a 15 % increase in orders fulfilled, which
reached approximately 189 thousand during the period, supported by continued
optimisation of the platform's delivery network and expanding cross-selling
through IDH's branch and digital ecosystem.
Detailed Egypt Performance Breakdown
9M 2024 9M 2025 Change
Revenue (EGP mn, contribution to Egypt's results) 3,373 4,865 44%
Pathology Revenue 3,208 (95.1%) 4,648 (95.5%) 45%
Radiology & Radiotherapy Revenue 165 (4.9%) 217 (4.5%) 32%
Tests performed (mn) 26.8 29.1 9%
Revenue per test (EGP) 126 167 36%
Jordan (13.5% of Group revenue in 9M 2025)
In IDH's second-largest market, Jordan, Biolab reported revenues of JOD 11.2
million in 9M 2025, up 6% year-on-year from JOD 10.6 million in the same
period last year. Growth was driven by a 21% increase in test volumes,
supported by continued patient acquisition and the sustained impact of the
promotional campaign launched earlier in the year. Meanwhile, average revenue
per test in local-currency terms declined 12% year-on-year, reflecting both
the promotional discounts offered during the campaign and a deliberate effort
to stimulate patient volumes and brand loyalty amid a competitive market
environment. In Egyptian pound terms, revenue rose 18% year-on-year to EGP 783
million.
Detailed Jordan Performance Breakdown
9M 2024 9M 2025 Change
Revenue (EGP mn) 662 783 18%
Revenue (JOD mn) 10.6 11.2 6%
Tests performed (mn) 1.9 2.3 21%
Revenue per test (EGP) 352 344 -2.3%
Nigeria (1.5% of Group revenue in 9M 2025)
Echo-Lab, IDH's Nigerian subsidiary, reported revenues of NGN 2,731 million in
9M 2025, up 36% year-on-year from NGN 2,012 million in 9M 2024. Revenue growth
was primarily driven by a 31% increase in average revenue per test in local
currency terms, as Echo-Lab continued to adjust pricing in line with local
inflation trends, while test volumes rose 4% year-on-year, reflecting a
gradual recovery in patient activity as consumer purchasing power stabilised.
In Egyptian pound terms, revenue increased 46% year-on-year to EGP 88 million
in 9M 2025.
Saudi Arabia (0.8% of Group revenue in 9M 2025)
Biolab KSA, IDH's newest market venture, recorded revenues of SAR 3.3 million
in 9M 2025, a 321% increase year-on-year from SAR 0.8 million in 9M 2024. In
Egyptian pound terms, revenue more than quadrupled to EGP 44 million,
reflecting the strong ramp-up in operations as the business gained traction.
During Q3 2025, Biolab KSA posted revenues of EGP 18.5 million, up 217%
year-on-year and approximately 30% quarter-on-quarter, supported by rising
patient volumes and increasing brand awareness.
The subsidiary currently operates three branches, with three additional
openings planned before year-end, which will bring its total to six. The Saudi
market remains a key long-term growth driver for IDH, underpinned by a large,
growing, and increasingly health-conscious population, as well as a fragmented
private diagnostics sector that presents significant consolidation
opportunities.
Sudan (0.1% of Group revenue in 9M 2025)
In Sudan, operations remain largely suspended due to the ongoing conflict. The
Group generated SDG 80.3 million in revenues in 9M 2025, compared with SDG
52.6 million in the same period last year. In Egyptian pound terms, this
translates to EGP 1.9 million, versus EGP 1.6 million in 9M 2024. One branch
remains partially operational, while the remaining 17 branches remain closed
indefinitely pending stabilisation of conditions in the country.
Revenue Contribution by Country
9M 2024 9M 2025 Change
Egypt Revenue (EGP mn) 3,373 4,865 44%
Pathology Revenue (EGP mn) 3,208 4,648 45%
Radiology Revenue (EGP mn) 165 202 22%
Radiotherapy Revenue (EGP mn) - 15 -
Egypt Contribution to IDH Revenue 82.1% 84.1%
Jordan Revenue (EGP mn) 662 783 18%
Jordan Revenues (JOD mn) 10.6 11.2 6%
Jordan Revenue Contribution to IDH Revenue 16.1% 13.5%
Nigeria Revenue (EGP mn) 61 88 46%
Nigeria Revenue (NGN mn) 2,012 2,731 36%
Nigeria Contribution to IDH Revenue 1.5% 1.5%
Saudi Arabia Revenue (EGP mn) 10 44 335%
Saudi Arabia Revenue (SAR mn) 0.8 3.3 321%
Saudi Arabia Contribution to IDH Revenue 0.2% 0.8%
Average Exchange Rate
9M 2024 9M 2025 Change
USD/EGP 44.1 49.6 12%
JOD/EGP 62.1 69.8 12%
NGN/EGP 0.0299 0.0324 8%
SAR/EGP 11.8 13.2 12%
SDG/EGP 0.1 0.1 -12%
Patients Served and Tests Performed by Country
9M 2024 9M 2025 Change
Egypt Patients Served (mn) 6.2 6.4 3%
Egypt Tests Performed (mn) 26.8 29.1 9%
Jordan Patients Served (k) 274 289 5%
Jordan Tests Performed (k) 1,883 2,272 21%
Nigeria Patients Served (k) 88 85 -4%
Nigeria Tests Performed (k) 173 179 4%
Saudi Arabia Patients Served (k) 2 20 819%
Saudi Arabia Tests Performed (k) 21 109 419%
Total Patients Served (mn) 6.6 6.8 3%
Total Tests Performed (mn) 28.8 31.7 10%
Operational Branches by Country
30 September 2024 30 September 2025 Change
Egypt 567 670 +103
Jordan 26 27 +1
Nigeria 12 12 -
KSA 2 3 +1
Sudan 1 1 -
Total 608 713 +105
Cost of Goods Sold (COGS)
IDH's COGS reached EGP 3,275 million in 9M 2025, up 29% year-on-year. As a
percentage of consolidated revenue, COGS fell to 57% from 62% in 9M 2024,
reflecting sustained efficiency gains across the Group and disciplined cost
management amid volume growth and network expansion. All major COGS components
improved as a share of revenue versus last year, with the most notable
progress recorded in raw material and direct salary costs.
COGS Breakdown as a Percentage of Revenue
9M 2024 9M 2025
Raw Materials 21.9% 19.6%
Wages & Salaries 18.8% 18.4%
Depreciation & Amortisation 7.9% 6.6%
Other Expenses 13.2% 12.1%
Total 61.7% 56.6%
Raw-material costs (35% of consolidated COGS in 9M 2025) was the largest
contributor to COGS for the period and rose 26% year-on-year to EGP 1,133
million. As a share of revenue, raw-material costs declined to 19.6% in 9M
2025 from 21.9% a year earlier, thanks to IDH's scale-driven procurement
strategy and proactive supplier negotiations that helped offset inflationary
pressures.
Wages and salaries, which include employee share of profits (33% share of
consolidated COGS in 9M 2025), was the second largest contributor to IDH's
total COGS during the period, recording EGP 1,063 million in 9M 2025, up 38%
versus 9M 2024. Despite the nominal rise, direct wages as a share of revenue
improved to 18.4% from 18.8%, supported by operational leverage and optimized
HR planning.
Direct Wages and Salaries by Region
9M 2024 9M 2025 Change
Egypt (EGP mn) 562 819 46%
Jordan (EGP mn) 174 203 17%
Jordan (JOD mn) 2.8 2.9 4%
Nigeria (EGP mn) 16 20 25%
Nigeria (NGN mn) 537 603 12%
Saudi Arabia (EGP mn) 17 21 24%
Saudi Arabia (SAR k) 1,488 1,552 4%
Direct depreciation and amortisation represented 12% of total COGS, rising 18%
year-on-year to EGP 382 million, mainly reflecting branch openings and new
equipment installations across Egypt and Jordan. As a share of revenue, direct
depreciation declined slightly to 6.6% in 9M 2025 from 7.9% in 9M 2024.
Other direct costs (the remaining 21% of consolidated COGS) recorded EGP 697
million in 9M 2025, up 28% year-on-year but lower as a share of revenue at
12.1% compared with 13.2% last year. These mainly comprised hospital
contracts, maintenance, cleaning and transport costs, consulting and licensing
fees, and utilities.
Gross Profit
IDH reported a gross profit of EGP 2,507 million in 9M 2025, up 60%
year-on-year from EGP 1,571 million in 9M 2024. The Group's gross profit
margin (GPM) improved notably to 43%, compared with 38% in the same period
last year. The margin expansion was driven by strong revenue growth,
operational leverage, and disciplined cost control, which saw all major cost
components decline as a percentage of revenue.
Selling, General, and Administrative (SG&A) Expenses
IDH's SG&A expenses reached EGP 863 million in 9M 2025, up 26%
year-on-year from EGP 677 million in 9M 2024. As a share of consolidated
revenue, SG&A declined to 15.0% from 16.7%, reflecting the Group's
disciplined cost control and operating leverage achieved amid strong top-line
growth. The increase in SG&A outlays was mainly driven by:
· Indirect wages and salaries which amounted to EGP 394 million in
9M 2025, up 41% year-on-year, primarily reflecting annual wage adjustments,
additional hires in Saudi Arabia to support network expansion, and the
translation impact from Jordanian and Saudi payroll costs amid a weaker
Egyptian pound.
· Advertising and marketing expenses rose 21% year-on-year to EGP
137 million, as IDH continued to strengthen brand awareness in its core
Egyptian market while also accelerating marketing activity in Saudi Arabia in
line with the launch of new Biolab KSA branches.
Selling, General, and Administrative Expenses
EGP mn 9M 2024 9M 2025 Change
Wages & Salaries 280 410 46%
Accounting and Professional Fees 123 123 -
Market - Advertisement expenses 113 137 21%
Other Expenses - Operation 121 158 31%
Depreciation & Amortisation 31 30 -3%
Impairment Loss on Trade and Other Receivable 19 30 58%
Travelling and Transportation Expenses 17 21 24%
Share-based Payments 0 10 -
Other Income -27 -30 11%
Total 677 889 31%
EBITDA
IDH reported an EBITDA of EGP 2,030 million in 9M 2025, up 63 % year-on-year
from EGP 1,249 million in 9M 2024. The Group's EBITDA margin expanded to 35 %
from 30 % a year earlier, supported by stronger gross profitability and a
lower SG&A-to-revenue ratio. The improvement reflects disciplined cost
management, operating leverage across the branch network, and efficiency gains
in procurement and logistics. The results also benefited from positive trends
across operating markets, most notably the sustained turnaround in Nigeria,
the consolidation of Cairo Ray within the radiology portfolio, and narrowing
start-up losses in Saudi Arabia.
EBITDA by Country
In Egypt, IDH recorded an EBITDA of EGP 1,826 million in 9M 2025, up 55 %
year-on-year, with an EBITDA margin of 38 % versus 35 % in 9M 2024. The
improvement was underpinned by enhanced gross margins (47 % vs 42 % last year)
and tighter SG&A controls during the nine-month period.
In Jordan, Biolab recorded EBITDA of JOD 3.4 million in 9M 2025, up 21 %
year-on-year. In Egyptian-pound terms, this equates to approximately EGP 237
million, implying a local currency EBITDA margin of 30 % compared with 27 %
last year. The improvement reflects efficiency initiatives and is further
amplified by the effect of translation from a weaker Egyptian pound.
In Nigeria, Echo-Lab maintained its turnaround trajectory since turning EBITDA
positive in Q1 2025, reporting EBITDA of NGN 113 million in 9M 2025, compared
with a loss of NGN 573 million in 9M 2024. In Egyptian-pound terms, this
corresponds to EGP 4 million in 9M 2025 versus a loss of EGP 17.9 million in
the same period last year, yielding a positive EBITDA margin of 4%. Continued
pricing discipline and cost rationalisation supported the subsidiary's first
full nine-month period of positive operating profitability.
In Saudi Arabia, Biolab KSA recorded EBITDA losses of SAR 2.8 million (EGP 37
million) in 9M 2025, down from losses of SAR 7.9 million (EGP 93 million) in
9M 2024. The narrowing losses reflect higher revenue throughput as patient
volumes ramp up and early-stage fixed costs begin to normalise.
Regional EBITDA in Local Currency
9M 2024 9M 2025 Change
Egypt EBITDA (EGP mn) 1,182 1,826 55%
Margin 35.0% 37.5% 2.5 pts.
Jordan EBITDA (JOD mn) 2.8 3.4 21%
Margin 26.5% 30.3% 3.8 pts.
Nigeria EBITDA (NGN mn) (573) 113 -
Margin -28.5% 4.0% 32.5 pts.
Saudi Arabia EBITDA (SAR mn) (7.9) (2.8) -65%
Margin - -84% -
Interest Income / Expense
IDH recorded interest income of EGP 156 million in 9M 2025, up 83%
year-on-year from EGP 85 million in 9M 2024. The increase reflects the higher
average cash balance maintained throughout the year and elevated deposit rates
in Egypt. Despite the Central Bank of Egypt (CBE) having now reversed part of
its earlier tightening cycle-cutting policy rates by a cumulative 625 basis
points since April 2025, including a 1% cut in October-the Group continues to
benefit from high prevailing yields on short-term deposits placed earlier in
the year.
Interest expense(7) rose to EGP 160 million in 9M 2025, compared with EGP 143
million in the same period last year, mainly reflecting the following:
· Higher interest on lease liabilities related to IFRS 16 due to
the addition of new branches to IDH's network.
· Higher interest on borrowings of EGP 27 million, up from EGP 18
million in 9M 2024, reflecting higher average borrowing costs.
· Higher bank charges of EGP 19 million, up from EGP 12 million
last year, in line with higher revenues and transaction volumes.
It is important to note that IDH's interest bearing debt(8) (excluding accrued
interest) increased during 9M 2025 to reach EGP 376 million as at 30 September
2025, from EGP 265 million at year-end 2024. The increase is due to a loan
withdrawal for the acquisition of Cairo Ray.
Interest Expense Breakdown
EGP mn 9M 2024 9M 2025 Change
Interest on Financial Obligations 83 95 14%
Interest Expenses on Leases 24 19 -21%
Interest Expenses on Borrowings(9) 18 27 51%
Bank Charges 12 19 56%
Fast Track Payment 7 - -
Total Interest Expense 143 160 11%
7 Interest expenses on medium-term loans include EGP 23 million (EGP 16
million in 9M 2024) related to the Group's facility with Kuwait Finance House
(KFH) - formerly Ahli United Bank (AUB).
8 IDH's interest bearing debt as at 30 September 2025 included EGP 320 million
(EGP 67 million as at 30 September 2024) related to its facility with Kuwait
Finance House (KFH) - formerly Ahli United Bank (AUB) (outstanding loan
balances are excluding accrued interest for the period).
9 Interest expenses on medium-term loans include EGP 23 million (EGP 16
million in Q3 2024) related to the Group's facility with Kuwait Finance House
(KFH) - formerly Ahli United Bank (AUB).
Foreign Exchange
IDH booked a foreign exchange loss of EGP 42 million in 9M 2025, compared to a
foreign exchange gain of EGP 265 million booked during the same period of the
previous year. The foreign exchange loss relates to intercompany balances
revaluation in entities where the balance was in a currency different to the
functional currency.
Taxation
Tax expenses, including income and deferred tax, stood at EGP 604 million in
9M 2025, 70% above last year's 9M 2024. IDH's effective tax rate increased
significantly versus the same period of last year, reaching 39% in 9M 2025
versus 33% for the same period last year. The increase reflects a
normalisation in foreign exchange gain recorded during the period. It is
important to highlight that there is no tax payable for IDH's two
holding-level companies.
Taxation Breakdown by Region
EGP mn 9M 2024 9M 2025 Change
Egypt 332 580 75%
Jordan 23 17 -26%
Nigeria 0.01 0.3 -
KSA 0 6 -
Total Tax Expenses 355 604 70%
Net Profit
IDH recorded a net profit of EGP 964 million in 9M 2025, up 33% year-on-year
from EGP 725 million in 9M 2024. It is worth noting that last year's bottom
line was significantly boosted by foreign exchange gains booked during the
period, which had a substantial one-off effect on 2024 results. The Group's
net profit margin (NPM) came in at 17%, compared with 18% last year.
When controlling for the impact of FX gains booked in both years, IDH's
normalised net profit reached EGP 1,005 million, more than doubling
year-on-year from EGP 458 million in 9M 2024. The corresponding net margin
stood at 17%, up from 11% a year earlier, reflecting the combination of strong
operational performance, improved cost efficiency, and lower relative
financing costs.
ii. Balance Sheet Analysis
Assets
Property, Plant and Equipment (PPE)
IDH recorded PPE cost of EGP 3,239 million as at 30 September 2025, up from
the EGP 3,104 million as at year-end 2024. The rise in CAPEX as a share of
revenue in the nine-month period largely reflects the addition of new branches
and the renovation of existing branches.
Total CAPEX Addition Breakdown - 9M 2025
EGP mn 9M 2025 % of Revenue
Leasehold Improvements/new branches 217 4%
Al-Borg Scan Expansion 6 0%
CAPEX Additions 223 4%
Translation Effect (68) -1%
Disposals (20) 0%
Total Increase in PPE Cost (88) -2%
Trade Receivables and Provisions
Net trade receivables stood at EGP 997 million at 30 September 2025, up from
EGP 804 million as at year-end 2024. However, IDH's net receivables' Days on
Hand declined to 124 days compared to 139 days at the end of 2024.
Meanwhile, provision charges for doubtful accounts in 9M 2025 stood at EGP 30
million, up from EGP 19 million in 9M 2024.
Inventory
At 30 September 2025, IDH's inventory balance stood at EGP 407 million, up 28%
compared to year-end 2024. Meanwhile, Days Inventory Outstanding (DIO)
improved to 92 days, down from 105 days at 31 December 2024. The significant
decline in DIO reflects stronger sales momentum and more efficient inventory
turnover during the second and third quarters of the year following the
seasonal Ramadan slowdown in March.
Cash and Net Debt
Cash balances and financial assets at amortised cost at 30 September 2025
reached EGP 1,829 million, down marginally from EGP 1,716 million at year-end
2024.
EGP mn 31 December 2024 30 September 2025 31 December 2024
Treasury Bills 74 117 74
Time Deposits 1,126 1,159 1,126
Current Accounts 494 510 494
Cash on Hand 23 42 23
Total 1,716 1,829 1,716
IDH's net cash(10) balance recorded EGP 271 million as at 30 September 2025,
compared to a net cash of EGP 226 million as at year-end 2024.
EGP mn 31 December 2024 30 September 2025 31 December 2024
Cash and Financial Assets at Amortised Cost(11) 1,716 1,829 1,716
Lease Liabilities Property* (943) (949) (943)
Total Financial Liabilities (Short-term and Long-term) (264) (222) (264)
Interest Bearing Debt ("Medium Term Loans")** (283) (387) (283)
Net Cash/(Debt) Balance 226 271 226
Note: Interest Bearing Debt includes accrued interest for each period.
*If excluding Lease Liabilities Property (IFRS 16), IDH would have recorded
net cash of EGP 1,273 million.
**Includes accrued finance cost.
Lease liabilities and financial obligations on property recorded EGP 949
million at 30 September 2025, up slightly compared to the EGP 938 million
recorded at year-end 2024.
Meanwhile, financial obligations related to equipment recorded at EGP 222
million as at 30 September 2025, with the decline versus the balance at the
end of the previous year reflecting the addition of no new contracts in 2025.
Finally, interest bearing debt(12) (excluding accrued interest) reached EGP
376 million at 30 September 2025, up from EGP 265 million at year-end 2024.
Liabilities
Trade Payable(13)
As at 30 September 2025, IDH's trade payables stood at EGP 381 million, up
from EGP 320 million at year-end 2024. Meanwhile, Days Payable Outstanding
(DPO) recorded 89 days, compared with 90 days at 31 December 2024.
Put Option
The put option current liability stood at EGP 728 million as at 30 September
2025, up versus the EGP 532 million at 31 December 2024, and is related to
both:
· The option granted in 2011 to Dr. Amid, Biolab's CEO, to sell his
stake (40%) to IDH. The put option is in the money and exercisable since 2016
and is calculated as seven times Biolab's LTM EBITDA minus net debt.
· The option granted in 2018 to the International Finance
Corporation from Dynasty - shareholders in Echo Lab - and it is exercisable in
2024. The put option is calculated based on fair market value (FMV).
It is important to note that the put option previously included as part of the
agreement between IDH, Biolab and Izhoor in Saudi Arabia has been removed
following IDH's acquisition of Izhoor's entire 49% stake in Biolab KSA, which
was concluded in December 2024. Biolab KSA is now owned 79% by IDH and 21% by
its Jordanian subsidiary Biolab.
1(0) The net cash/(debt) balance is calculated as cash and cash equivalent
balances including financial assets at amortised cost, less interest-bearing
debt (medium term loans), finance lease and right-of-use liabilities.
1(1) It is worth noting that some term deposits and treasury bills cannot be
accessed for over three months and are therefore not treated as cash. Term
deposits which cannot be accessed for over three months stood at EGP 84
million at 30 September 2025 (2024: EGP 468 million). Meanwhile, there were no
treasury bills not accessible for over three months (2024: EGP 60 million).
1(2) IDH's interest bearing debt as at 30 September 2025 included EGP 320
million to its facility with Kuwait Finance House (KFH) - formerly Ahli United
Bank (AUB) (outstanding loan balances are excluding accrued interest for the
period).
1(3) Accounts payable is calculated based on average payables at the end of
each period.
- End -
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