REG - Integrated Diag Hdgs - Half-year Report
Tue 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250902:nRSB5255Xa&default-theme=true
RNS Number : 5255X Integrated Diagnostics Holdings PLC 02 September 2025
Integrated Diagnostics Holdings Plc
1H 2025 Results
Tuesday, 2 September 2025
Integrated Diagnostics Holdings plc records impressive revenue growth of 42%
in 1H 2025 with improving margins across the board
(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 unaudited
financial statements for the quarter and six-month period ended 30 June 2025.
The Company reported revenue of EGP 3.5 billion in 1H 2025, representing a
year-on-year expansion of 42% on the back of a 10% year-on-year rise in tests
performed and a 29% year-on-year increase in average revenue per test.
Meanwhile, the Group's efforts to maintain a tight grip on costs saw IDH's
margins improve across the income statement. During the six-month period,
IDH's gross profit expanded 61% year-on-year with an associated margin of
42.0% versus 37.0% this time last year. Similarly, IDH's adjusted EBITDA
increased 78% versus 1H 2024, yielding a margin of 33.6%, seven percentage
points above last year's figure. Finally, IDH's bottom-line came in at EGP 571
million in 1H 2025, up 19% year-on-year. When controlling for FX gains booked
in both periods, IDH's normalised(1) bottom-line more than doubled
year-on-year, with an associated adjusted margin of 16.2% in 1H 2025 versus
7.3% this time last year.
On a three-month basis, IDH's revenue stood at EGP 2.0 billion, up 48% versus
the same three months of last year. Further down the income statement, IDH's
second quarter adjusted EBITDA stood at EGP 691 million, up 105% versus last
year and with an associated margin of 35.3% in Q2 2025 versus 25.4% last year.
Finally, IDH's bottom-line for the quarter came in at EGP 326 million versus
the EGP 78 million bottom line recorded this time last year.
In the final weeks of the second quarter, IDH's Egyptian radiology subsidiary,
Al Borg Scan, successfully completed a strategic acquisition of CAIRO RAY for
Radiotherapy, a radiology and radiotherapy facility in East Cairo for a total
consideration of EGP 400 million. The acquisition represents a landmark step
forward in realizing the Company's long-term vision of building an established
radiology offering alongside its already market-leading pathology business.
Financial Results (IFRS)
EGP mn Q2 2024 Q2 2025 Change 1H 2024 1H 2025 Change
Revenue 1,327 1,960 48% 2,498 3,543 42%
Cost of Sales (831) (1,101) 33% (1,573) (2,053) 31%
Gross Profit 497 859 73% 925 1,489 61%
Gross Profit Margin 37.4% 43.8% 6.4% 37.0% 42.0% 5.0 pts.
Operating Profit 215 556 159% 435 921 112%
Adjusted EBITDA(2) 338 691 105% 668 1,190 78%
Adjusted EBITDA Margin 25.4% 35.3% 9.8% 26.7% 33.6% 6.8 pts.
Net Profit 78 326 316% 480 571 19%
Net Profit Margin 5.9% 16.6% 10.7% 19.2% 16.1% -3.1 pts.
Normalised Net Profit(1) 83 360 335% 183 575 214%
Normalised Net Profit Margin 6.2% 18.4% 12.1% 7.3% 16.2% 8.9 pts.
Cash Balance(3) 1,254 1,708 36% 1,254 1,708 36%
Note: Throughout the document, percentage changes are calculated using the
exact value (as per the Consolidated Financials) and not the corresponding
rounded figure.
1 Normalised net profit excludes FX gains from both periods.
2 Adjusted EBITDA is calculated as operating profit plus depreciation and
amortization. Adjusted EBITDA also excludes the EGP 10 million share-based
payment made to Dr. Amid, Biolab's CEO, during the current reporting period
related to Biolab KSA. Additional information is available in notes 16 and 22
of the financial statements included at the end of this release.
3 Cash balance includes time deposits, treasury bills, current accounts, and
cash on hand.
Key Operational Indicators(4)
EGP 1H 2024 1H 2025 Change
Branches 591 678(5) +87
Patients ('000) 4,119 4,265 4%
Revenue per Patient (EGP) 606 831 37%
Tests ('000) 17,822 19,619 10%
Revenue per Test (EGP) 140 181 29%
Test per Patient 4.3 4.6 6%
Introduction
i. Financial Highlights
· IDH reported consolidated revenue of EGP 3,543 million in 1H
2025, up 42% year-on-year. Growth was supported by both a 10% rise in test
volumes for the six-month period coupled with a 29% year-on-year rise in
average revenue per test. On a quarterly basis, consolidated revenue reached
EGP 1,960 million, up 48% from the second quarter of last year.
· Gross profit recorded EGP 1,489 million in 1H 2025, up 61%
year-on-year and with a gross profit margin (GPM) of 42.0% versus 37.0% this
time last year. Improved gross profitability comes as a direct result of the
Company's continued focus on cost optimisation. More specifically, during the
period IDH saw its raw material as a share of revenue decline to 19.6% in 1H
2025 from 21.5% last year. Similarly, direct salaries and wages as a share of
revenue declined to 19.1% from 19.5% in 1H 2024. On a quarterly basis, gross
profit recorded EGP 859 million, up 73% year-on-year and yielding a GPM of
43.8% in Q2 2025 versus 37.4% last year.
· Adjusted EBITDA(6) stood at EGP 1,190 million in 1H 2025, an
increase of 78% versus the same period of last year. IDH's adjusted EBITDA
margin recorded 33.6% in 1H 2025 up from 26.7% last year. Improved EBITDA
profitability came on the back of better gross profitability coupled with a
substantial decline in SG&A expenditures as a share of revenue which stood
at 15% in 1H 2025 versus 20% last year. On a quarterly basis, adjusted EBITDA
came in at EGP 691 million in Q2 2025, 105% above last year's second quarter
figure. Adjusted EBITDA margin for the quarter recorded 35.3% versus 25.4% in
Q2 2024.
· Net profit came in at EGP 571 million in 1H 2025, up 19% from
last year's bottom-line figure. Net profit margin (NPM) came in at 16.1% in 1H
2025 versus 19.2% last year. It is important to note that controlling for FX
gains in both periods, IDH's normalised net profit posted an impressive 214%
year-on-year expansion, with the Company's normalised(7) net profit margin
coming in at 16.2% in 1H 2025 versus 7.3% last year. On a three-month basis,
IDH's net profit stood at EGP 326 million, up substantially from the EGP 78
million profit recorded in Q2 2024. NPM for the quarter stood at 16.6% versus
5.9% last year.
· The Board has approved a cash dividend of USD 10 million (USD
0.017 per share) with respect to the year ended 31 December 2024.
4 Key operational indicators are calculated based on revenue for the periods
of EGP 3,543 million and EGP 2,498 million for 1H 2025 and 1H 2024,
respectively.
5 IDH rolled out 85 new branches in Egypt, one new branch in Jordan, 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).
6 Adjusted EBITDA is calculated as operating profit plus depreciation and
amortization. Adjusted EBITDA also excludes the EGP 10 million share-based
payment made to Dr. Amid, Biolab's CEO, during the current reporting period.
7 Normalised net profit excludes FX gains from both periods.
ii. Operational Highlights
· As at 30 June 2025, IDH's branch network stood at 678 branches,
up 87 branches from the 591 branches as at 30 June 2024. Over the last twelve
months, IDH has inaugurated 85 new locations in Egypt, one new branch in
Jordan, and has reopened a branch in Sudan (the remaining 17 continue to be
shut indefinitely).
· During 1H 2025, IDH conducted 19.6 million tests across its
geographies, up 10% year-on-year supported by growing volumes across all its
markets (excluding Sudan where operations remain largely on hold). It is
important to highlight IDH's success in growing test volumes despite the
strategic price adjustments introduced at the start of the year, showcasing
that the Company's value proposition continues to be highly attractive to
patients across its growing footprint.
· IDH's average revenue per test rose 29% year-on-year to reach EGP
181 in 1H 2025. Meanwhile, average revenue per patient reached EGP 831 in 1H
2025, up 37% versus the same period of last year.
· IDH served 4.3 million patients in the first half of 2025, an
increase of 4% year-on-year. Meanwhile, in line with IDH's long-term value
extraction strategy, the Company continued to grow its average test per
patient metric, which in 1H 2025 reached a record-high of 4.6 tests versus 4.3
this time last year. The steady rise in average tests per patient highlights
the efficacy of IDH's initiatives over the past several years, including its
loyalty program introduced in FY 2021.
iii. Updates by Geography
· In Egypt (83.7% of total revenue in 1H 2025), IDH recorded a
top-line of EGP 2,966 million in 1H 2025, up 43% year-on-year. Top-line growth
was supported by rising test volumes (up 9% versus 1H 2024) and higher average
revenue per test (up 31% year-on-year).
· IDH's Jordanian subsidiary, Biolab (13.9% of total revenues in 1H
2025), reported revenue in local currency terms of JOD 7.0 million in 1H 2025,
up 7% year-on-year. Revenue growth for the period was supported by a sustained
21% year-on-year rise in test volumes, boosted by a promotional campaign
launched by Biolab during the six-month period. In EGP terms, Biolab saw
revenue for the first half grow 28% year-on-year to EGP 493 million.
· In Nigeria (1.6% of total revenues in 1H 2025), Echo-Lab recorded
revenue of NGN 1,768 million, up 38% from last year's first half figure.
Increased revenue came on the back of a 3% year-on-year rise in test volumes
coupled with a 34% year-on-year rise in average revenue per test in Naira
terms as Echo-Lab continued to adjust prices to keep up with inflation in the
country. In EGP-terms, revenue in Nigeria grew 49% year-on-year to EGP 58
million in 1H 2025. It is important to note that after having turned EBITDA
positive in Q1 2025, IDH Nigerian subsidiary has continued to deliver positive
EBITDA results on a half-year basis.
· Biolab KSA, IDH's newest venture in Saudi Arabia (0.7% of total
revenues in 1H 2025), reported revenue of SAR 1.9 million in 1H 2025. During
the second quarter of the year, the venture continued its steady ramp up with
revenue in Q2 2025 standing 31% above revenue in the first three months of the
year. Biolab KSA's May performance was particularly noteworthy when no
holidays impacted patient traffic. IDH views the Saudi Arabian market as an
important driver of future growth due to the market's large, growing, and
increasingly health-conscious population which is looking for access to
high-quality diagnostic services from a currently highly fragmented market. 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(8) to further accelerate growth at
its newest geography.
· In Q3 2024, IDH reopened one branch in Sudan after temporarily
shutting down all branches earlier in the year. It is worth highlighting that
the remaining 17 branches remain closed indefinitely as the civil conflict in
the country continues.
8 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 1H 2025 performance, IDH Chief Executive Officer,
Dr. Hend El-Sherbini, said: "At the halfway point of what has thus far been a
very remarkable year, we are pleased to report another strong set of financial
and operational results which build on our momentum from earlier in the year
and on the improving operating conditions at home and across our regional
footprint. The results achieved in the first six months of 2025 highlight once
more the effectiveness of our growth and investment strategies which are
enabling us to capture broad-based growth across our markets while making
high-quality diagnostic services increasingly accessible to patients across
our footprint.
During 1H 2025, we recorded consolidated year-on-year revenue growth of 42%,
with our top-line reaching a record EGP 3.5 billion for the period. Growth was
supported by noteworthy performances reported across both our more established
Egyptian and Jordanian markets as well as encouraging results from our newer
geographies of Nigeria and Saudi Arabia.
At home, we continue to invest significantly to maintain our leadership
position and remain the go-to provider for patients nationwide. During the
first six months of the year, we opened up 49 new locations to better serve
patients within and outside Greater Cairo. Our efforts have delivered
immediate results with test and patient volumes rising 9% and 3% year-on-year,
respectively, and our top-line reaching EGP 3.0 billion, up 43% versus 1H
2024. Similar to Egypt, in Jordan revenue posted solid year-on-year growth in
both EGP and JOD terms supported by a promotional campaign organised by Biolab
which saw test volumes for the period grow an impressive 21% versus last year.
In a market where volume driven growth is key for long-term sustainability, we
were very pleased to see Biolab's strategy pay off so successfully. In
Nigeria, Echo-Lab is now firmly EBITDA positive, a direct result of our
revamped turnaround strategy kicked off last year. We are excited for our
Nigerian subsidiary to build on the progress made thus far and fully capture
the vast upside offered by the local radiology market. Finally, in our newest
market of Saudi Arabia, the ramp up continues as planned. During the second
quarter of the year, we saw Biolab KSA's revenue in local currency terms grow
a remarkable 31% quarter-on-quarter, to surpass the SAR 1 million mark. We
were particularly pleased with the venture's performance during May, when no
national holidays impacted patient volumes. This leaves us optimistic for
Biolab KSA's second half performance, which we are confident will set the
venture up for long-term success. On this front, in early July we launched the
venture's third location in the country. This is the first of four branch
inaugurations planned for the year as Biolab KSA continues to build on the
positive momentum enjoyed in its first 18 months of operations.
As always, a key focus for IDH remains driving profitable growth with our
first half results pointing to widespread improvements across all key metrics.
More specifically, during 1H 2025 we saw our gross profit margin expand five
percentage points versus last year and our EBITDA margin expand seven
percentage points compared to 1H 2024. These remarkable improvements come as
we continue to press ahead with our cost optimisation efforts, which have seen
our cost of goods sold and our SG&A outlays as a share of revenue decline
by a combined nine percentage points versus the first half of last year. Our
bottom-line profitability has also displayed sustained improvements when
controlling for the substantial FX gains recorded in the comparable period of
last year, with our adjusted net profit more than doubling year-on-year and
yielding an associated margin of 16% in 1H 2025 versus 7% this time last year.
Heading into the second half of 2025 our priorities remain unchanged as we
work to drive sustainable growth across our entire footprint while further
improving our profitability metrics. In light of our strong first half
performance and the steadily improving operating conditions across our
markets, we see full-year revenue growth coming in above 30% in FY 2025.
Meanwhile, we see profitability continuing to improve with our full-year
EBITDA margin coming in north of 30%.
Finally, we are pleased to announce that our Board of Directors has approved
the distribution of a cash dividend of USD 0.017 per share (USD 10 million in
total) to shareholders. This decision follows a careful assessment of market
conditions and the Company's cash flow needs for strategic investments, a
review which led to the postponement of this decision earlier in the year. The
Board is confident that the Company's strong financial performance in the
first half of 2025 and its robust liquidity position now support this
distribution, reflecting our commitment to delivering shareholder value."
- End -
Analyst and Investor Call Details
An analyst and investor call will be hosted at 13:00 pm (UK) | 15:00 (Egypt)
on Monday, 15 September 2025. You can learn more details and register for the
call by clicking on the link
(https://irfiles.technologyverse.com/idh/IDH-2Q25-results-conference-call-1-.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 six-month period ended 30 June 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 42% year-on-year in 1H 2025, with revenues
reaching EGP 3,543 million for the six-month period. Top-line growth came on
the back of both increased test volumes, which returned to solid year-on-year
growth rising 10% versus last year, and higher average revenue per test in
line with IDH's strategic price adjustments across several of its markets. The
second quarter of the year saw a similar story with revenue coming in at EGP
1,960 million, up 48% versus the same three months of last year on the back of
both rising volumes and price adjustments.
Q2 2024 Q2 2025 Change
Revenue (EGP mn) 1,327 1,960 48%
Tests performed (mn) 9.1 11.1 21%
Revenue per test (EGP) 145 177 22%
Revenue Analysis: Contribution by Patient Segment
Contract Segment (67% of Group revenue in 1H 2025)
At IDH's contract segment, revenue came in at EGP 2,383 million in 1H 2025, up
46% from the same six-month period of the previous year. Growth was
dual-driven, with average revenue per test rising 33% year-on-year and test
volumes up 10% versus the first half of last year.
Average tests per patient continued to grow, reaching a new record-high of 4.8
tests per patient in 1H 2025, up from 4.5 in 1H 2024 and 4.4 in 1H 2023. This
steady rise has been supported by IDH's loyalty program, which was introduced
back in 2021, and which has, since then, successfully increased tests demanded
by patients visiting IDH's branches.
Walk-in Segment (33% of Group revenue in 1H 2025)
At IDH's walk-in segment, revenue recorded EGP 1,159 million in the first six
months of the year, a year-on-year rise of 34%. During the period, test
volumes rose 10% year-on-year while average revenue per walk-in test reached
EGP 365, up 21% year-on-year. Meanwhile, average tests per patient at the
segment also grew to reach a new high of 3.8 tests, versus 3.5 this time last
year and 3.6 back in 1H 2023.
Revenue Analysis: Contribution by Patient Segment
Contract Segment (67% of Group revenue in 1H 2025)
At IDH's contract segment, revenue came in at EGP 2,383 million in 1H 2025, up
46% from the same six-month period of the previous year. Growth was
dual-driven, with average revenue per test rising 33% year-on-year and test
volumes up 10% versus the first half of last year.
Average tests per patient continued to grow, reaching a new record-high of 4.8
tests per patient in 1H 2025, up from 4.5 in 1H 2024 and 4.4 in 1H 2023. This
steady rise has been supported by IDH's loyalty program, which was introduced
back in 2021, and which has, since then, successfully increased tests demanded
by patients visiting IDH's branches.
Walk-in Segment (33% of Group revenue in 1H 2025)
At IDH's walk-in segment, revenue recorded EGP 1,159 million in the first six
months of the year, a year-on-year rise of 34%. During the period, test
volumes rose 10% year-on-year while average revenue per walk-in test reached
EGP 365, up 21% year-on-year. Meanwhile, average tests per patient at the
segment also grew to reach a new high of 3.8 tests, versus 3.5 this time last
year and 3.6 back in 1H 2023.
Detailed Segment Performance Breakdown
Walk-in Segment Contract Segment Total
1H24 1H25 Change 1H24 1H25 Change 1H24 1H25 Change
Revenue (EGP mn) 866 1,159 34% 1,632 2,383 46% 2,498 3,543 42%
Patients ('000) 814 840 3% 3,305 3,424 4% 4,119 4,265 4%
% of patients 20% 20% 80% 80%
Revenue per Patient (EGP) 1,064 1,380 30% 494 696 41% 606 831 37%
Tests ('000) 2,880 3,178 10% 14,942 16,441 10% 17,822 19,619 10%
% of Tests 16% 16% 84% 84%
Revenue per Test (EGP) 301 365 21% 109 145 33% 140 181 29%
Test per Patient 3.5 3.8 7% 4.5 4.8 6% 4.3 4.6 6%
Revenue Analysis: Contribution by Geography
Egypt (83.7% of Group revenue in 1H 2025)
IDH's home and largest market, Egypt, revenue grew 43% year-on-year to reach
EGP 2,966 million. Top-line growth was supported by a 9% year-on-year
expansion in tests performed in the country coupled with a 31% rise in average
revenue per test as IDH's strategic price adjustments continued to support
growth.
Al-Borg Scan
IDH's rapidly growing radiology subsidiary, Al-Borg Scan, recorded revenue
growth for the six-month period of 18% versus last year on the back of a 24%
year-on-year rise in average revenue per scan. Meanwhile, scan volumes were
down marginally as the year-to-date traffic continued to capture the
larger-than-expected Ramadan-related slowdown seen in Q1 2025. Volumes in the
second quarter returned to year-on-year growth as anticipated.
House Calls
During the first half of 2025, IDH's house call services remained a notable
contributor to the Company's revenue in Egypt. More specifically, business
generated by the service in the country made up 20% of Egypt's revenue in the
period, well above the service's contribution prior to the Covid-19 pandemic.
The remarkable contribution highlights the segment's growth potential and the
efficacy of the Group's post-pandemic strategy.
Wayak
Meanwhile, Wayak, which leverages the Company's expanding patient database to
develop electronic medical records and provide personalized services, reported
revenue of EGP 19 million for the six-month period, up by 185% versus the
comparable figure of last year. Revenue growth was driven by the 27%
year-on-year growth in orders fulfilled, which reached 127 thousand in the six
months ended 30 June 2025.
Detailed Egypt Performance Breakdown
1H 2024 1H 2025 Change
Revenue (EGP mn) 2,069 2,966 43%
Pathology Revenue (contribution to Egypt's results) 1,966 (95.0%) 2,843 (95.9%) 45%
Radiology Revenue (contribution to Egypt's results) 104 (5.0%) 123 (4.1%) 18%
Tests performed (mn) 16.5 18.0 9%
Revenue per test (EGP) 125 164 31%
Jordan (13.9% of Group revenue in 1H 2025)
In IDH's second largest market, Jordan, Biolab reported revenue in local
currency terms of JOD 7.0 million in 1H 2025, up a notable 7% year-on-year.
Revenue growth for the period was supported by an impressive rise in test
volumes which increased 21% versus the same six-month period of last year.
Test volumes were boosted by a new promotional campaign launched by Biolab
during the first quarter of this year. Meanwhile, average revenue per test in
local currency terms declined 12% partially reflecting the impact of discounts
offered to patients as part of the above-mentioned campaign. In EGP terms,
Biolab reported revenue growth of 28% year-on-year to EGP 493 million.
Detailed Jordan Performance Breakdown
1H 2024 1H 2025 Change
Revenue (EGP mn) 386 493 28%
Revenue (JOD mn) 6.5 7.0 7%
Tests performed (mn) 1.2 1.4 21%
Revenue per test (EGP) 334 352 5%
Nigeria (1.6% of Group revenue in 1H 2025)
Echo-Lab, IDH's Nigerian subsidiary, delivered revenue of NGN 1,768 million
for the period, up 38% year-on-year. Revenue growth came on the back of a 38%
year-on-year increase in average revenue per test in Naira terms as Echo-Lab
continued to hike prices to keep up with inflation. Test volumes also grew 3%
versus the comparable period of last year as easing inflation in the country
supports a gradual recovery in patients' purchasing power. In EGP-terms,
revenue in Nigeria grew an impressive 49% year-on-year to EGP 58 million in 1H
2025.
Saudi Arabia (0.7% of Group revenue in 1H 2025)
Biolab KSA, IDH's newest venture in Saudi Arabia, which began operations in Q1
2024 with one branch opening in January and another in March, reported revenue
of SAR 1.9 million in 1H 2025. During the second quarter of the year, revenue
surpassed the one million Riyals mark, expanding by a solid 31% versus the
prior quarter. This continues to highlight the effectiveness of IDH's ramp up
strategic in the market which aim to accelerate revenue growth and establish
Biolab KSA as a key player in the currently large but high fragmented and
relatively underpenetrated diagnostics market in the Kingdom.
Sudan
In Q3 2024, IDH reopened one branch in Sudan after temporarily shutting down
all branches earlier this year. It is worth noting that the remaining 17
branches remain closed indefinitely as the civil conflict in the country
continues.
Jordan (13.9% of Group revenue in 1H 2025)
In IDH's second largest market, Jordan, Biolab reported revenue in local
currency terms of JOD 7.0 million in 1H 2025, up a notable 7% year-on-year.
Revenue growth for the period was supported by an impressive rise in test
volumes which increased 21% versus the same six-month period of last year.
Test volumes were boosted by a new promotional campaign launched by Biolab
during the first quarter of this year. Meanwhile, average revenue per test in
local currency terms declined 12% partially reflecting the impact of discounts
offered to patients as part of the above-mentioned campaign. In EGP terms,
Biolab reported revenue growth of 28% year-on-year to EGP 493 million.
Detailed Jordan Performance Breakdown
1H 2024 1H 2025 Change
Revenue (EGP mn) 386 493 28%
Revenue (JOD mn) 6.5 7.0 7%
Tests performed (mn) 1.2 1.4 21%
Revenue per test (EGP) 334 352 5%
Nigeria (1.6% of Group revenue in 1H 2025)
Echo-Lab, IDH's Nigerian subsidiary, delivered revenue of NGN 1,768 million
for the period, up 38% year-on-year. Revenue growth came on the back of a 38%
year-on-year increase in average revenue per test in Naira terms as Echo-Lab
continued to hike prices to keep up with inflation. Test volumes also grew 3%
versus the comparable period of last year as easing inflation in the country
supports a gradual recovery in patients' purchasing power. In EGP-terms,
revenue in Nigeria grew an impressive 49% year-on-year to EGP 58 million in 1H
2025.
Saudi Arabia (0.7% of Group revenue in 1H 2025)
Biolab KSA, IDH's newest venture in Saudi Arabia, which began operations in Q1
2024 with one branch opening in January and another in March, reported revenue
of SAR 1.9 million in 1H 2025. During the second quarter of the year, revenue
surpassed the one million Riyals mark, expanding by a solid 31% versus the
prior quarter. This continues to highlight the effectiveness of IDH's ramp up
strategic in the market which aim to accelerate revenue growth and establish
Biolab KSA as a key player in the currently large but high fragmented and
relatively underpenetrated diagnostics market in the Kingdom.
Sudan
In Q3 2024, IDH reopened one branch in Sudan after temporarily shutting down
all branches earlier this year. It is worth noting that the remaining 17
branches remain closed indefinitely as the civil conflict in the country
continues.
Revenue Contribution by Country
1H 2024 1H 2025 Change
Egypt Revenue (EGP mn) 2,069 2,966 43%
Pathology Revenue (EGP mn) 1,966 2,843 45%
Radiology Revenue (EGP mn) 104 123 18%
Egypt Contribution to IDH Revenue 82.8% 83.7%
Jordan Revenue (EGP mn) 386 493 28%
Jordan Revenues (JOD mn) 6.5 7.0 7%
Jordan Revenue Contribution to IDH Revenue 15.4% 13.9%
Nigeria Revenue (EGP mn) 39 58 49%
Nigeria Revenue (NGN mn) 1,284 1,768 38%
Nigeria Contribution to IDH Revenue 1.5% 1.6%
Saudi Arabia Revenue (EGP mn) 4 25 496%
Saudi Arabia Revenue (SAR mn) 0.3 1.9 459%
Saudi Arabia Contribution to IDH Revenue 0.2% 0.7%
Average Exchange Rate
1H 2024 1H 2025 Change
USD/EGP 42.0 50.2 20%
JOD/EGP 59.1 70.7 20%
NGN/EGP 0.030 0.033 10%
SAR/EGP 11.2 13.4 19%
SDG/EGP 0.1 0.1 7%
Patients Served and Tests Performed by Country
1H 2024 1H 2025 Change
Egypt Patients Served (mn) 3.9 4.0 3%
Egypt Tests Performed (mn) 16.5 18.0 9%
Jordan Patients Served (k) 172 181 5%
Jordan Tests Performed (k) 1,154 1,401 21%
Nigeria Patients Served (k) 59 55 -7%
Nigeria Tests Performed (k) 113 116 3%
Saudi Arabia Patients Served (k) 1 11 -
Saudi Arabia Tests Performed (k) 7 57 -
Total Patients Served (mn) 4.1 4.3 4%
Total Tests Performed (mn) 17.8 19.6 10%
Operational Branches by Country
30 June 2024 30 June 2025 Change
Egypt 551 636 +85
Jordan 26 27 +1
Nigeria 12 12 -
KSA 2 2 -
Sudan 0 1 +1
Total 591 678 +87
Cost of Goods Sold (COGS)
IDH's COGS for the six-month period recorded EGP 2,053 million, up 31%
year-on-year. As a percentage of consolidate revenue, COGS declined to 58%
from 63% in the same period of last year, driven by the ongoing Company-wide
efforts to boost efficiencies and maintain a tight grip on expenses. More
specifically, as a share of revenue, all four of IDH's main COGS categories
declined versus 1H 2024, with the most notable contraction seen in the
Company's raw material outlays as a share of revenue.
COGS Breakdown as a Percentage of Revenue
1H 2024 1H 2025
Raw Materials 21.5% 19.6%
Wages & Salaries 19.5% 19.1%
Depreciation & Amortisation 8.5% 7.0%
Other Expenses 13.4% 12.3%
Total 63.0% 58.0%
Raw material costs (34% of consolidated COGS in 1H 2025) was the largest
contributor to COGS for the period, having increased 29% year-on-year to reach
EGP 693 million. As a share of revenue, raw material expenses declined notably
to 19.6% in the first half of 2025 from 21.5% this time last year. The decline
reflects IDH's proactive inventory management strategy which sees the Company
leverage its scale to secure advantageous prices for its testing kits.
Wages and salaries, which include employee share of profits (33% share of
consolidated COGS in 1H 2025), was the second largest contributor to IDH's
total COGS during 1H 2025, recording EGP 676 million in 1H 2025, up 39% versus
1H 2024. Despite the year-on-year rise, as a percentage of revenue direct
wages and salaries declined to 19.1% reflecting IDH's continued efforts to
optimise headcount.
Direct Wages and Salaries by Region
1H 2024 1H 2025 Change
Egypt (EGP mn) 358 515 44%
Jordan (EGP mn) 109 134 24%
Jordan (JOD mn) 911 944 4%
Nigeria (EGP mn) 11 13 17%
Nigeria (NGN mn) 176 182 4%
Saudi Arabia (EGP mn) 11 13 23%
Saudi Arabia (SAR k) 517 499 -3%
Direct depreciation and amortization costs (12% of consolidated COGS in 1H
2025) rose 17% year-on-year to EGP 249 million in 1H 2025. Rising depreciation
expenses are linked to IDH's expansion efforts, which in the year to 30 June
2025 saw the Company add 85 new branches in its home market of Egypt. However,
as a percentage of revenue, direct depreciation and amortization declined to
7.0% in 1H 2025 from 8.5% in 1H 2024.
Other expenses (21% of consolidated COGS in 1H 2025) recorded EGP 436 million
in the first half of 2025, representing a year-on-year rise of 30%. Meanwhile,
other expenses as a percentage of revenue stood at 12.3% down from the 13.4%
figure reported this time last year. The main components making up other
expenses during the past six months were repair and maintenance fees, hospital
contracts, cleaning expenses, transportation, consulting fees, utilities, and
license expenses.
Gross Profit
IDH reported a gross profit of EGP 1,489 million in 1H 2025, up 61%
year-on-year. Gross profit margin (GPM) also improved remarkably to 42%,
reflecting strong revenue growth and the above-mentioned broad-based declines
in COGS as a share of revenue.
Selling, General, and Administrative (SG&A) Expenses
SG&A outlays for the six-month period stood at EGP 568 million, up just
16% year-on-year. As a share of revenue, SG&A made up 16.0% in 1H 2025
versus 19.6% this time last year. The rise in SG&A expenses versus the
comparable six-month period of last year was mainly due to:
· Indirect wages and salaries reached EGP 263 million in 1H 2025,
representing a 52% increase compared to the same period of the previous year.
The increase reflects annual wage increases, the translation effect from
Jordanian and Saudi Arabian salaries due to a weakened EGP, and new hires to
support Biolab KSA's expansion who, for the most part, were onboarded in May
2024.
· Advertising expenses rose by 23% year-on-year as the Company
doubled-down on its efforts to ramp-up its operations in Saudi Arabia and on
its advertising and marketing efforts in its home market of Egypt.
Selling, General, and Administrative Expenses
EGP mn 1H 2024 1H 2025 Change
Wages & Salaries 173 263 52%
Accounting and Professional Fees 20 84 321%
Market - Advertisement expenses 78 97 23%
Other Expenses - Operation 172 96 -44%
Depreciation & Amortisation 21 20 -6%
Impairment Loss on Trade and Other Receivable 17 18 3%
Travelling and Transportation Expenses 9 16 79%
Impairment in Inventory 0 1 -
Provision No Longer Required 0 0 -
Provision for End of Service 0 1 -
Provision for Legal Claims 0 1 -
Other Income -1 -27 -
Total 490 568 16%
Adjusted EBITDA(9)
IDH reported an adjusted EBITDA of EGP 1,190 million in 1H 2025, up 78% versus
the same period of last year. Similarly, adjusted EBITDA margin also posted an
impressive expansion, reaching 34% in 1H 2025 versus just 27% this time last
year. Improved EBITDA profitability reflects the previously mentioned
improvement at the gross margin level coupled with a remarkable decline in
SG&A as a share of revenue for the period. The sustained declines seen in
both COGS and SG&A as a share of revenue come as a direct result of the
Company's cost control measures implemented across all facets of its
operations over the past twelve months. The highlight from the first half of
2025 has undoubtedly been the completion of Echo-Lab's turnaround, with the
subsidiary posting positive EBITDA results starting with the first quarter of
this year.
EBITDA by Country
In Egypt, IDH recorded an adjusted EBITDA(10) of EGP 1,072 million, up 62%
year-on-year and with an associated margin of 36% versus 32% in 1H 2024.
Improved EBITDA profitability came on the back of both enhanced gross
profitability in the country (GPM at 46% in 1H 2025 versus 41% in 1H 2024),
combined with optimised SG&A expenses for the six-month period.
In Jordan, Biolab's EBITDA was up 34% year-on-year to reach JOD 2.0 million in
the first half of the year. EBITDA margin for the period recorded 29%, up from
last year's 23% margin. In EGP terms, EBITDA recorded EGP 142 million, up 60%
year-on-year, partially reflecting the translation effect from a weaker EGP.
In Nigeria, Echo-Lab turned EBITDA positive in Q1 2025, with EBITDA for the
first half of the year standing at NGN 40 million versus an EBITDA loss of NGN
426 million this time last year. The venture's EBITDA margin stood at 2% for
the period. In EGP terms, EBITDA recorded EGP 1.3 million in 1H 2025 versus an
EBITDA loss of EGP 13.5 million in 1H 2024.
In Saudi Arabia, EBITDA losses amounted to SAR 2.7 million (EGP 26 million) as
the business remains in its ramp up phase. EBITDA losses were down
year-on-year compared to the SAR 6.1 million booked this time last year.
Regional EBITDA in Local Currency
1H 2024 1H 2025 Change
Egypt EBITDA (EGP mn) 663 1,072 62%
Margin 32.0% 36.1% 4.1 pts.
Jordan EBITDA (JOD mn) 1.5 2.0 34%
Margin 22.9% 28.8% 5.9 pts.
Nigeria EBITDA (NGN mn) (426) 40 -
Margin -33.2% 2.3% 35.4 pts.
Saudi Arabia EBITDA (SAR mn) (6.1) (2.7) -56%
Margin - -140% -
Interest Income / Expense
IDH's interest income came in at EGP 107 million in 1H 2025, up 96%
year-on-year and reflecting primarily higher interest income reflects higher
interest rates in Egypt. It is worth noting that in April 2025, the Central
Bank of Egypt (CBE) cut interest rates for the first time since November 2020
following multiple positive inflation readings since the start of the year.
Following rate cuts in April, May and August 2025 for a cumulative 525 basis
points, the main operations rate in Egypt currently stands at 22.5%.
9 Adjusted EBITDA is calculated as operating profit plus depreciation and
amortization. Adjusted EBITDA also excludes the EGP 10 million share-based
payment made to Dr. Amid, Biolab's CEO, during the current reporting period
related to Biolab KSA. Additional information is available in notes 16 and 22
of the financial statements included at the end of this release.
10 Adjusted EBITDA is calculated as operating profit plus depreciation and
amortization. Adjusted EBITDA also excludes the EGP 10 million share-based
payment made to Dr. Amid, Biolab's CEO, during the current reporting period
related to Biolab KSA. Additional information is available in notes 16 and 22
of the financial statements included at the end of this release.
Interest expense1(1) recorded EGP 97 million in 1H 2025, up just 9%
year-on-year. The rise in interest expenses was mainly driven by:
· Higher interest on lease liabilities related to IFRS 16 due to
the addition of new branches to IDH's network.
· Higher bank charges which increased to EGP 11 million in 1H 2025
from EGP 6 million this time last year reflecting higher revenue for the
period.
It is worth noting that interest expense on borrowing during the six months of
the year declined 13% year-on-year to EGP 11 million. It is important to note
that IDH's interest bearing debt(12) (excluding accrued interest) decreased
during 1H 2025 to reach EGP 179 million as at 30 June 2025, from EGP 265
million at year-end 2024. The decline comes as loans related to Biolab and
Al-Borg Scan were successfully repaid.
Interest Expense Breakdown
EGP mn 1H 2024 1H 2025 Change
Interest on Financial Obligations 54 62 15%
Interest Expenses on Leases 13 13 3%
Interest Expenses on Borrowings1(3) 12 11 -13%
Bank Charges 6 11 78%
Fast Track Payment 4 - -
Total Interest Expense 89 97 9%
Foreign Exchange1(4)
IDH booked a foreign exchange loss of EGP 3 million in 1H 2025, compared to a
foreign exchange gain of EGP 297 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 342 million in
1H 2025, 65% above last year's first half figure. IDH's effective tax rate
increased significantly versus the same period of last year, reaching 37% in
1H 2025 versus 30% this time 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 1H 2024 1H 2025 Change
Egypt 195 330 69%
Jordan 11 8 -27%
Nigeria 0.0 0.2 -
KSA 1 4 308%
Total Tax Expenses 207 342 65%
Net Profit
IDH recorded net profit of EGP 571 million in 1H 2025, up 19% year-on-year. It
is worth noting that last year's bottom-line had been significantly boosted by
foreign exchange gains booked by the company during 1H 2024. Meanwhile, the
Company's NPM came in at 16% in 1H 2025 compared to 19% in the same period of
last year.
When controlling for contributions from foreign exchange gains during both
years, IDH booked an adjusted net profit of EGP 575 million in 1H 2025,
growing 214% year-on-year from EGP 183 million during the first half of last
year. The Company's adjusted net profit margin stood at 16% during 1H 2025, up
from 7% this time last year.
1(1) Interest expenses on medium-term loans include EGP 9 million (EGP 11
million in 1H 2024) related to the Group's facility with Kuwait Finance House
(KFH) - formerly Ahli United Bank (AUB).
1(2) IDH's interest bearing debt as at 30 June 2025 included EGP 177 million
(EGP 91 million as at 30 June 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).
1(3) Interest expenses on medium-term loans include EGP 9 million (EGP 11
million in 1H 2024) related to the Group's facility with Kuwait Finance House
(KFH) - formerly Ahli United Bank (AUB).
1(4) Foreign exchange gains/losses are included within finance income/costs
for both periods.
Raw material costs (34% of consolidated COGS in 1H 2025) was the largest
contributor to COGS for the period, having increased 29% year-on-year to reach
EGP 693 million. As a share of revenue, raw material expenses declined notably
to 19.6% in the first half of 2025 from 21.5% this time last year. The decline
reflects IDH's proactive inventory management strategy which sees the Company
leverage its scale to secure advantageous prices for its testing kits.
Wages and salaries, which include employee share of profits (33% share of
consolidated COGS in 1H 2025), was the second largest contributor to IDH's
total COGS during 1H 2025, recording EGP 676 million in 1H 2025, up 39% versus
1H 2024. Despite the year-on-year rise, as a percentage of revenue direct
wages and salaries declined to 19.1% reflecting IDH's continued efforts to
optimise headcount.
Direct Wages and Salaries by Region
1H 2024 1H 2025 Change
Egypt (EGP mn) 358 515 44%
Jordan (EGP mn) 109 134 24%
Jordan (JOD mn) 911 944 4%
Nigeria (EGP mn) 11 13 17%
Nigeria (NGN mn) 176 182 4%
Saudi Arabia (EGP mn) 11 13 23%
Saudi Arabia (SAR k) 517 499 -3%
Direct depreciation and amortization costs (12% of consolidated COGS in 1H
2025) rose 17% year-on-year to EGP 249 million in 1H 2025. Rising depreciation
expenses are linked to IDH's expansion efforts, which in the year to 30 June
2025 saw the Company add 85 new branches in its home market of Egypt. However,
as a percentage of revenue, direct depreciation and amortization declined to
7.0% in 1H 2025 from 8.5% in 1H 2024.
Other expenses (21% of consolidated COGS in 1H 2025) recorded EGP 436 million
in the first half of 2025, representing a year-on-year rise of 30%. Meanwhile,
other expenses as a percentage of revenue stood at 12.3% down from the 13.4%
figure reported this time last year. The main components making up other
expenses during the past six months were repair and maintenance fees, hospital
contracts, cleaning expenses, transportation, consulting fees, utilities, and
license expenses.
Gross Profit
IDH reported a gross profit of EGP 1,489 million in 1H 2025, up 61%
year-on-year. Gross profit margin (GPM) also improved remarkably to 42%,
reflecting strong revenue growth and the above-mentioned broad-based declines
in COGS as a share of revenue.
Selling, General, and Administrative (SG&A) Expenses
SG&A outlays for the six-month period stood at EGP 568 million, up just
16% year-on-year. As a share of revenue, SG&A made up 16.0% in 1H 2025
versus 19.6% this time last year. The rise in SG&A expenses versus the
comparable six-month period of last year was mainly due to:
· Indirect wages and salaries reached EGP 263 million in 1H 2025,
representing a 52% increase compared to the same period of the previous year.
The increase reflects annual wage increases, the translation effect from
Jordanian and Saudi Arabian salaries due to a weakened EGP, and new hires to
support Biolab KSA's expansion who, for the most part, were onboarded in May
2024.
· Advertising expenses rose by 23% year-on-year as the Company
doubled-down on its efforts to ramp-up its operations in Saudi Arabia and on
its advertising and marketing efforts in its home market of Egypt.
Selling, General, and Administrative Expenses
EGP mn 1H 2024 1H 2025 Change
Wages & Salaries 173 263 52%
Accounting and Professional Fees 20 84 321%
Market - Advertisement expenses 78 97 23%
Other Expenses - Operation 172 96 -44%
Depreciation & Amortisation 21 20 -6%
Impairment Loss on Trade and Other Receivable 17 18 3%
Travelling and Transportation Expenses 9 16 79%
Impairment in Inventory 0 1 -
Provision No Longer Required 0 0 -
Provision for End of Service 0 1 -
Provision for Legal Claims 0 1 -
Other Income -1 -27 -
Total 490 568 16%
Adjusted EBITDA(9)
IDH reported an adjusted EBITDA of EGP 1,190 million in 1H 2025, up 78% versus
the same period of last year. Similarly, adjusted EBITDA margin also posted an
impressive expansion, reaching 34% in 1H 2025 versus just 27% this time last
year. Improved EBITDA profitability reflects the previously mentioned
improvement at the gross margin level coupled with a remarkable decline in
SG&A as a share of revenue for the period. The sustained declines seen in
both COGS and SG&A as a share of revenue come as a direct result of the
Company's cost control measures implemented across all facets of its
operations over the past twelve months. The highlight from the first half of
2025 has undoubtedly been the completion of Echo-Lab's turnaround, with the
subsidiary posting positive EBITDA results starting with the first quarter of
this year.
EBITDA by Country
In Egypt, IDH recorded an adjusted EBITDA(10) of EGP 1,072 million, up 62%
year-on-year and with an associated margin of 36% versus 32% in 1H 2024.
Improved EBITDA profitability came on the back of both enhanced gross
profitability in the country (GPM at 46% in 1H 2025 versus 41% in 1H 2024),
combined with optimised SG&A expenses for the six-month period.
In Jordan, Biolab's EBITDA was up 34% year-on-year to reach JOD 2.0 million in
the first half of the year. EBITDA margin for the period recorded 29%, up from
last year's 23% margin. In EGP terms, EBITDA recorded EGP 142 million, up 60%
year-on-year, partially reflecting the translation effect from a weaker EGP.
In Nigeria, Echo-Lab turned EBITDA positive in Q1 2025, with EBITDA for the
first half of the year standing at NGN 40 million versus an EBITDA loss of NGN
426 million this time last year. The venture's EBITDA margin stood at 2% for
the period. In EGP terms, EBITDA recorded EGP 1.3 million in 1H 2025 versus an
EBITDA loss of EGP 13.5 million in 1H 2024.
In Saudi Arabia, EBITDA losses amounted to SAR 2.7 million (EGP 26 million) as
the business remains in its ramp up phase. EBITDA losses were down
year-on-year compared to the SAR 6.1 million booked this time last year.
Regional EBITDA in Local Currency
1H 2024 1H 2025 Change
Egypt EBITDA (EGP mn) 663 1,072 62%
Margin 32.0% 36.1% 4.1 pts.
Jordan EBITDA (JOD mn) 1.5 2.0 34%
Margin 22.9% 28.8% 5.9 pts.
Nigeria EBITDA (NGN mn) (426) 40 -
Margin -33.2% 2.3% 35.4 pts.
Saudi Arabia EBITDA (SAR mn) (6.1) (2.7) -56%
Margin - -140% -
Interest Income / Expense
IDH's interest income came in at EGP 107 million in 1H 2025, up 96%
year-on-year and reflecting primarily higher interest income reflects higher
interest rates in Egypt. It is worth noting that in April 2025, the Central
Bank of Egypt (CBE) cut interest rates for the first time since November 2020
following multiple positive inflation readings since the start of the year.
Following rate cuts in April, May and August 2025 for a cumulative 525 basis
points, the main operations rate in Egypt currently stands at 22.5%.
9 Adjusted EBITDA is calculated as operating profit plus depreciation and
amortization. Adjusted EBITDA also excludes the EGP 10 million share-based
payment made to Dr. Amid, Biolab's CEO, during the current reporting period
related to Biolab KSA. Additional information is available in notes 16 and 22
of the financial statements included at the end of this release.
10 Adjusted EBITDA is calculated as operating profit plus depreciation and
amortization. Adjusted EBITDA also excludes the EGP 10 million share-based
payment made to Dr. Amid, Biolab's CEO, during the current reporting period
related to Biolab KSA. Additional information is available in notes 16 and 22
of the financial statements included at the end of this release.
Interest expense1(1) recorded EGP 97 million in 1H 2025, up just 9%
year-on-year. The rise in interest expenses was mainly driven by:
· Higher interest on lease liabilities related to IFRS 16 due to
the addition of new branches to IDH's network.
· Higher bank charges which increased to EGP 11 million in 1H 2025
from EGP 6 million this time last year reflecting higher revenue for the
period.
It is worth noting that interest expense on borrowing during the six months of
the year declined 13% year-on-year to EGP 11 million. It is important to note
that IDH's interest bearing debt(12) (excluding accrued interest) decreased
during 1H 2025 to reach EGP 179 million as at 30 June 2025, from EGP 265
million at year-end 2024. The decline comes as loans related to Biolab and
Al-Borg Scan were successfully repaid.
Interest Expense Breakdown
EGP mn 1H 2024 1H 2025 Change
Interest on Financial Obligations 54 62 15%
Interest Expenses on Leases 13 13 3%
Interest Expenses on Borrowings1(3) 12 11 -13%
Bank Charges 6 11 78%
Fast Track Payment 4 - -
Total Interest Expense 89 97 9%
Foreign Exchange1(4)
IDH booked a foreign exchange loss of EGP 3 million in 1H 2025, compared to a
foreign exchange gain of EGP 297 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 342 million in
1H 2025, 65% above last year's first half figure. IDH's effective tax rate
increased significantly versus the same period of last year, reaching 37% in
1H 2025 versus 30% this time 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 1H 2024 1H 2025 Change
Egypt 195 330 69%
Jordan 11 8 -27%
Nigeria 0.0 0.2 -
KSA 1 4 308%
Total Tax Expenses 207 342 65%
Net Profit
IDH recorded net profit of EGP 571 million in 1H 2025, up 19% year-on-year. It
is worth noting that last year's bottom-line had been significantly boosted by
foreign exchange gains booked by the company during 1H 2024. Meanwhile, the
Company's NPM came in at 16% in 1H 2025 compared to 19% in the same period of
last year.
When controlling for contributions from foreign exchange gains during both
years, IDH booked an adjusted net profit of EGP 575 million in 1H 2025,
growing 214% year-on-year from EGP 183 million during the first half of last
year. The Company's adjusted net profit margin stood at 16% during 1H 2025, up
from 7% this time last year.
1(1) Interest expenses on medium-term loans include EGP 9 million (EGP 11
million in 1H 2024) related to the Group's facility with Kuwait Finance House
(KFH) - formerly Ahli United Bank (AUB).
1(2) IDH's interest bearing debt as at 30 June 2025 included EGP 177 million
(EGP 91 million as at 30 June 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).
1(3) Interest expenses on medium-term loans include EGP 9 million (EGP 11
million in 1H 2024) related to the Group's facility with Kuwait Finance House
(KFH) - formerly Ahli United Bank (AUB).
1(4) Foreign exchange gains/losses are included within finance income/costs
for both periods.
ii. Balance Sheet Analysis
Assets
Property, Plant and Equipment (PPE)
IDH recorded PPE cost of EGP 3,225 million as at 30 June 2025, up from the EGP
3,104 million as at year-end 2024. The rise in CAPEX as a share of revenue in
the six-month period largely reflects the addition of new branches and the
renovation of existing branches.
Total CAPEX Addition Breakdown - 1H 2025
EGP mn 1H 2025 % of Revenue
Leasehold Improvements/new branches 120.0 3.4%
Al-Borg Scan Expansion 4.8 0.1%
CAPEX Additions 124.8 3.5%
Translation Effect (36.2) -1.0%
Disposals (18.8) -0.5%
Total Increase in PPE Cost 69.8 2.0%
Trade Receivables and Provisions
Net trade receivables at 30 June 2025 stood at EGP 963 million, up from EGP
804 million as at year-end 2024. However, IDH's net receivables' Days on Hand
booked 129 days, down from 139 days at the end of 2024.
Meanwhile, provision charges for doubtful accounts in 1H 2025 stood at EGP 18
million, largely unchanged compared to EGP 17 million in 1H 2024.
Inventory
At 30 June 2025, IDH booked an inventory balance of EGP 370 million, up 16%
compared to inventory booked at year-end 2024. On the other hand, Days
Inventory Outstanding (DIO) declined to 94 days, from 105 days at 31 December
2024. The decline in DIO reflects accelerated sales during the second quarter
of the year following the seasonal Ramadan slowdown in March.
Cash and Net Debt
Cash balances and financial assets at amortised cost at 30 June 2025 reached
EGP 1,708 million, down marginally from EGP 1,716 million at year-end 2024.
EGP mn 31 December 2024 30 June 2025
Treasury Bills 74 77
Time Deposits 1,126 820
Current Accounts 494 769
Cash on Hand 23 42
Total 1,716 1,708
IDH's net cash1(5) balance recorded EGP 337 million as at 30 June 2025,
compared to a net cash of EGP 227 million as at year-end 2024.
EGP mn 31 December 2024 30 June 2025
Cash and Financial Assets at Amortised Cost1(6) 1,716 1,708
Lease Liabilities Property* (938) (935)
Total Financial Liabilities (Short-term and Long-term) (269) (241)
Interest Bearing Debt ("Medium Term Loans")** (282) (194)
Net Cash/(Debt) Balance 227 337
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 935
million at 30 June 2025, largely unchanged versus the figure recorded at
year-end 2024.
Meanwhile, financial obligations related to equipment recorded at EGP 241
million as at 30 June 2025, with the decline versus the balance at the end of
the previous year reflecting a payment of approximately EGP 22 million and the
addition of no new contracts in 2025.
Finally, interest bearing debt17 (excluding accrued interest) reached EGP 179
million at the end of the first half of 2025, down from EGP 265 million at
year-end 2024. The decline reflects the settlement of the Company's overdraft
balance.
Liabilities
Trade Payable1(8)
Trade payable as of 30 June 2025 stood at EGP 299 million, down from EGP 320
million at the end of 2024. Similarly, Days Payable Outstanding (DPO) came in
at 85 days, down from 90 days at 31 December 2024.
Put Option
The put option current liability stood at EGP 733 million as at 30 June 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.
Dividends
The Board of Directors has recommended that a dividend of USD 10 million, or
USD 0.017 per share, should be paid to shareholders who appear on the register
as of 12 September 2025, with an ex-dividend date of 11 September 2025. The
payment date for the dividend will be 3 October 2025.
1(5) 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(6) 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 333
million at 30 June 2025 (2024: EGP 468 million). Meanwhile, treasury bills not
accessible for over three months stood at EGP 76 million (2024: EGP 60
million).
1(7) IDH's interest bearing debt as at 30 June 2025 included EGP 9 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(8) Accounts payable is calculated based on average payables at the end of
each period.
Trade Receivables and Provisions
Net trade receivables at 30 June 2025 stood at EGP 963 million, up from EGP
804 million as at year-end 2024. However, IDH's net receivables' Days on Hand
booked 129 days, down from 139 days at the end of 2024.
Meanwhile, provision charges for doubtful accounts in 1H 2025 stood at EGP 18
million, largely unchanged compared to EGP 17 million in 1H 2024.
Inventory
At 30 June 2025, IDH booked an inventory balance of EGP 370 million, up 16%
compared to inventory booked at year-end 2024. On the other hand, Days
Inventory Outstanding (DIO) declined to 94 days, from 105 days at 31 December
2024. The decline in DIO reflects accelerated sales during the second quarter
of the year following the seasonal Ramadan slowdown in March.
Cash and Net Debt
Cash balances and financial assets at amortised cost at 30 June 2025 reached
EGP 1,708 million, down marginally from EGP 1,716 million at year-end 2024.
EGP mn 31 December 2024 30 June 2025
Treasury Bills 74 77
Time Deposits 1,126 820
Current Accounts 494 769
Cash on Hand 23 42
Total 1,716 1,708
IDH's net cash1(5) balance recorded EGP 337 million as at 30 June 2025,
compared to a net cash of EGP 227 million as at year-end 2024.
EGP mn 31 December 2024 30 June 2025
Cash and Financial Assets at Amortised Cost1(6) 1,716 1,708
Lease Liabilities Property* (938) (935)
Total Financial Liabilities (Short-term and Long-term) (269) (241)
Interest Bearing Debt ("Medium Term Loans")** (282) (194)
Net Cash/(Debt) Balance 227 337
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 935
million at 30 June 2025, largely unchanged versus the figure recorded at
year-end 2024.
Meanwhile, financial obligations related to equipment recorded at EGP 241
million as at 30 June 2025, with the decline versus the balance at the end of
the previous year reflecting a payment of approximately EGP 22 million and the
addition of no new contracts in 2025.
Finally, interest bearing debt17 (excluding accrued interest) reached EGP 179
million at the end of the first half of 2025, down from EGP 265 million at
year-end 2024. The decline reflects the settlement of the Company's overdraft
balance.
Liabilities
Trade Payable1(8)
Trade payable as of 30 June 2025 stood at EGP 299 million, down from EGP 320
million at the end of 2024. Similarly, Days Payable Outstanding (DPO) came in
at 85 days, down from 90 days at 31 December 2024.
Put Option
The put option current liability stood at EGP 733 million as at 30 June 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.
Dividends
The Board of Directors has recommended that a dividend of USD 10 million, or
USD 0.017 per share, should be paid to shareholders who appear on the register
as of 12 September 2025, with an ex-dividend date of 11 September 2025. The
payment date for the dividend will be 3 October 2025.
1(5) 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(6) 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 333
million at 30 June 2025 (2024: EGP 468 million). Meanwhile, treasury bills not
accessible for over three months stood at EGP 76 million (2024: EGP 60
million).
1(7) IDH's interest bearing debt as at 30 June 2025 included EGP 9 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(8) Accounts payable is calculated based on average payables at the end of
each period.
- End -
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR BUGDCLSGDGUBRecent news on Integrated Diagnostics Holdings
See all newsREG - Integrated Diag Hdgs - Half-year Report
AnnouncementREG - Integrated Diag Hdgs - Notice of Results
AnnouncementREG - Integrated Diag Hdgs - IDH Strengthens Egyptian Radiology portfolio
AnnouncementREG - Integrated Diag Hdgs - 1st Quarter Results
AnnouncementREG - Integrated Diag Hdgs - Result of AGM
Announcement