IDH Releases FY 2023 Financial Results

(Cairo and London) — Integrated Diagnostics Holdings (“IDH,” “the Group,” or “the Company”), a leading provider of diagnostic services with operations in Egypt, Jordan, Nigeria, Sudan, and Saudi Arabia, announced today its audited financial statements and operational performance for the year ended 31 December 2023, booking consolidated revenue of EGP 4.1 billion, a 14% year-on-year increase on the back of expanding test volumes and average revenue per test. This is a particularly impressive result when considering that Covid-19-related testing in the previous year (FY 2022) had contributed 19% of the Company’s top-line. When excluding Covid-19-related contributions from FY 2022 results, conventional revenues expanded an impressive 42% year-on-year. Further down the income statement, the Company booked net profit of EGP 468 million in FY 2023, down 11% year-on-year and yielding a net profit margin (NPM) of 11%.

On a quarterly basis, IDH posted consolidated revenue growth of 33%, reaching EGP 1.1 billion. Meanwhile the Company recorded conventional revenue growth of 37% year-on-year, boosted by 17% increases in both test volumes and average revenue per conventional test. Net profit recorded EGP 81 million, down 34% year-on-year and yielding an NPM of 8%.

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