Earnings: IDH profits up 39% in 3Q2020
EARNINGS WATCH- LSE-listed Integrated Diagnostics Holding (IDH) reported a 39% y-o-y increase in net profit to EGP 201 mn in 3Q2020 on revenues of EGP 720 mn, up 23% y-o-y, according to a company earnings release (pdf). Net profit grew 4% to EGP 375 mn during the first nine months of the year as revenues rose to EGP 1.67 bn, up 1% from the same period in 2019. IDH’s performance was supported by the government gradually lifting covid-19 lockdown measures, allowing the company to reopen all its branches during the third quarter of the year, said IDH CEO Hend El Sherbini. Profits were also driven by “IDH’s ability to adapt its service offering to the changing dynamics by ramping up its house call service and offering Covid-19-related testing in Egypt and Jordan,” El Sherbini said. In Nigeria, a surge in sales and “cost control efforts” helped the company turn in a positive EBITDA for the first time in 3Q2020, while Sudan is poised to be a bigger contributor to IDH’s profitability as international sanctions are gradually lifted after the US scrubbed Sudan from its terrorism list.
*** DR HEND CHARTS HER CAREER IN THIS WEEK’S EPISODE OF MAKING IT: From taking over the family business in 2004, to leading a diagnostics giant with 450 labs across Egypt, Jordan, Sudan and Nigeria, we explore what it took to institutionalize her business and the role of consolidation in providing quality healthcare that’s affordable, especially in light of covid-19.
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