Egypt: IDH’s consolidated profit dips 11% YoY in 2023

PHOTO

Cairo – Integrated Diagnostics Holdings (IDH) recorded an 11% year-on-year (YoY) decline in consolidated net profit to EGP 468 million in 2023 from EGP 527 million.

Revenues increased by 14% YoY to EGP 4.12 billion last year from EGP 3.60 billion in 2022, according to annual financial statements.

Basic and diluted earnings per share (EPS) shrank to EGP 0.85 in 2023 from EGP 0.90 the year before.

Fourth Quarter

IDH’s consolidated net profit plunged 34% YoY to EGP 81 million last year from EGP 123 million a year earlier.

Consolidated revenues surged 33% YoY to EGP 1.06 billion in the 12 months that ended on 31 December 2023 from EGP 805 million.

Standalone Results

The company turned to a standalone loss in 2023, recording a net loss of $77.32 million, compared to a net profit of $71.63 million in 2022.

Dividends

IDH’s board of directors decided not to distribute dividends for 2023.

Hend El-Sherbini, CEO of IDH, said: “2023 was a year characterised by growth and execution…After months of preparation, in January 2024 we added a fifth market to our portfolio with the official launch of Biolab KSA in Saudi Arabia.”

“At the same time, we continued to capitalise on the important growth opportunities offered by our existing markets to drive strong year-on-year consolidated revenue growth and continue expanding our reach in the process,” El-Sherbini added.

The CEO concluded: “I remain confident in IDH’s abilities to navigate macroeconomic pressures and deliver yet another year of sustained growth and expansion in 2024.”

It is worth noting that IDH registered EGP 1.49 billion in consolidated net profit during 2021.