Integrated Diagnostics (IDHC) H2 2024 earnings summary

Executive summary

• Achieved record-breaking results in 2024, surpassing even COVID-19-boosted 2021 figures.

• Navigated significant macroeconomic and geopolitical challenges in Egypt, Nigeria, Sudan, and the MENA region.

• Expanded strategic footprint, notably in Egypt and Saudi Arabia, and continued to invest in future growth pillars.

Financial highlights

• Revenue grew 39% year-on-year to EGP 5.7 billion, the highest ever for the group.

• Performed 39.2 million tests, with a five-year CAGR of 12% in conventional test volume.

• Test-per-patient metric rose to 4.4 in 2024 from 4.2 in 2023 and 3.7 in 2022.

• Egypt revenue expanded 38% year-on-year, driven by record test volumes and higher prices.

• Radiology revenue up 45% to EGP 224 million, with 22% more scans and 19% higher average revenue per scan.

• Nigeria revenue grew 39% in local currency terms; Jordan saw a 3% rise in test volumes but stable revenue due to pricing regulation.

• Net cash reserves increased to EGP 1.7 billion from EGP 835 million at 2023 year-end.

Outlook and guidance

• Expecting 33% group revenue growth in 2025, with gross profit margin at 38% and EBITDA margin rising to 31%.

• Margin recovery anticipated as inflation normalizes and cost optimization continues.

• Saudi Arabia expansion to accelerate, targeting break-even in 2025 and up to 30 branches in three years.

• Price increases of 26% implemented group-wide at the start of 2025.