IDH’s revenues rise in 2023: Regional diagnostic services provider Integrated Diagnostics Holdings (IDH) saw its revenue rise 14% y-o-y in 2023 to EGP 4.1 bn, backed by higher test volumes, according to the company’s earningsrelease(pdf). Net income, however, dropped 11% to EGP 468 mn as the company incurred larger expenses — such as higher costs of raw materials and equipment and salary increases — on the back of high inflation levels and a weaker EGP.

On a quarterly basis: IDH’s revenue grew 33% y-o-y in 4Q 2023 to EGP 1.1 bn, while its net income fell 34% y-o-y to record EGP 81 mn.

Egypt drove growth: Egypt remained IDH’s largest market, contributing almost 83% of total revenues. Conventional revenues in Egypt climbed 40% y-o-y on the back of an 18% y-o-y increase in test volumes. Jordan came in second accounting for 14.7% of the company’s revenues, followed by Nigeria, and Sudan.

IDH entered Saudi Arabia: The company has stepped into the Saudi market this year with two new branches in Riyadh.

What they said: “As a business operating in this part of the world, we are no strangers to macroeconomic volatility. 2023 was no different, as our markets of operation were confronted with devaluation, record-high inflation, tightening monetary policies, and fluctuating energy prices. Despite all this, our two largest markets, Egypt and Jordan, remained resilient supported by attractive fundamentals which are set to drive their long-term growth over the coming decade,” said CEO Hend El Sherbini.

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