Integrated Diagnostics (IDHC) H2 2024 earnings summary

Executive summary

• Achieved record-breaking results in 2024, surpassing previous highs even compared to the COVID-19-boosted 2021 figures.

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

• Expanded strategic footprint, notably launching the KSA venture and acquiring full control of the Saudi operation.

Financial highlights

• Revenue grew 39% year-over-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, up from 4.2 in 2023 and 3.7 in 2022.

• Gross, EBITDA, and net profit margins improved, with a 7 percentage point rise in bottom line margin (3 points excluding forex gains).

• Cash reserves increased to EGP 1.7 billion at year-end, up from EGP 835 million in 2023.

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.

• CapEx for 2025 projected at 3.5% of revenue, with focus on Saudi expansion and radiology in Egypt.

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