REG - Integrated Diag Hdgs - Half-year Report
28/08/2024 07:00
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RNS Number : 8931B Integrated Diagnostics Holdings PLC 28 August 2024
Integrated Diagnostics Holdings Plc
1H 2024 Results
Wednesday, 28 August 2024
Integrated Diagnostics Holdings plc delivers strong 33% year-on-year revenue
growth in 1H 2024
(Cairo and London) - Integrated Diagnostics Holdings ("IDH," "the Group," or
"the Company"), a leading provider of diagnostic services with operations in
Egypt, Jordan, Nigeria, Sudan and Saudi Arabia, announced today its unaudited
financial statements for the six-month period ended 30 June 2024. IDH recorded
revenues of EGP 2,498 million, a 33% increase year-on-year driven by higher
test volumes and increased average revenues per test. Strong revenue
performance, combined with IDH's ongoing cost optimization efforts, has
improved profitability across the board. The Group posted an EBITDA of EGP 668
million, up 45% year-on-year, with an increased EBITDA margin of 27% compared
to 25% in 1H 2023. Additionally, the company saw significant net profit growth
of 127% year-on-year, reaching EGP 480 million and achieving an expanded net
profit margin (NPM) of 19%.
On a quarterly basis, revenues reached EGP 1,327 million in Q2 2024,
representing a 39% increase year-on-year. Net profit saw substantial growth,
rising 84% year-on-year to total EGP 78 million.
Financial Results (IFRS)
EGP mn Q2 2023 Q2 2024 Change 1H 2023 1H 2024 Change
Revenues 957 1,327 39% 1,872 2,498 33%
Cost of Sales (623) (831) 33% (1,214) (1,573) 30%
Gross Profit 333 497 49% 658 925 41%
Gross Profit Margin 34.8% 37.4% 2.6 pts 35.1% 37.0% 1.9 pts
Operating Profit 136 215 57% 265 435 64%
EBITDA(( 1 (#_ftn1) )) 234 338 44% 462 668 45%
EBITDA Margin 24.5% 25.4% 0.9 pts 24.7% 26.7% 2.0 pts
Net Profit 43 78 84% 211 480 127%
Net Profit Margin 4.5% 5.9% 1.4 pts 11.3% 19.2% 7.9 pts
Cash Balance 2 (#_ftn2) 666 1,254 88% 666 1,254 88%
Note: Throughout the document, percentage changes are calculated using the
exact value (as per the Consolidated Financials) and not the corresponding
rounded figure.
Key Operational Indicators 3 (#_ftn3)
EGP mn 1H 2023 1H 2024 Change
Branches 588 591 4 (#_ftn4) 3
Patients ('000) 3,917 4,119 5%
Revenue per Patient (EGP) 478 606 27%
Tests ('000) 16,465 17,822 8%
Revenue per Test 114 140 23%
Test per Patient 4.2 4.3 3%
Introduction
i. Financial Highlights
· IDH recorded consolidated revenues of EGP 2,498 million in the
first half of 2024, increasing 33% year-on-year from EGP 1,872 million in 1H
2023. Growth was supported by an 8% year-on-year rise in test volumes and a
23% year-on-year increase in average revenue per test. On a three-month basis,
IDH's consolidated revenues grew 39% year-on-year to EGP 1,327 million.
Revenue Progression Test Volumes Progression Revenue Progression Test Volumes Progression
(EGP mn) (mn) (EGP mn) (mn)
· Gross profit for the six-month period recorded EGP 925 million,
reflecting a 41% increase from EGP 658 million in 1H 2023. The gross profit
margin stood at 37% in 1H 2024, up from 35% in the same period last year,
underscoring the effectiveness of IDH's cost optimization efforts. On a
quarterly basis, gross profit recorded EGP 497 million, up 49% year-on-year,
with a higher margin of 37% versus 35% in Q2 2023.
· EBITDA 5 (#_ftn5) recorded EGP 668 million in the first half of
2024, up 45% from EGP 462 million in the same period last year. The EBITDA
margin improved to 27% from 25% in 1H 2023. Higher EBITDA profitability was
driven by revenue growth that outpaced the rise in costs and SG&A
expenses. Moreover, IDH continues to implement cost optimization efforts amid
inflationary pressures, which reflect positively on margins. In Q2 2024,
EBITDA came in at EGP 338 million, up 44% year-on-year with a stable margin of
25%.
· Net profit for 1H 2024 reached EGP 480 million, representing a
notable 127% year-on-year increase from 1H 2023. The Net Profit Margin (NPM)
expanded to 19%, up 8 percentage points from the 11% recorded in 1H 2023. On a
quarterly basis, net profit grew 84% year-on-year to EGP 78 million, with an
associated net profit margin of 6%, up from 4% in the same period of the
previous year.
ii. Operational Highlights
· At the end of 1H 2024, IDH's branch network stood at 591
branches, up by 3 branches compared to 1H 2023. In the first half of the year,
IDH launched 20 new branches in Egypt and two inaugural branches in Saudi
Arabia. During the same period, IDH closed one of its branches in Jordan
located in Jordan's airport due to a decrease in testing following the
COVID-19 pandemic, as well as all 18 branches in Sudan due to the ongoing
conflict.
· During the first half of the year, IDH conducted 17.8 million
tests across its geographies, reflecting an 8% year-on-year increase from 16.5
million tests in 1H 2023.
· The average revenue per test reached EGP 140 in 1H 2024, up 23%
compared to EGP 114 in 1H 2023. This increase was largely attributed to
strategic price increases introduced by IDH to address inflationary pressures
in its primary markets, including Egypt and Nigeria.
· During the first half of 2024, IDH served 4.1 million patients,
up 5% year-on-year, with the average number of tests per patient reaching a
record-high of 4.3, highlighting the success of IDH's strategies to attract
and retain patients while promoting increased testing. The continued rise in
average tests per patient underscores the effectiveness of IDH's initiatives,
including its loyalty program introduced in FY 2021, which remains a key
driver in enhancing patient testing.
iii. Updates by Geography
· In Egypt (82.8% of total revenues in 1H 2024), IDH saw
significant growth during the first half of 2024, generating EGP 2,069 million
in revenues, up 37% year-on-year. Revenue growth was primarily fuelled by a
25% year-on-year rise in the average revenue per test, reaching EGP 125 in 1H
2024, and further strengthened by a 10% year-on-year expansion in test
volumes, with IDH conducting 16.5 million tests in the first half of the year.
On a quarterly basis, IDH's Egyptian operations recorded revenues of EGP 1,080
million in Q2 2024, an increase of 38% year-on-year.
· IDH's Jordanian subsidiary (15.4% of total revenues in 1H 2024),
Biolab, recorded revenues of JOD 6.5 million, down 4% year-on-year, largely
attributed to a 2% reduction in test volumes during 1H 2024 as a result of the
ongoing geopolitical situation in the region. The average revenue per test in
Jordan declined a marginal 2% year-on-year during the period due to stringent
pricing regulations imposed on Jordan's health sector. In EGP terms,
operations in Jordan reported revenues of EGP 386 million, representing a 33%
year-on-year increase due to the translation effect from a weakened EGP.
· In Nigeria (1.5% of total revenues in 1H 2024), Echo-Lab achieved
a 37% year-on-year growth in revenues in local currency, reaching NGN 1,284
million during the first half of 2024, driven by a 65% year-on-year increase
in the average revenue per test. However, test volumes in Nigeria recorded 113
thousand in 1H 2024, down 17% year-on-year due to the continued impact of
inflationary pressures affecting patients' purchasing power. In EGP terms,
revenues in Nigeria recorded EGP 39 million, down 33% year-on-year, impacted
by both lower test volumes and average revenues per test due to the
devaluation of the Nigerian Naira.
· Biolab KSA, IDH's newest venture in Saudi Arabia (0.2% of total
revenues in 1H 2024) began operations in Q1 2024 with one branch opening in
January and another in March. The company generated revenues of SAR 339
thousand in 1H 2024, performing 7 thousand tests in 1H 2024 with an average
revenue per test of SAR 46. The company continues to run targeted campaigns to
attract patients, which is evident through its impressive quarterly results.
In Q2 2024, the company's revenue reached SAR 281 thousand, compared to SAR 58
thousand in the first quarter of the year, driven by more than a threefold
increase in the number of patients as well as a higher average revenue per
test. IDH sees significant potential in the Saudi market and continues to
actively expand in this region. In EGP terms, Saudi operations reported
revenues of EGP 4 million, with an average revenue per test of EGP 579 during
the six-month period.
· In Q1 2024, IDH decided to suspend all operations indefinitely in
Sudan due to the ongoing conflict, leading to the closure of its 18 branches
in the country.
iv. Management Commentary
Commenting on the Group's performance, IDH Chief Executive Officer Dr. Hend
El-Sherbini said: "I am pleased to report that IDH has successfully built on a
strong start to the year, delivering an impressive performance characterized
by substantial consolidated revenue growth and improved profitability. This
continued upward trajectory highlights the resilience of IDH's business model
amid various economic and regional challenges, underscoring our ability to
achieve consistent results and capitalize on opportunities for future growth.
During the first half of 2024, IDH achieved a robust 33% year-on-year revenue
increase, driven by a combination of higher test volumes and effective pricing
strategies yielding higher average revenues per test. This strong top-line
growth, coupled with disciplined cost management, has been pivotal in our
solid financial performance across the income statement. Notably, our success
in managing SG&A expenses, which decreased as a share of revenue,
underscores our commitment to optimizing costs and enhancing operational
efficiency. Consequently, our EBITDA grew by 45% year-on-year, with the margin
expanding to 27%, up from 25% last year, highlighting the resilience of our
business model in adapting to changing economic conditions.
Breaking down our results by regions, our core market in Egypt displayed
remarkable resilience, achieving a 37% year-on-year revenue growth. Despite
the challenges of rising inflation and its impact on patients' purchasing
power, we saw a growing demand for our services, with test volumes expanding
10% year-on-year and average revenue per test rising 25% year-on-year. We have
continued to solidify our market leadership by expanding our service offerings
and extending our reach into underpenetrated areas, adding 20 new branches
since the beginning of 2024. We are particularly delighted with the progress
of our radiology venture, Al-Borg Scan, which remains a central focus of our
growth strategy. The expansion of Al-Borg Scan reflects our commitment to
enhancing our service offerings in this critical area and aligns with our
diversification strategy. These initiatives are yielding tangible results,
with the radiology sector now contributing 5.0% to Egyptian revenues, up from
4.2% last year.
In Jordan, geopolitical instability impacted our performance in the first half
of the year, resulting in a slight decline in revenue in local currency terms,
primarily due to its effect on medical tourism and reduced test volumes. On
the other hand, Nigeria saw a robust 37% year-on-year increase in revenue in
local currency terms, driven by higher revenue per test. This growth reflects
our revenue mix optimization strategy, which has focused on higher-priced
tests, along with annual price increases we have implemented to counteract the
effects of record-high inflation in the country. However, it is important to
note that multiple devaluations of the Nigerian naira over the past two years,
coupled with the removal of diesel subsidies, have significantly strained our
patients' purchasing power, resulting in decreased test volumes and lower
revenues in EGP terms.
Turning to Saudi Arabia, where we officially commenced operations in Q1 2024
with the opening of two branches in Riyadh, our growth has been encouraging.
We are excited about expanding in this market, given its favourable
demographics, growing population, and rising demand for healthcare services.
The diagnostics sector remains fragmented, with no dominant players,
presenting IDH with an excellent environment to implement our proven business
model. We are confident that Saudi Arabia will quickly become a key market for
IDH. Since our launch, our comprehensive branding strategy, which included
outdoor advertising, social media campaigns, community event sponsorships, and
partnerships with local healthcare providers, has yielded strong results. In
Q2 2024, our revenue in Saudi Arabia surged to SAR 281 thousand, up from SAR
58 thousand in Q1 2024, driven by a significant increase in patient numbers
and higher revenue per test.
Looking ahead, our strategic focus remains steadfast. In Egypt, we expect
continued growth driven by recent economic reforms and a gradual improvement
in purchasing power. With over four decades of experience in the diagnostics
sector, we are particularly excited about the significant potential in our
radiology venture. As the economy stabilizes, we see a tremendous opportunity
to further capitalize on this growth area, leveraging our enhanced
capabilities to deliver even greater value across the region. In Saudi Arabia,
we are intensifying our efforts to fully capitalize on the market's potential,
with plans to expand our network of branches across the Kingdom. While we
remain mindful of the challenges ahead, particularly in navigating currency
fluctuations and inflationary pressures in some of our key markets, our
proactive risk management strategies, including price adjustments and cost
control measures, have so far mitigated these impacts, and we are confident in
our ability to sustain our growth trajectory. As such, we are reaffirming our
guidance of approximately 30% revenue growth in FY 2024, with an expected
EBITDA margin of around 30% for the year, excluding non-recurring expenses and
results from our newly inaugurated venture in Saudi Arabia.
Following up on our OTP from the EGX, IDH has received preliminary approval to
proceed with the delisting of its shares. IDH and the EGX coordinated the
process, with the Special Operations Market (OPR) operating from August 18th
to August 22nd. During this period, 18,673,728 shares were subscribed. IDH
then purchased these shares on August 26th, and the buyback settlement is to
be completed by August 28th. Afterwards, IDH will transfer its shares from the
EGX to the London Stock Exchange (LSE).
To conclude, our commitment remains unchanged in prioritizing the well-being
of our patients and stakeholders, as we continue to deliver exceptional
quality care to our growing patient base across Egypt, Jordan, Nigeria, and
Saudi Arabia.
- End -
Analyst and Investor Call Details
An analyst and investor call will be hosted at 1pm (UK) | 3pm (Egypt) on
Monday, 2 September 2024. You can learn more details and register for the call
by clicking on this link.
(https://s3.amazonaws.com/resources.inktankir.com/idh/IDH-1H24-results-conference-call.pdf)
For more information about the event, please contact: amoataz@EFG-HERMES.com
(mailto:amoataz@EFG-HERMES.com)
About Integrated Diagnostics Holdings (IDH)
IDH is a leading diagnostics services provider in the Middle East and Africa
offering a broad range of clinical pathology and radiology tests to patients
in Egypt, Jordan, Nigeria, Sudan, and Saudi Arabia. The Group's core brands
include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab
(Jordan), Echo-Lab (Nigeria), Ultralab and Al Mokhtabar Sudan (both in Sudan),
and Biolab KSA (Saudi Arabia). With over 40 years of experience, a long track
record for quality and safety has earned the Company a trusted reputation, as
well as internationally recognised accreditations for its portfolio of over
3,000 diagnostics tests. From its base of 601 branches as of 31 December 2023,
IDH served over 8.5 million patients and performed more than 36.1 million
tests in 2023. IDH will continue to add laboratories through a Hub, Spoke and
Spike business model that provides a scalable platform for efficient
expansion. Beyond organic growth, the Group targets expansion in appealing
markets, including acquisitions in the Middle Eastern, African, and East Asian
markets where its model is well-suited to capitalise on similar healthcare and
consumer trends and capture a significant share of fragmented markets. IDH has
been a Jersey-registered entity (i) whose shares are admitted to the equity
shares (transition) category (previously, the standard listing segment) of the
Official List of the UK Financial Conduct Authority and admitted to trading on
the main market for listed securities of the London Stock Exchange (ticker:
IDHC) since May 2015, and (ii) with a secondary listing on the Egyptian
Exchange since May 2021 (ticker: IDHC.CA).
Shareholder Information
LSE: IDHC.L
EGX: IDHC.CA
Bloomberg: IDHC:LN
Listed on LSE: May 2015
Listed on EGX: May 2021
Shares Outstanding: 600 million
Contact
Tarek Yehia
Investor Relations Director
T: +20 (0)2 3332 1126 | M: +20 10 6882 6678 | tarek.yehia@idhcorp.com
(mailto:tarek.yehia@idhcorp.com)
Forward-Looking Statements
These results for the quarter ended 30 June 2024 have been prepared solely to
provide additional information to shareholders to assess the group's
performance in relation to its operations and growth potential. These results
should not be relied upon by any other party or for any other reason. This
communication contains certain forward-looking statements. A forward-looking
statement is any statement that does not relate to historical facts and
events, and can be identified by the use of such words and phrases as
"according to estimates", "aims", "anticipates", "assumes", "believes",
"could", "estimates", "expects", "forecasts", "intends", "is of the opinion",
"may", "plans", "potential", "predicts", "projects", "should", "to the
knowledge of", "will", "would" or, in each case their negatives or other
similar expressions, which are intended to identify a statement as
forward-looking. This applies, in particular, to statements containing
information on future financial results, plans, or expectations regarding
business and management, future growth or profitability and general economic
and regulatory conditions and other matters affecting the Group.
Forward-looking statements reflect the current views of the Group's management
("Management") on future events, which are based on the assumptions of the
Management and involve known and unknown risks, uncertainties and other
factors that may cause the Group's actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements. The
occurrence or non-occurrence of an assumption could cause the Group's actual
financial condition and results of operations to differ materially from, or
fail to meet expectations expressed or implied by, such forward-looking
statements.
The Group's business is subject to a number of risks and uncertainties that
could also cause a forward-looking statement, estimate or prediction to differ
materially from those expressed or implied by the forward-looking statements
contained in this communication. The information, opinions and forward-looking
statements contained in this communication speak only as at its date and are
subject to change without notice. The Group does not undertake any obligation
to review, update, confirm or to release publicly any revisions to any
forward-looking statements to reflect events that occur or circumstances that
arise in relation to the content of this communication.
Group Operational & Financial Review
i. Revenue and Cost Analysis
Consolidated Revenue
IDH maintained its strong performance throughout the first half of 2024, with
revenues growing 33% year-on-year to reach EGP 2,498 million in 1H 2024.
Revenue growth was driven by an 8% year-on-year rise in test volumes and a 23%
increase in average revenue per test, which stood at EGP 140 during the
period. Higher average revenues per test continued to reflect the strategic
price increases implemented across Egyptian and Nigerian operations to
counteract mounting inflationary pressures in these markets.
Revenue Analysis
1H 2023 1H 2024 %
Total revenue (EGP mn) 1,872 2,498 33%
Test Volume Analysis
Total tests (mn) 16.5 17.8 8%
Revenue per Test Analysis
Total revenue per test (EGP) 114 140 23%
Revenue Analysis: Contribution by Patient Segment
Contract Segment (65% of Group revenue in 1H 2024)
At IDH's contract segment, revenues reached EGP 1,632 million, marking a 37%
year-on-year increase. Average revenue per test grew by 23% year-on-year,
reaching EGP 109 in 1H 2024. In parallel, test volumes totaled 14.9 million,
an 11% increase compared to the same period last year.
The segment also maintained its record-high average tests per patient, with
4.5 tests in 1H 2024, up from 4.4 tests in the comparable period last year.
This was supported by IDH's loyalty program, introduced in FY 2021, which
continues to deliver positive results for the Group.
Walk-in Segment (35% of Group revenue in 1H 2024)
Meanwhile, in IDH's walk-in segment, revenues reached EGP 866 million during
the six-month period, up 28% year-on-year, driven by a 33% increase in revenue
per test, which averaged EGP 301 in 1H 2024. The company conducted 2.9 million
walk-in tests during the period, a 4% year-on-year decrease as more walk-in
patients shifted to IDH's contract segment. The average tests per patient in
this segment saw a slight 2% year-on-year decline, recording 3.5 tests during
the period.
Test Volume Analysis
Total tests (mn) 16.5 17.8 8%
Revenue per Test Analysis
Total revenue per test (EGP) 114 140 23%
Revenue Analysis: Contribution by Patient Segment
Contract Segment (65% of Group revenue in 1H 2024)
At IDH's contract segment, revenues reached EGP 1,632 million, marking a 37%
year-on-year increase. Average revenue per test grew by 23% year-on-year,
reaching EGP 109 in 1H 2024. In parallel, test volumes totaled 14.9 million,
an 11% increase compared to the same period last year.
The segment also maintained its record-high average tests per patient, with
4.5 tests in 1H 2024, up from 4.4 tests in the comparable period last year.
This was supported by IDH's loyalty program, introduced in FY 2021, which
continues to deliver positive results for the Group.
Walk-in Segment (35% of Group revenue in 1H 2024)
Meanwhile, in IDH's walk-in segment, revenues reached EGP 866 million during
the six-month period, up 28% year-on-year, driven by a 33% increase in revenue
per test, which averaged EGP 301 in 1H 2024. The company conducted 2.9 million
walk-in tests during the period, a 4% year-on-year decrease as more walk-in
patients shifted to IDH's contract segment. The average tests per patient in
this segment saw a slight 2% year-on-year decline, recording 3.5 tests during
the period.
Detailed Segment Performance Breakdown
Walk-in Segment Contract Segment Total
1H23 1H24 Change 1H23 1H24 Change 1H23 1H24 Change
Revenue (EGP mn) 679 866 28% 1,193 1,632 37% 1,872 2,498 33%
Patients ('000) 833 814 -2% 3,084 3,305 7% 3,917 4,119 5%
% of Patients 21% 20% 79% 80%
Revenue per Patient (EGP) 815 1,064 31% 387 494 28% 478 606 27%
Tests ('000) 3,008 2,880 -4% 13,457 14,942 11% 16,465 17,822 8%
% of Tests 18% 16% 82% 84%
Revenue per Test (EGP) 226 301 33% 89 109 23% 114 140 23%
Test per Patient 3.6 3.5 -2% 4.4 4.5 4% 4.2 4.3 3%
Revenue Analysis: Contribution by Geography
Egypt (82.8% of Group revenue)
IDH's home and largest market, Egypt, maintained its strong growth momentum,
recording revenues of EGP 2,069 million in 1H 2024, a 37% year-on-year
increase. Growth at the segment was primarily dual driven by a 10% increase in
test volumes as well as a 25% rise in average revenue per test, attributed to
repricing strategies implemented to counter the inflationary environment.
On a quarterly basis, IDH's Egyptian operations recorded revenues of EGP 1,080
million in Q2 2024, an increase of 38% year-on-year.
Al-Borg Scan
IDH's rapidly growing radiology venture, Al-Borg Scan, continued its upward
trajectory in the six-month period, with revenues reaching EGP 104 million, a
substantial 65% year-on-year increase. Growth was supported by a 33%
year-on-year increase in scans performed reaching 121 thousand during 1H2024.
Furthermore, the average revenue per test grew 24% year-on-year to EGP 856 in
1H 2024. Al-Borg Scan continues to grow its operations through its network of
seven branches across the Greater Cairo area, positioning itself as a leader
in the fragmented Egyptian radiology market.
House Calls
During 1H 2024, IDH's house call services continued its significant
contribution to the country's results, constituting 18% of total revenues.
This contribution sits comfortably above pre-pandemic average, highlighting
the segment's growth potential and the effectiveness of the Group's
post-pandemic growth strategy.
Wayak
Finally, IDH's Egyptian subsidiary, Wayak, aims to leverage the Company's
expanding patient database to develop electronic medical records and provide
personalized services. In the first half of 2024, Wayak achieved revenues of
EGP 7 million, marking a 60% year-on-year increase. This growth came after
fulfilling 100 thousand orders during the first six months of the year,
reflecting a 21% rise compared to 1H 2023.
Detailed Egypt Performance Breakdown
Revenue Analysis
EGP mn 1H 2023 1H 2024 %
Total Revenue 1,514 2,069 37%
Pathology Revenue 1,451 1,966 35%
Radiology Revenue 63 104 65%
Contribution to Consolidated Results
Pathology Revenue 96% 95%
Radiology Revenue 4.2% 5.0%
Test Volume Analysis
Total Tests 15.1 16.5 10%
Revenue per Test Analysis
Total Revenue per Test 100 125 25%
Test Volume Analysis
Total Tests 15.1 16.5 10%
Revenue per Test Analysis
Total Revenue per Test 100 125 25%
Jordan (15.4% of Group revenue in 1H 2024)
In IDH's second largest market, Jordan, Biolab, recorded revenues of JOD 6.5
million, down 4% year-on-year, largely attributed to a 2% reduction in test
volumes during 1H 2024 weighed down by the ongoing geopolitical instability in
the region. The average revenue per test in Jordan remained relatively stable,
showing only a 2% year-on-year decline during the period due to stringent
pricing regulations. In EGP terms, Jordanian operations booked a 33%
year-on-year increase, posting EGP 386 million in 1H 2024. Higher revenues in
EGP terms reflected an 36% year-on-year increase in average revenue per test,
due to the translation effect following the devaluation of the Egyptian pound.
On a quarterly basis, Biolab recorded JOD 3.3 million in Q2 2024, down 4%
year-on-year. In EGP terms, it recorded EGP 221 million, up 51% year-on-year,
due to the translation effect of a weaker Egyptian pound.
Detailed Jordan Performance Breakdown
Revenue Analysis
EGP mn 1H 2023 1H 2024 %
Total Revenue 290 386 33%
Test Volume Analysis
Total Tests ('000) 1,180 1,154 -2%
Revenue per Test Analysis
Total Revenue per Test 246 334 36%
Test Volume Analysis
Total Tests ('000) 1,180 1,154 -2%
Revenue per Test Analysis
Total Revenue per Test 246 334 36%
▲37% Nigeria (1.5% of Group revenue in 1H 2024)
Echo-Lab, IDH's Nigerian subsidiary, posted a 37% year-on-year growth in
revenues in local currency, reaching NGN 1,284 million during the first half
of 2024. Growth was driven by a 65% increase in the average revenue per test.
Meanwhile, test volumes in Nigeria were down 17% year-on-year, booking 113
thousand for 1H 2024, as inflationary pressures continued to significantly
impact the population's purchasing power. In EGP terms, Echo-Lab booked EGP 39
million in revenues during 1H 2024, down 33% year-on-year. In addition to
declining test volumes at the market, average revenue per test declined to EGP
341 during the six-month period, reflecting the translation effect from
multiple devaluations of the Naira over the past year.
Quarterly operations in Nigeria generated NGN 682 million, marking a 45%
increase compared to the previous year. In EGP terms, it amounted to EGP 23
million, reflecting a 15% decrease year-on-year.
Saudi Arabia (0.2% of Group revenue in 1H 2024)
IDH expanded its footprint into Saudi Arabia in the first quarter of 2024,
launching two Biolab KSA locations in Riyadh, the capital. The first branch
opened in January, and the second followed in March 2024. Saudi Arabia's
promising demographics, rapidly expanding economy, and a fragmented
diagnostics sector present considerable opportunity for IDH. The goal of this
expansion is to become a comprehensive provider of clinical pathology
diagnostic services, with a widespread network of branches across the Kingdom.
In its first operational half of the year, Biolab KSA posted revenues of SAR
339 thousand, performing 7 thousand tests and booking an average revenue per
test of SAR 46. In Q2 2024 alone, the company's revenue reached SAR 281
thousand compared to SAR 58 thousand in the first quarter, driven by more than
a threefold increase in the number of patients as well as a higher revenue per
test.
Sudan
Due to the ongoing situation in Sudan, which started with the eruption of
violent conflict in April 2023, IDH has decided to halt all operations in the
country starting in Q1 2024. All 18 of IDH's branches in the country have now
been indefinitely shut down.
Nigeria (1.5% of Group revenue in 1H 2024)
Echo-Lab, IDH's Nigerian subsidiary, posted a 37% year-on-year growth in
revenues in local currency, reaching NGN 1,284 million during the first half
of 2024. Growth was driven by a 65% increase in the average revenue per test.
Meanwhile, test volumes in Nigeria were down 17% year-on-year, booking 113
thousand for 1H 2024, as inflationary pressures continued to significantly
impact the population's purchasing power. In EGP terms, Echo-Lab booked EGP 39
million in revenues during 1H 2024, down 33% year-on-year. In addition to
declining test volumes at the market, average revenue per test declined to EGP
341 during the six-month period, reflecting the translation effect from
multiple devaluations of the Naira over the past year.
Quarterly operations in Nigeria generated NGN 682 million, marking a 45%
increase compared to the previous year. In EGP terms, it amounted to EGP 23
million, reflecting a 15% decrease year-on-year.
Saudi Arabia (0.2% of Group revenue in 1H 2024)
IDH expanded its footprint into Saudi Arabia in the first quarter of 2024,
launching two Biolab KSA locations in Riyadh, the capital. The first branch
opened in January, and the second followed in March 2024. Saudi Arabia's
promising demographics, rapidly expanding economy, and a fragmented
diagnostics sector present considerable opportunity for IDH. The goal of this
expansion is to become a comprehensive provider of clinical pathology
diagnostic services, with a widespread network of branches across the Kingdom.
In its first operational half of the year, Biolab KSA posted revenues of SAR
339 thousand, performing 7 thousand tests and booking an average revenue per
test of SAR 46. In Q2 2024 alone, the company's revenue reached SAR 281
thousand compared to SAR 58 thousand in the first quarter, driven by more than
a threefold increase in the number of patients as well as a higher revenue per
test.
Sudan
Due to the ongoing situation in Sudan, which started with the eruption of
violent conflict in April 2023, IDH has decided to halt all operations in the
country starting in Q1 2024. All 18 of IDH's branches in the country have now
been indefinitely shut down.
Revenue Contribution by Country
1H 2023 1H 2024 Change
Egypt Revenue (EGP mn) 1,514 2,069 37%
Pathology Revenue (EGP mn) 1,451 1,966 35%
Radiology Revenue (EGP mn) 63 104 65%
Egypt Contribution to IDH Revenue 80.9% 82.8%
Jordan Revenue (EGP mn) 290 386 33%
Jordan Revenues (JOD mn) 6.8 6.5 -4%
Jordan Revenue Contribution to IDH Revenue 15.5% 15.4%
Nigeria Revenue (EGP mn) 58 39 -33%
Nigeria Revenue (NGN mn) 937 1,284 37%
Nigeria Contribution to IDH Revenue 3.1% 1.5%
Saudi Arabia Revenue (EGP k) 4,246 -
Saudi Arabia Revenue (SAR k) - 339 -
Saudi Arabia Contribution to IDH Revenue - 0.2%
Average Exchange Rate
1H 2023 1H 2024 Change
USD/EGP 30.7 42.0 37%
JOD/EGP 42.8 59.1 38%
NGN/EGP 0.1 0.03 -52%
SAR/EGP 11.2 N/A
Patients Served and Tests Performed by Country
1H 2023 1H 2024 Change
Egypt Patients Served (mn) 3.7 3.9 6%
Egypt Tests Performed (mn) 15.1 16.5 10%
Jordan Patients Served (k) 183 172 -6%
Jordan Tests Performed (k) 1,180 1,154 -2%
Nigeria Patients Served (k) 69 59 -14%
Nigeria Tests Performed (k) 136 113 -17%
Saudi Arabia Patients Served (k) - 1 -
Saudi Arabia Tests Performed (k) - 7 -
Total Patients Served (mn) 3.9 4.1 5%
Total Tests Performed (mn) 16.5 17.8 8%
Branches by Country
30 June 2023 30 June 2024 Change
Egypt 531 551 20
Jordan 27 26 -1
Nigeria 12 12 -
Saudi Arabia - 2 2
Sudan 6 (#_ftn6) 18 - -18
Total Branches 588 591 3
Cost of Goods Sold
IDH reported cost of goods sold at EGP 1,573 million for the first half of the
year, reflecting a 30% year-on-year increase. As a percentage of revenue, cost
of goods sold accounted for 63.0% in 1H 2024, down from 64.9% in the same
period last year. The reduction in the cost of goods sold as a percentage of
revenue was mainly attributed to lower direct wages and salaries, as well as
reduced depreciation expenses relative to revenue.
Cost of Goods sold Breakdown as a Percentage of Revenue
1H 2023 1H 2024
Raw Materials 21.5% 21.5%
Wages & Salaries 20.4% 19.5%
Depreciation & Amortisation 9.4% 8.5%
Other Expenses 13.5% 13.4%
Total 64.9% 63.0%
Raw material costs (34% of consolidated cost of goods sold in 1H 2024) the
largest contributor to cost of goods sold in 1H 2024, totalled EGP 538
million, which represents a 34% increase year-on-year. As a percentage of
revenue, raw materials stood at 21.5%, at par with 1H 2023.
Wages and salaries including employee share of profits (31% share of
consolidated cost of goods sold) remained the second largest contributor to
the cost of goods sold during the period, posting EGP 488 million, a 28%
year-on-year increase. As a percentage of revenue, direct wages and salaries
accounted for 19.5%, down from 20.4% in the same period last year. This
decline is a direct result of IDH's optimized headcount compared to the
previous year.
Direct Wages and Salaries by Region
1H 2023 1H 2024 Change
Egypt (EGP mn) 287 358 25%
Jordan (EGP mn) 78 109 40%
Jordan (JOD mn) 2 2 1%
Nigeria (EGP mn) 16 11 -32%
Nigeria (NGN mn) 272 358 32%
Saudi Arabia (EGP mn) - 11 -
Saudi Arabia (SAR k) - 978 -
Direct depreciation and amortization costs (14% of consolidated cost of goods
sold) rose to EGP 212 million in 1H 2024, marking a 20% increase compared to
the previous year. These costs represented 8.5% of revenues, down slightly
from the figure recorded in 1H 2023. The rise in depreciation expenses is
attributed to the expansion of IDH's branch network, which saw the addition of
7 new branches in Egypt over the past six months and 20 over the past year.
Other expenses (21% of consolidated cost of goods sold) recorded EGP 335
million in 1H 2024, reflecting a 32% increase year-on-year. As a percentage of
revenues, these expenses remained steady at 13.4%, consistent with the same
period last year. The main components of other expenses during this time were
repair and maintenance fees, hospital contracts, and cleaning costs.
Gross Profit
The Company reported a gross profit of EGP 925 million for the first six
months of the year, representing a 41% year-on-year increase compared to the
previous year. The Gross Profit Margin (GPM) also improved to 37%, up from 35%
in 1H 2023. Improved margins were achieved by reducing the cost of goods sold
as a percentage of revenue, enhancing fixed asset utilization to lower
depreciation, and optimizing headcount to decrease direct salary expenses
relative to revenue.
Selling, General and Administrative (SG&A) Expenses
SG&A expenses for 1H 2024 totaled EGP 490 million, marking a 25% increase
year-on-year. As a percentage of revenues, SG&A accounted for 20%, down
from 21% in the same period last year. The rise in SG&A expenses was
mainly due to the following factors:
· Higher indirect wages and salaries reached EGP 173 million, a 23%
increase compared to the previous year. This rise was driven by annual wage
increases and the translation effect from Jordanian salaries as well as Saudi
Arabian salaries due to a weakened EGP. However, indirect salaries and wages
as a percentage of revenue decreased to 6.9% from 7.5% in 1H 2023, thanks to
the optimization of IDH's headcount.
· G&A other expenses rose by 38% year-on-year to EGP 175
million, primarily due to increased accounting and professional fees quoted in
foreign currency impacted by a weaker EGP in the income statement.
Advertising expenses increased by 50% year-on-year to support the ramp-up of
the company's operations in Saudi Arabia, which began in Q1 2024. These
expenses now represent 43% of the company's total advertising costs.
Selling, General and Administrative Expenses
1H 2023 1H 2024 Change
Wages & Salaries 141 173 23%
Accounting and Professional Fees 70 103 47%
Market - Advertisement expenses 52 78 50%
Other Expenses 74 78 5%
Depreciation & Amortisation 20 21 5%
Impairment loss on trade and other receivable 23 17 -26%
Travelling and transportation expenses 14 18 28%
Other (income)/expense 3 (1) N/A
Total 393 490 25%
EBITDA
During 1H 2024, IDH achieved an EBITDA of EGP 668 million, representing a 45%
year-on-year increase, driven by the continued normalization of costs over the
past 12 months. The EBITDA margin also improved to 27%, up from 25% in 1H
2023.
It is worth noting that EBITDA has been impacted by the recent expansion of
IDH's operations in Saudi Arabia and the EGX delisting fees of EGP 99.4
million. Adjusting for non-recurring items, IDH would have recorded EBITDA of
EGP 767 million, reflecting a margin of 30.7%.
EBITDA by Country
In Egypt, IDH reported an EBITDA of EGP 663 million for 1H 2024, a 63%
increase compared to the previous year. The EBITDA margin rose significantly
to 32%, up from 27% a year earlier. Improved profitability in the region was
driven by a 3.0 percentage point reduction in SG&A expenses to 16%,
primarily due to lower advertising costs.
In Jordan, IDH's subsidiary Biolab reported an EBITDA of JOD 1.5 million for
1H 2024, a 6% decrease from the previous year, with a margin of 23%,
relatively stable to the margin in 1H 2023. In EGP terms, EBITDA amounted to
EGP 89 million, marking a 29% year-on-year increase and a margin of 23%. The
growth in EBITDA when converted to EGP is attributed to the devaluation of the
EGP over the past year.
In Nigeria, ongoing economic challenges and rising inflation have impacted
IDH's cost base, resulting in increased EBITDA losses for the first half of
the year. In 1H 2024, EBITDA losses amounted to NGN 436 million, down from NGN
233 million in the same period of 2023. When converted to EGP, EBITDA losses
were EGP 13 million in 1H 2024, an improvement from EGP 15 million the
previous year. This reduction in EBITDA losses in EGP terms is due to the
translation effect of the devaluation of the Nigerian Naira.
In Saudi Arabia, EBITDA losses amounted to SAR 6 million as the new venture
starts to scale up its operations. In EGP terms, these EBITDA losses totalled
EGP 70 million.
Regional EBITDA in Local Currency
1H 2023 1H 2024 Change
Egypt EBITDA EGP mn 407 663 63%
Margin 27% 32%
Jordan EBITDA JOD mn 1.6 1.5 -7%
Margin 24% 23%
Nigeria EBITDA NGN mn -233 -436 87%
Margin -25% -34%
Saudi Arabia EBITDA SAR mn - -6.1 -
Margin - -
Interest Income / Expense
IDH's interest income recorded EGP 55 million, increasing considerably from
EGP 30 million in 1H 2023. Higher interest income during the quarter period
the increase in interest rates imposed by the CBE during the past 12 months.
Interest expense 7 (#_ftn7) stood at EGP 89 million, up 17% year-on-year in
1H 2024. The marginal increase in interest expenses were mainly driven by:
· Higher interest on lease liabilities related to IFRS 16 due to
the addition of new branches to IDH's network.
· Higher interest expenses following the CBE decision to increase
rates in December 2023 and February 2024. It is important to note that IDH's
interest bearing debt 8 (#_ftn8) (excluding accrued interest) decreased to
EGP 94 million as at 30 June2024, from EGP 111 million at year-end 2023. In
2023, as part of IDH's strategy to reduce foreign currency risk, the Company
agreed with General Electric (GE) for the early repayment of its contractual
obligation of USD 5.7 million. To finance the settlement, IDH utilized a
bridge loan facility, with half the amount being funded internally, while the
other half (amounting to EGP 55 million) was provided through a bridge loan by
Ahly United Bank- Egypt (AUBE). Interest expenses related to the AUBE facility
recorded EGP 11 million in Q2 2024. The bridge loan was fully settled in Q2
2023.
· Fast track payments worth EGP 3.7 million, which encompass
discounts provided for the rapid payment of receivables in 1H 2024.
Interest Expense Breakdown
EGP mn 1H 2023 1H 2024 Change
Interest on Lease Liabilities (IFRS 16) 45.2 53.8 19%
Interest Expenses on Leases 13.7 12.6 -8%
Interest Expenses on Borrowings 9 (#_ftn9) 11.6 12.2 5%
Bank Charges 5.4 6.3 18%
Fast Track Payment - 3.7 -
Total Interest Expense 75.9 88.6 17%
Foreign Exchange
IDH booked a foreign exchange gain of EGP 297 million in 1H 2024, up from EGP
102 million during the same period of the previous year. The foreign exchange
gain was due to intercompany balances revaluation.
Taxation
Tax expenses, including income and deferred tax, rose to EGP 207 million
during 1H 2024, up from EGP 98 million one year prior. IDH's effective tax
rate slightly declines to 30% in 1H 2024. The decline in effective tax rate
for the first half compared to IDH's historical averages is primarily due to
the increase in foreign exchange gain recorded during the periods as a result
of intercompany transactions. It is important to highlight that there is no
tax payable for IDH's two holding-level companies.
Taxation Breakdown by Region
EGP Mn 1H 2023 1H 2024 Change
Egypt 91.4 194.9 113%
Jordan 6.6 11.5 74%
Nigeria -0.1 0.0 N/A
KSA - 0.9 -
Total Tax Expenses 98.4 207.3 111%
Net Profit
IDH booked a net profit of EGP 480 million in 1H 2024, a 127% year-on-year
increase due to the substantial increase in foreign exchange gain from
intercompany transactions. Meanwhile, the Company's Net Profit Margin (NPM)
came in at 19% compared to 11% in 1H 2023.
When accounting for contributions from foreign exchange gains during both
periods, IDH booked an adjusted net profit of EGP 183 million in 1H 2024,
growing 68% year-on-year from EGP 109 million during the same period of last
year. The Company's adjusted net profit margin stood at 7% during the period,
up from 6% in 1H 2023.
Raw material costs (34% of consolidated cost of goods sold in 1H 2024) the
largest contributor to cost of goods sold in 1H 2024, totalled EGP 538
million, which represents a 34% increase year-on-year. As a percentage of
revenue, raw materials stood at 21.5%, at par with 1H 2023.
Wages and salaries including employee share of profits (31% share of
consolidated cost of goods sold) remained the second largest contributor to
the cost of goods sold during the period, posting EGP 488 million, a 28%
year-on-year increase. As a percentage of revenue, direct wages and salaries
accounted for 19.5%, down from 20.4% in the same period last year. This
decline is a direct result of IDH's optimized headcount compared to the
previous year.
Direct Wages and Salaries by Region
1H 2023 1H 2024 Change
Egypt (EGP mn) 287 358 25%
Jordan (EGP mn) 78 109 40%
Jordan (JOD mn) 2 2 1%
Nigeria (EGP mn) 16 11 -32%
Nigeria (NGN mn) 272 358 32%
Saudi Arabia (EGP mn) - 11 -
Saudi Arabia (SAR k) - 978 -
Direct depreciation and amortization costs (14% of consolidated cost of goods
sold) rose to EGP 212 million in 1H 2024, marking a 20% increase compared to
the previous year. These costs represented 8.5% of revenues, down slightly
from the figure recorded in 1H 2023. The rise in depreciation expenses is
attributed to the expansion of IDH's branch network, which saw the addition of
7 new branches in Egypt over the past six months and 20 over the past year.
Other expenses (21% of consolidated cost of goods sold) recorded EGP 335
million in 1H 2024, reflecting a 32% increase year-on-year. As a percentage of
revenues, these expenses remained steady at 13.4%, consistent with the same
period last year. The main components of other expenses during this time were
repair and maintenance fees, hospital contracts, and cleaning costs.
Gross Profit
The Company reported a gross profit of EGP 925 million for the first six
months of the year, representing a 41% year-on-year increase compared to the
previous year. The Gross Profit Margin (GPM) also improved to 37%, up from 35%
in 1H 2023. Improved margins were achieved by reducing the cost of goods sold
as a percentage of revenue, enhancing fixed asset utilization to lower
depreciation, and optimizing headcount to decrease direct salary expenses
relative to revenue.
Selling, General and Administrative (SG&A) Expenses
SG&A expenses for 1H 2024 totaled EGP 490 million, marking a 25% increase
year-on-year. As a percentage of revenues, SG&A accounted for 20%, down
from 21% in the same period last year. The rise in SG&A expenses was
mainly due to the following factors:
· Higher indirect wages and salaries reached EGP 173 million, a 23%
increase compared to the previous year. This rise was driven by annual wage
increases and the translation effect from Jordanian salaries as well as Saudi
Arabian salaries due to a weakened EGP. However, indirect salaries and wages
as a percentage of revenue decreased to 6.9% from 7.5% in 1H 2023, thanks to
the optimization of IDH's headcount.
· G&A other expenses rose by 38% year-on-year to EGP 175
million, primarily due to increased accounting and professional fees quoted in
foreign currency impacted by a weaker EGP in the income statement.
Advertising expenses increased by 50% year-on-year to support the ramp-up of
the company's operations in Saudi Arabia, which began in Q1 2024. These
expenses now represent 43% of the company's total advertising costs.
Selling, General and Administrative Expenses
1H 2023 1H 2024 Change
Wages & Salaries 141 173 23%
Accounting and Professional Fees 70 103 47%
Market - Advertisement expenses 52 78 50%
Other Expenses 74 78 5%
Depreciation & Amortisation 20 21 5%
Impairment loss on trade and other receivable 23 17 -26%
Travelling and transportation expenses 14 18 28%
Other (income)/expense 3 (1) N/A
Total 393 490 25%
EBITDA
During 1H 2024, IDH achieved an EBITDA of EGP 668 million, representing a 45%
year-on-year increase, driven by the continued normalization of costs over the
past 12 months. The EBITDA margin also improved to 27%, up from 25% in 1H
2023.
It is worth noting that EBITDA has been impacted by the recent expansion of
IDH's operations in Saudi Arabia and the EGX delisting fees of EGP 99.4
million. Adjusting for non-recurring items, IDH would have recorded EBITDA of
EGP 767 million, reflecting a margin of 30.7%.
EBITDA by Country
In Egypt, IDH reported an EBITDA of EGP 663 million for 1H 2024, a 63%
increase compared to the previous year. The EBITDA margin rose significantly
to 32%, up from 27% a year earlier. Improved profitability in the region was
driven by a 3.0 percentage point reduction in SG&A expenses to 16%,
primarily due to lower advertising costs.
In Jordan, IDH's subsidiary Biolab reported an EBITDA of JOD 1.5 million for
1H 2024, a 6% decrease from the previous year, with a margin of 23%,
relatively stable to the margin in 1H 2023. In EGP terms, EBITDA amounted to
EGP 89 million, marking a 29% year-on-year increase and a margin of 23%. The
growth in EBITDA when converted to EGP is attributed to the devaluation of the
EGP over the past year.
In Nigeria, ongoing economic challenges and rising inflation have impacted
IDH's cost base, resulting in increased EBITDA losses for the first half of
the year. In 1H 2024, EBITDA losses amounted to NGN 436 million, down from NGN
233 million in the same period of 2023. When converted to EGP, EBITDA losses
were EGP 13 million in 1H 2024, an improvement from EGP 15 million the
previous year. This reduction in EBITDA losses in EGP terms is due to the
translation effect of the devaluation of the Nigerian Naira.
In Saudi Arabia, EBITDA losses amounted to SAR 6 million as the new venture
starts to scale up its operations. In EGP terms, these EBITDA losses totalled
EGP 70 million.
Regional EBITDA in Local Currency
1H 2023 1H 2024 Change
Egypt EBITDA EGP mn 407 663 63%
Margin 27% 32%
Jordan EBITDA JOD mn 1.6 1.5 -7%
Margin 24% 23%
Nigeria EBITDA NGN mn -233 -436 87%
Margin -25% -34%
Saudi Arabia EBITDA SAR mn - -6.1 -
Margin - -
Interest Income / Expense
IDH's interest income recorded EGP 55 million, increasing considerably from
EGP 30 million in 1H 2023. Higher interest income during the quarter period
the increase in interest rates imposed by the CBE during the past 12 months.
Interest expense 7 (#_ftn7) stood at EGP 89 million, up 17% year-on-year in
1H 2024. The marginal increase in interest expenses were mainly driven by:
· Higher interest on lease liabilities related to IFRS 16 due to
the addition of new branches to IDH's network.
· Higher interest expenses following the CBE decision to increase
rates in December 2023 and February 2024. It is important to note that IDH's
interest bearing debt 8 (#_ftn8) (excluding accrued interest) decreased to
EGP 94 million as at 30 June2024, from EGP 111 million at year-end 2023. In
2023, as part of IDH's strategy to reduce foreign currency risk, the Company
agreed with General Electric (GE) for the early repayment of its contractual
obligation of USD 5.7 million. To finance the settlement, IDH utilized a
bridge loan facility, with half the amount being funded internally, while the
other half (amounting to EGP 55 million) was provided through a bridge loan by
Ahly United Bank- Egypt (AUBE). Interest expenses related to the AUBE facility
recorded EGP 11 million in Q2 2024. The bridge loan was fully settled in Q2
2023.
· Fast track payments worth EGP 3.7 million, which encompass
discounts provided for the rapid payment of receivables in 1H 2024.
Interest Expense Breakdown
EGP mn 1H 2023 1H 2024 Change
Interest on Lease Liabilities (IFRS 16) 45.2 53.8 19%
Interest Expenses on Leases 13.7 12.6 -8%
Interest Expenses on Borrowings 9 (#_ftn9) 11.6 12.2 5%
Bank Charges 5.4 6.3 18%
Fast Track Payment - 3.7 -
Total Interest Expense 75.9 88.6 17%
Foreign Exchange
IDH booked a foreign exchange gain of EGP 297 million in 1H 2024, up from EGP
102 million during the same period of the previous year. The foreign exchange
gain was due to intercompany balances revaluation.
Taxation
Tax expenses, including income and deferred tax, rose to EGP 207 million
during 1H 2024, up from EGP 98 million one year prior. IDH's effective tax
rate slightly declines to 30% in 1H 2024. The decline in effective tax rate
for the first half compared to IDH's historical averages is primarily due to
the increase in foreign exchange gain recorded during the periods as a result
of intercompany transactions. It is important to highlight that there is no
tax payable for IDH's two holding-level companies.
Taxation Breakdown by Region
EGP Mn 1H 2023 1H 2024 Change
Egypt 91.4 194.9 113%
Jordan 6.6 11.5 74%
Nigeria -0.1 0.0 N/A
KSA - 0.9 -
Total Tax Expenses 98.4 207.3 111%
Net Profit
IDH booked a net profit of EGP 480 million in 1H 2024, a 127% year-on-year
increase due to the substantial increase in foreign exchange gain from
intercompany transactions. Meanwhile, the Company's Net Profit Margin (NPM)
came in at 19% compared to 11% in 1H 2023.
When accounting for contributions from foreign exchange gains during both
periods, IDH booked an adjusted net profit of EGP 183 million in 1H 2024,
growing 68% year-on-year from EGP 109 million during the same period of last
year. The Company's adjusted net profit margin stood at 7% during the period,
up from 6% in 1H 2023.
ii. Balance Sheet Analysis
Assets
Property, Plant and Equipment
IDH recorded property, plant and equipment (PPE) cost of EGP 2,921 million as
of 30 June 2024, up from EGP 2,554 million at the end of 2023. The increase in
CAPEX as a share of revenue during the past six-month period is largely due to
the addition of new branches, renovation of existing branches, improvements of
IDH's headquarters (constituting 2.5% of revenues), in addition to the
translation effect related to Jordan, Nigeria, and Saudi Arabia (comprising
12.2% of revenues).
Total CAPEX Addition Breakdown - 1H 2024
EGP mn % of Revenue
Leasehold Improvements/new branches 60.9 2.4%
Al-Borg Scan Expansion 2.4 0.1%
Total CAPEX Additions Excluding Translation 63.3 2.5%
Translation Effect 303.6 12.2%
Total CAPEX Additions 366.9 14.7%
Trade Receivables and Provisions
Net trade receivables at 30 June 2024 amounted to EGP 753 million, up 32%
year-to-date. Meanwhile, IDH's net receivables' Days on Hand (DoH) booked 146
days, up from 134 days at the end of 2023.
Provision for doubtful accounts in 1H 2024 was recorded at EGP 17 million, a
decrease from EGP 23 million in the previous year. This reduction is
attributed to improved economic conditions, increased stability, and reduced
inflation, which have led to a noticeable increase in collected amounts during
the accounting period.
Inventory
At 30 June 2024, IDH booked an inventory balance of EGP 462 million, up 23%
compared to the end of 2023. Meanwhile, Days Inventory Outstanding (DIO)
increased to 148 days, from 133 days at 31 December 2023. Increased DIO
highlights management's proactive strategy of accumulating inventory to hedge
against inflationary pressures.
Cash and Net Debt
Cash balances and financial assets at amortised cost at 30 June 2024 reached
EGP 1,254 million, up from EGP 835 million at year-end 2023.
EGP million 31 Dec 2023 30 June 2024
Treasury Bills 133 256
Time Deposits 289 322
Current Accounts 391 624
Cash on Hand 21 52
Total 835 1,254
IDH's net debt 10 (#_ftn10) balance came in at EGP 35 million as of the end
of 1H 2024, down from EGP 361 million as at year-end 2023.
EGP million 31 Dec 2023 30 June 2024
Cash and Financial Assets at Amortised Cost 11 (#_ftn11) 835 1,254
Lease Liabilities Property* (828) (944)
Total Financial Liabilities (Short-term and Long-term) (240) (236)
Interest Bearing Debt ("Medium Term Loans") (128) (109)
Net Debt Balance (361) (35)
Note: Interest Bearing Debt includes accrued interest for each period.
*If excluding Lease Liabilities Property (IFRS 16), IDH would have recorded
net cash of EGP 909 million
Lease liabilities and financial obligations on property came in at EGP 944
million at the end of Q2 2024, with the increase attributed to the translation
effect of JOD-denominated liabilities in Jordan following the devaluation of
the EGP in early 2024.
Meanwhile, financial obligations related to equipment stood at EGP 236 million
as at 30 June 2024, with the increase attributable to increases in USD-linked
contracts with equipment suppliers following the devaluation of the Egyptian
Pound.
Finally, interest bearing debt 12 (#_ftn12) (excluding accrued interest)
reached EGP 94 million at the end of Q2 2024, down from EGP 111 million at
year-end 2023.
Liabilities
Trade Payable 13 (#_ftn13)
Trade payable as of 30 June 2024 stood at EGP 283 million, up from EGP 272
million at the end of 2023. Meanwhile, Days Payable Outstanding (DPO) came in
at 98 days, down from 113 days at 31 December 2023.
Put Option
The put option current liability stood at EGP 456 million as at 30 June 2024,
up from EGP 314 million at 31 December 2023, and is related to both:
· The option granted in 2011 to Dr. Amid, Biolab's CEO, to sell his
stake (40%) to IDH. The put option is in the money and exercisable since 2016
and is calculated as 7 times Biolab's LTM EBITDA minus net debt.
· The option granted in 2018 to the International Finance
Corporation from Dynasty - shareholders in Echo Lab - and it is exercisable in
2024. The put option is calculated based on fair market value (FMV).
The put option non-current liability amounted to EGP 42 million at the end of
1H 2024, up from EGP 43 million at 31 December 2023, and is related to the
option granted in 2022 to Izhoor, IDH, and Biolab as part of their JV
agreement in Saudi Arabia. The option allows the non-defaulting party, at its
sole and absolute discretion, to serve one or more written notices to the
defaulting party. The notices enable the non-defaulting party to buy the
defaulting party's shares at the fair price, sell its shares to the defaulting
party at the fair price, or request the dissolution and liquidation of the JV
company. It is important to note that the put option, which grants these
rights to the non-defaulting party, does not have a specified expiration date.
Principle Risks and Uncertainties
As in any corporation, IDH has exposure to risks and uncertainties that may
adversely affect its performance. The Board and senior management agree that
the principal risks and uncertainties facing the Group include political and
economic risks in Egypt, the Middle East and Nigeria, foreign currency
exchange rate variability and associated risks, changes in regulation and
regulatory actions, damage to the Group's reputation, failure to maintain the
Group's high quality standards and accreditations, failure to maintain good
relationships with healthcare professionals and end users, pricing pressures
and business interruption of the Group's testing facilities, among others.
In the short term, other factors influencing the economic landscape include
rising geopolitical stability, inflationary pressures in Egypt and Nigeria,
and currency devaluation in both countries. These factors may weigh on the
cost base in the near future.
Statement of Directors' Responsibilities
Responsibility statement of the directors in respect of the half-yearly
financial report
We confirm that to the best of our knowledge, the interim management report
includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
For and on behalf of the Board of Directors
Dr. Hend El Sherbini
Executive Director
28 August 2024
Trade Receivables and Provisions
Net trade receivables at 30 June 2024 amounted to EGP 753 million, up 32%
year-to-date. Meanwhile, IDH's net receivables' Days on Hand (DoH) booked 146
days, up from 134 days at the end of 2023.
Provision for doubtful accounts in 1H 2024 was recorded at EGP 17 million, a
decrease from EGP 23 million in the previous year. This reduction is
attributed to improved economic conditions, increased stability, and reduced
inflation, which have led to a noticeable increase in collected amounts during
the accounting period.
Inventory
At 30 June 2024, IDH booked an inventory balance of EGP 462 million, up 23%
compared to the end of 2023. Meanwhile, Days Inventory Outstanding (DIO)
increased to 148 days, from 133 days at 31 December 2023. Increased DIO
highlights management's proactive strategy of accumulating inventory to hedge
against inflationary pressures.
Cash and Net Debt
Cash balances and financial assets at amortised cost at 30 June 2024 reached
EGP 1,254 million, up from EGP 835 million at year-end 2023.
EGP million 31 Dec 2023 30 June 2024
Treasury Bills 133 256
Time Deposits 289 322
Current Accounts 391 624
Cash on Hand 21 52
Total 835 1,254
IDH's net debt 10 (#_ftn10) balance came in at EGP 35 million as of the end
of 1H 2024, down from EGP 361 million as at year-end 2023.
EGP million 31 Dec 2023 30 June 2024
Cash and Financial Assets at Amortised Cost 11 (#_ftn11) 835 1,254
Lease Liabilities Property* (828) (944)
Total Financial Liabilities (Short-term and Long-term) (240) (236)
Interest Bearing Debt ("Medium Term Loans") (128) (109)
Net Debt Balance (361) (35)
Note: Interest Bearing Debt includes accrued interest for each period.
*If excluding Lease Liabilities Property (IFRS 16), IDH would have recorded
net cash of EGP 909 million
Lease liabilities and financial obligations on property came in at EGP 944
million at the end of Q2 2024, with the increase attributed to the translation
effect of JOD-denominated liabilities in Jordan following the devaluation of
the EGP in early 2024.
Meanwhile, financial obligations related to equipment stood at EGP 236 million
as at 30 June 2024, with the increase attributable to increases in USD-linked
contracts with equipment suppliers following the devaluation of the Egyptian
Pound.
Finally, interest bearing debt 12 (#_ftn12) (excluding accrued interest)
reached EGP 94 million at the end of Q2 2024, down from EGP 111 million at
year-end 2023.
Liabilities
Trade Payable 13 (#_ftn13)
Trade payable as of 30 June 2024 stood at EGP 283 million, up from EGP 272
million at the end of 2023. Meanwhile, Days Payable Outstanding (DPO) came in
at 98 days, down from 113 days at 31 December 2023.
Put Option
The put option current liability stood at EGP 456 million as at 30 June 2024,
up from EGP 314 million at 31 December 2023, and is related to both:
· The option granted in 2011 to Dr. Amid, Biolab's CEO, to sell his
stake (40%) to IDH. The put option is in the money and exercisable since 2016
and is calculated as 7 times Biolab's LTM EBITDA minus net debt.
· The option granted in 2018 to the International Finance
Corporation from Dynasty - shareholders in Echo Lab - and it is exercisable in
2024. The put option is calculated based on fair market value (FMV).
The put option non-current liability amounted to EGP 42 million at the end of
1H 2024, up from EGP 43 million at 31 December 2023, and is related to the
option granted in 2022 to Izhoor, IDH, and Biolab as part of their JV
agreement in Saudi Arabia. The option allows the non-defaulting party, at its
sole and absolute discretion, to serve one or more written notices to the
defaulting party. The notices enable the non-defaulting party to buy the
defaulting party's shares at the fair price, sell its shares to the defaulting
party at the fair price, or request the dissolution and liquidation of the JV
company. It is important to note that the put option, which grants these
rights to the non-defaulting party, does not have a specified expiration date.
Principle Risks and Uncertainties
As in any corporation, IDH has exposure to risks and uncertainties that may
adversely affect its performance. The Board and senior management agree that
the principal risks and uncertainties facing the Group include political and
economic risks in Egypt, the Middle East and Nigeria, foreign currency
exchange rate variability and associated risks, changes in regulation and
regulatory actions, damage to the Group's reputation, failure to maintain the
Group's high quality standards and accreditations, failure to maintain good
relationships with healthcare professionals and end users, pricing pressures
and business interruption of the Group's testing facilities, among others.
In the short term, other factors influencing the economic landscape include
rising geopolitical stability, inflationary pressures in Egypt and Nigeria,
and currency devaluation in both countries. These factors may weigh on the
cost base in the near future.
Statement of Directors' Responsibilities
Responsibility statement of the directors in respect of the half-yearly
financial report
We confirm that to the best of our knowledge, the interim management report
includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
For and on behalf of the Board of Directors
Dr. Hend El Sherbini
Executive Director
28 August 2024
INTEGRATED DIAGNOSTICS HOLDINGS plc - "IDH"
AND ITS SUBSIDIARIES
Consolidated Interim Financial Statements
for the quarter ended 30 June 2024
Consolidated statement of financial position as at 30 June 2024
Notes 30 June 2024 31 December
2023
EGP'000 EGP'000
(Unaudited) (Audited)
Assets
Non-current assets
Property, plant and equipment 4 1,489,713 1,414,725
Intangible assets and goodwill 5 1,783,585 1,710,183
Right of use assets 6 778,462 683,025
Total non-current assets 4,051,760 3,807,933
Current assets
Inventories 462,465 374,650
Trade and other receivables 8 960,109 727,235
Financial assets at fair value through profit and loss 7 40,134 25,157
Financial assets at amortized cost 9 456,902 161,098
Cash and cash equivalents 10 797,347 674,253
Total current assets 2,716,957 1,962,393
Total assets 6,768,717 5,770,326
Equity
Share capital 1,072,500 1,072,500
Share premium reserve 1,027,706 1,027,706
Capital reserves (314,310) (314,310)
Legal reserve 51,641 51,641
Put option reserve 12 (497,838) (356,583)
Translation reserve (364,254) (82,341)
Retained earnings 1,810,855 1,280,287
Equity attributable to the owners of the Company 2,786,300 2,678,900
Non-controlling interests 765,517 421,888
Total equity 3,551,817 3,100,788
Non-current liabilities
Provisions 20,635 17,758
Borrowings 13 53,972 67,465
Other financial obligations 14 959,217 891,350
Non-current put option liability 12 41,733 42,786
Deferred tax liabilities 19-C 433,912 374,729
Total non-current liabilities 1,509,469 1,394,088
Current liabilities
Trade and other payables 11 816,631 637,761
Other financial obligations 14 220,469 176,704
Current put option liability 12 456,105 313,796
Borrowings 13 40,105 43,680
Current tax liabilities 174,121 103,509
Total current liabilities 1,707,431 1,275,450
Total liabilities 3,216,900 2,669,538
Total equity and liabilities 6,768,717 5,770,326
The accompanying notes form an integral part of these consolidated financial
statements.
This condensed consolidated interim financial information was approved and
authorised for issue by the Board of Directors and signed on their behalf on
28 August 2024 by:
Dr. Hend El Sherbini Hussein Choucri
Chief Executive Officer Independent Non-Executive Director
Consolidated income statement for the quarter ended 30 June 2024
Notes 30 June 30 June
2024 2023
EGP'000 EGP'000
(Unaudited) (Unaudited)
Revenue 21 2,497,840 1,871,942
Cost of sales (1,572,938) (1,214,008)
Gross profit 924,902 657,934
Marketing and advertising expenses (142,075) (112,473)
Administrative expenses 16 (331,531) (254,340)
Impairment loss on trade and other receivable (17,198) (23,269)
Other (expenses)/income 838 (14,763)
Operating profit 434,936 253,089
Net fair value losses on financial assets at fair value 17 (10,474)
Finance costs 18 (88,636) (75,879)
Finance income 18 351,553 132,234
Net finance (costs)/income 262,917 56,355
Profit before income tax 687,379 309,444
Income tax expense 19-B (207,310) (98,394)
Profit for the period 480,069 211,050
Profit attributed to:
Owners of the Company 530,568 223,590
Non-controlling interests (50,499) (12,540)
480,069 211,050
Earnings per share 21
Basic and diluted 0.88 0.37
The accompanying notes form an integral part of these consolidated financial
statements.
Consolidated statement of comprehensive income for the quarter ended 30 June
2024
30 June 30 June
2024 2023
EGP'000 EGP'000
(Unaudited) (Unaudited)
Net profit for the period 480,069 211,050
Items that may be reclassified to profit or loss: 64,160 (10,151)
Exchange difference on translation of foreign operations
Other comprehensive income for the period, net of tax 64,160 (10,151)
Total comprehensive income for the period 544,229 200,899
Attributable to: 248,655 114,652
Owners of the Company 295,574 86,247
Non-controlling interests 544,229 200,899
Consolidated statement of cash flows for the quarter ended 30 June 2024
Note 30 June 30 June
2024 2023
EGP'000 EGP'000
(Unaudited) (Unaudited)
Cash flows from operating activities
Profit before tax 687,379 309,444
Adjustments for:
Depreciation of property, plant and equipment 4 146,071 126,755
Depreciation of right of use assets 6 82,201 65,632
Amortisation of intangible assets 5 4,595 3,872
Interest income 17 (54,760) (30,075)
Interest expense 17 78,554 70,496
Bank Charges 10,081 5,383
Gain on disposal of Property, plant and equipment 2,651 (603)
Impairment in trade and other receivables 17,198 23,269
Equity settled financial assets at fair value (14,977) (5,526)
ROU Asset/Lease Termination (1,575) (348)
Unrealised foreign currency exchange (gains) losses 17 (296,793) (102,159)
FV Through P&L 10,474 -
Change in Provisions 2,877 12,644
Change in Inventories (69,932) (90,933)
Change in trade and other receivables (168,206) (103,219)
Change in trade and other payables 101,474 33,226
Net cash generated from operating activities 537,312 317,858
Tax paid during period (81,883) (157,734)
Net cash generated from operating activities 455,430 160,124
Cash flows from investing activities
Interest received on financial asset at amortised cost 54,925 30,494
Payments for the purchase of financial assets at amortized cost (333,179) (150,423)
Proceeds for the sale of financial assets at amortized cost 55,391 138,815
Payments for acquisition of property, plant and equipment 4 (70,319) (164,174)
Payments for acquisition of intangible assets 5 (880) (1,401)
Proceeds from sale of Property, plant and equipment 1,067 1,874
Payment for purchase of global depository receipts (short-term investment) 17 (151,710) -
Proceeds from sale of global depository receipts (short-term investments) 17 141,236 -
Net cash flows generated (used in) from investing activities (303,469) (144,815)
Cash flows from financing activities
Proceeds from borrowings 6,117 54,936
Repayments of borrowings (23,185) (63,418)
Interest paid (77,763) (67,735)
Bank charges paid (10,081) (5,383)
Payment of finance lease liabilities (99,617) (161,410)
Cash injection by owner of non-controlling interest 48,055 -
Net cash flows used in financing activities (156,474) (243,010)
Net (decrease) increase in cash and cash equivalents (4,513) (227,701)
Cash and cash equivalents at the beginning of the year 674,253 648,512
Effect of exchange rate 127,607 54,769
Cash and cash equivalents at the end of the period 10 797,347 475,580
Non-cash investing and financing activities disclosed in other notes are:
· acquisition of right-of-use assets - note 6
· Property, plant and equipment - note 4
· Put option liability - note 12
The accompanying notes on pages 7 - 22 form an integral part of these
consolidated financial statements.
Consolidated statement of changes in equity for the quarter ended 30 June 2024
EGP'000 Share Capital Share premium reserve Capital reserves Legal reserve* Put option reserve Translation reserve Retained earnings Total attributed to Non-Controlling interests Total Equity
the owners of the
Company
Balance at 1 January 2023 1,072,500 1,027,706 (314,310) 51,641 (356,583) (82,341) 1,280,287 2,678,900 421,888 3,100,788
Profit for the period - - - - - - 530,568 530,568 (50,499) 480,069
Other comprehensive income for the period - - - - - (281,913) - (281,913) 346,073 64,160
Total comprehensive income at 31 March 2024 - - - - - (281,913) 530,568 248,655 295,574 544,229
Contributions and distributions
Movement in put option liabilities - - - - (141,255) - - (141,255) - (141,255)
Non-controlling interests cash injection in subsidiaries during the period - - - - - - - - 48,055 48,055
Total contributions and distributions - - - - (141,255) - - (141,255) 48,055 (93,200)
Balance at 30 June 2024 (Unaudited) 1,072,500 1,027,706 (314,310) 51,641 (497,838) (364,254) 1,810,855 2,786,300 765,517 3,551,817
Balance at 1 January 2023 1,072,500 1,027,706 (314,310) 51,641 (490,695) 24,173 783,081 2,154,096 292,885 2,446,981
Profit for the period - - - - - - 223,590 223,590 (12,540) 211,050
Other comprehensive loss for the period - - - - - (108,938) - (108,938) 98,787 (10,151)
Total comprehensive income at 31 March 2023 - - - - - (108,938) 223,590 114,652 86,247 200,899
Transactions with owners of the Company
Contributions and Distributions
Movement in put option liabilities - - - - 204,543 - - 204,543 - 204,543
Total contributions and distributions - - - - 204,543 - - 204,543 - 204,543
Balance at 30 June 2023 (Unaudited) 1,072,500 1,027,706 (314,310) 51,641 (286,152) (84,765) 1,006,671 2,473,291 379,132 2,852,423
* Under Egyptian Law each subsidiary must set aside at least 5% of its annual
net profit into a legal reserve until such time that this represents 50% of
each subsidiary's issued capital. This reserve is not distributable to the
owners of the Company
.
The accompanying notes on pages 7 - 22 form an integral part of these
consolidated financial statements.
(In the notes all amounts are shown in Egyptian Pounds "EGP'000" unless
otherwise stated)
1. Reporting entity
Integrated Diagnostics Holdings plc "IDH" or "the Company" is a Company which
was incorporated in Jersey on 4 December 2014 and established according to the
provisions of the Companies (Jersey) Law 1991 under Registered No. 117257.
These condensed consolidated interim financial information as of and for the
six months ended 30 June 2024 comprise the Company and its subsidiaries
(together referred as the 'Group'). The Company is a dually listed entity, in
both London Stock Exchange (since 2015) and in the Egyptian Exchange (during
May 2021).
The principal activities of the Company and its subsidiaries (together "The
Group") include investments in all types of the healthcare field of medical
diagnostics (the key activities are pathology and Radiology related tests),
either through acquisitions of related business in different jurisdictions or
through expanding the acquired investments they have. The key jurisdictions
that the Group operates are in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia.
The Group's financial year starts on 1 January and ends on 31 December of each
year.
This condensed consolidated interim financial information was approved for
issue by the Directors of the Company on 28 August 2024.
2. Basis of preparation
A) Statement of compliance
These condensed consolidated interim financial information have been prepared
as per IAS 34 'Interim Financial Reporting' (As adopted by the IASB). as the
accounting policies adopted are consistent with those of the previous
financial year ended 31 December 2023 and corresponding interim reporting
period.
These condensed consolidated interim financial information do not include all
the information and disclosures in the annual consolidated financial
Statement, and should be read in conjunction with the financial Statement
published as at and for the year ended 31 December 2023 which is available at
www.idhcorp.com (http://www.idhcorp.com) ,. In addition, results of the six
months period ended 30 June 2024 are not necessary indicative for the results
that may be expected for the financial year ending 31 December 2024.
B) Basis of measurement
The condensed consolidated interim financial information has been prepared on
the historical cost basis except where adopted IFRS mandates that fair value
accounting is required which is related to the financial assets and
liabilities measured at fair value.
C) Functional and presentation currency
These condensed consolidated interim financial information is presented in
Egyptian Pounds (EGP'000). The functional currency of the majority of the
Group's entities is the Egyptian Pound (EGP) and is the currency of the
primary economic environment in which the Group operates.
The Group also operates in Jordan, Sudan, Nigeria and Saudi Arabia and the
functional currencies of those foreign operations are the local currencies of
those respective territories, however due to the size of these operations,
there is no significant impact on the functional currency of the Group, which
is the Egyptian Pound (EGP).
3. Significant accounting policies
In preparing these condensed consolidated interim financial information, the
significant judgments made by the management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those that were applied to the consolidated financial statements for
the year ended 31 December 2023."The preparation of these condensed
consolidated interim financial information requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expense. Actual results may differ from these estimates. Information about
significant areas of estimation uncertainty and critical judgement in applying
accounting policies that have the most significant effect on the amount
recognised in the condensed consolidated interim financial statement is
described in note 3.2 of the annual consolidated financial statements
published for the year ended 31 December 2023. In preparing these condensed
consolidated interim financial information, the significant judgments made by
the management in applying the Group's accounting policies and the key sources
of estimation uncertainty were the same as those that were applied to the
consolidated financial statements for the year ended 31 December 2023".
4. Property, plant and equipment
Land & buildings Medical, electric Leasehold Fixtures, fittings & vehicles Project under construction Payment on account Total
& information
improvements
system equipment
Cost
At 1 January 2024 460,869 1,254,894 644,956 155,168 38,227 10,882 2,564,996
Additions - 44,180 12,149 7,689 6,301 - 70,319
Disposals - (2,741) (2,926) (1,366) - - (7,033)
Exchange differences 24,665 122,127 110,468 40,926 5,375 - 303,561
Transfers - - 30,034 - (30,034) - -
Balance at 30 June 2024 485,534 1,418,460 794,681 202,417 19,869 10,882 2,931,843
Depreciation
At 1 January 2024 69,311 655,649 353,808 71,503 - - 1,150,271
Depreciation for the period 4,200 79,895 52,211 9,767 - - 146,073
Disposals - (1,998) (408) (909) - - (3,315)
Exchange differences 2,499 73,725 50,501 22,376 - - 149,101
Balance at 30 June 2024 76,010 807,271 456,112 102,737 - - 1,442,130
Net book amount
At 30 June 2024 (Unaudited) 409,524 611,189 338,569 99,680 19,869 10,882 1,489,713
At 31 December 2023 391,558 599,245 291,148 83,665 38,227 10,882 1,414,725
5. Intangible assets and goodwill
Intangible assets represent goodwill acquired through business combinations
and brand names.
Goodwill Brand name Software Total
Cost
Balance at 1 January 2024 1,304,967 403,461 99,358 1,807,786
Additions - - 880 880
Disposals - - 66 66
Exchange differences 50,375 22,093 11,995 84,463
Balance at 30 June 2024 1,355,342 425,554 112,299 1,893,195
Amortisation
Balance at 1 January 2024 17,718 392 79,493 97,603
Amortisation - - 4,594 4,594
Disposals - - 66 66
Exchange differences (127) 37 7,437 7,347
Balance at 30 June 2024 17,591 429 91,590 109,610
Net book amount
At 30 June 2024(Unaudited) 1,337,751 425,125 20,709 1,783,585
At 31 December 2023 1,287,249 403,069 19,865 1,710,183
Goodwill impairment reviews are undertaken annually or more frequently if
events or changes in circumstances indicate a potential impairment. No
indicators of impairment have been identified during the six months ended 30
June 2024.
6. Right-of-use assets
30 June 2024 31 December 2023
(Unaudited) (Audited)
Balance at 1 January 683,025 622,975
Addition for the period / year 46,091 157,482
Depreciation charge for the period / year (82,201) (134,033)
Terminated contracts (4,087) (5,170)
Exchange differences 135,634 41,771
Balance 778,462 683,025
7. Financial asset at fair value through profit or loss
30 June 2024 31 December 2023
(Unaudited) (Audited)
Current equity investments 40,134 25,157
40,134 25,157
* On August 17, 2017, Almakhbariyoun AL Arab (seller) has signed IT
purchase Agreement with JSC Mega Lab (Buyer) to transfer and install the
Laboratory Information Management System (LIMS) for a purchase price amounted
to USD 400 000, which will be in the form of 10% equity stake in JSC Mega Lab.
In case the valuation of the project is less or more than USD 4,000,000, the
seller stake will be adjusted accordingly, in a way that the seller equity
stake shall not fall below 5% of JSC Mega Lab.
- Ownership percentage in JSC Mega Lab at the
transaction date on April 8, 2019, and as of June 30, 2024, was 8.25%.
- On April 8, 2019, Al Mokhabariyoun Al Arab
(Biolab) has signed a Shareholder Agreement with JSC Mega Lab and JSC Georgia
Healthcare Group (CHG), whereas, BioLab Shall have a put option, exercisable
within 12 months immediately after the expiration of five(5) year period from
the signing date, which allows BioLab stake to be bought out by CHG at a price
of the equity value being USD 400,000 plus 15% annual Interred Rate of Return
(IRR).
- If JCI accreditation is not obtained, immediately
after the expiration of the 12 months period, CHG shall have a call option
(the Accreditation Call option), exercisable within 6 months period, allowing
CHG to purchase BioLab's Shares in JSC Mega Lab at a price of the equity value
of USD 400,00.00 plus the 20% annual IRR.
- After 12 months from the date of the put option
period expiration, CHG to purchase Biolab's Stake in JSC Megalab having value
of USD 400,000 plus higher of 20% annual IRR or 6X EV/EBITDA (of the financial
year immediately preceding the call option exercise date).
- In case the Management Agreement or the Purchase
Agreement and/or the Service level Agreement is terminated/cancelled within 6
months period from the date of such termination/cancellation, CHG shall have a
call option, which allows the CHG to purchase Biolab's Strake in JSC Megalab
having value of USD 400,000.00 plus 20% annual Interred Rate of Return (IRR).
8. Trade and other receivables
30 June 2024 31 December 2023
(Unaudited) (Audited)
Trade receivables - net* 753,130 569,738
Prepayments 73,975 42,185
Due from related parties note (15) 3,230 5,037
Other receivables - net* 128,184 108,521
Accrued revenue 1,590 1,754
960,109 727,235
* The expected credit loss related to trade and other receivables was EGP
216,111K (2023: EGP 191,580K). Below show the movements in the provision for
impairment of trade and other receivables:
30 June 2024 31 December 2023
(Unaudited) (Audited)
Balance at 1 January 191,580 145,586
Charge for the period 17,200 51,255
Exchange differences 7,331 (5,261)
216,111 191,580
9. Financial assets at amortised cost
30 June 2024 31 December 2023
(Unaudited) (Audited)
Term deposits (more than 3 months) 308,845 49,244
Treasury bills (more than 3 months) 148,057 111,854
456,902 161,098
The maturity date of the treasury bills and Fixed-term deposits are between
more than 3 months and 12 months and have average interest rates treasury
bills of EGP 26.51% and Fixed-term deposits more than 3 months have average
interest rates of EGP and JOD 5.46% and 5.38% respectively.
10. Cash and cash equivalents
30 June 2024 31 December 2023
(Unaudited) (Audited)
Cash at banks and on hand 675,846 412,561
Treasury bills (less than 3 months) 108,058 21,461
Term deposits (less than 3 months) 13,443 240,231
797,347 674,253
Cash at banks earns interest at floating rates based on daily bank deposit
rates. Short-term deposits and treasury bills are made for varying periods of
between one day and six months, depending on the immediate cash requirements
of the Group, and earn interest at the respective weighted average rate. Of
the above Short-term deposits relate to amounts held in Egypt with a weighted
average rate of 17.71% (2023: 16.40%), Short-term deposits relate to amounts
held in Jordan with a weighted average rate of 5% (2023: 5%) and Short-term
deposits relates to amounts held in Nigeria with a weighted average rate of
5.6% (2023:5.6%). Treasury bills are denominated in EGP and earn interest at a
weighted average rate of 22.24% (2023: 24.95%) per annum.
11. Trade and other payables
30 June 2024 31 December 2023
(Unaudited) (Audited)
Trade payable 283,469 271,741
Accrued expenses 271,318 178,499
Due to related parties note (15) 8,191 5,962
Other payables 163,455 112,750
Deferred revenue 80,517 59,918
Accrued finance cost 9,681 8,891
816,631 637,761
12. Put option liability
30 June 2024 31 December 2023
(Unaudited) (Audited)
Current put option - Biolab Jordan 444,288 301,383
Current put option - Eagle Eye-Echo scan 11,817 12,413
456,105 313,796
30 June2024 31 December 2023
(Unaudited) (Audited)
Non-current put option - Medical Health Development 41,733 42,786
41,733 42,786
12. Put option liability (continued)
Put option - Biolab Jordan
The accounting policy for put options after initial recognition is to
recognise all changes in the carrying value of the put option liability within
equity.
Through the historic acquisitions of Makhbariyoun Al Arab the Group entered
into separate put option arrangements to purchase the remaining equity
interests from the vendors at of a subsequent date. At acquisition, a put
option liability has been recognised at the net present value of the exercise
price of the option.
The option is calculated at seven times EBITDA of the last 12 months minus Net
Debt and its exercisable in whole starting the fifth anniversary of completion
of the original purchase agreement, which fell due in June 2016. The vendor
has not exercised this right at 30 June 2024. It is important to note that the
put option liability is treated as current as it could be exercised at any
time by the NCI. However, based on discussions and ongoing business
relationships, there is no expectation that this will happen in next 18
months. The option has no expiry date
Put option - Eagle Eye-Echo scan
According to the definitive agreements signed on 15 January 2018 between
Dynasty Group Holdings Limited and the International Finance Corporation (IFC)
related to the Eagle Eye-Echo scan transaction, IFC has the option to put it
is shares to Dynasty in year 2024. The put option price will be calculated on
the basis of the fair market value determined by an independent valuator.
Put option - Medical Health Development
Based on the agreement made on October 27th, 2022, between Business Flower
Holding LLC, Integrated Diagnostics Holdings plc and Al Makhbariyoun Al Arab
there is a clause that in cases of bankruptcy and defaulting, a non-defaulting
party is entitled to implement any of the following options for a defaulting
party's share without reference to it:
(A) sell to the Non-Defaulting Party its Shares at the Fair Price of such
Shares.
(B) buy the Non-Defaulting Party's Shares at the Fair Price of such Shares.
(C) requesting the dissolution and liquidation of the Company.
It's important to note that the put option, which grants these rights to the
non-defaulting party, does not have a specified expiration date.
13. Loans and borrowings
Currency Nominal interest rate Maturity 30 June 2024 31 December 2023
(Unaudited) (Audited)
AUB ـــ BANK EGP CBE corridor rate*+1% 26 January 2027 80,958 94,451
AUB - BANK EGP Secured 5% 3 April 2025 13,119 13,121
Bank: Sterling BANK NGN Secured 22% 26 May 2024 - 3,573
94,077 111,145
Amount held as:
Current liability 40,105 43,680
Non- current liability 53,972 67,465
94,077 111,145
A) In July 2018, AL-Borg lab, one of IDH subsidiaries,
was granted a medium-term loan amounting to EGP 130.5m from Ahli United Bank
"AUB Egypt" to finance the investment cost related to the expansion into the
radiology segment. As at 30 June 2024 only EGP 124.9 M had been drawn down
from the total facility available with 43.9 M had been repaid. The loan will
be fully repaid by January 2027.
The loan contains the following financial covenants which if breached will
mean the loan is repayable on demand:
1. The financial leverage shall not exceed 0.7 throughout the period
of the loan.
"Financial leverage": total bank debt divided by net equity.
2. The debt service ratios (DSR) shall not be less than 1.35 starting
2020
"Debt service ratio": cash operating profit after tax plus depreciation for
the financial year less annual maintenance on machinery and equipment adding
cash balance (cash and cash equivalent) divided by total financial payments.
"Cash operating profit": Operating profit after tax, interest expense,
depreciation and amortisation, is calculated as follows: Net income after tax
and unusual items adding Interest expense, Depreciation, Amortisation and
provisions excluding tax related provisions less interest income and
Investment income and gains from extraordinary items.
"Financial payments": current portion of long-term debt including finance
lease payments, interest expense and fees and dividends distributions.
3. The current ratios shall not be less than 1.
"Current ratios": Current assets divided current liabilities.
The terms and conditions of outstanding loans are as follows:
* As at 30 June 2024 corridor rate 28.25% (2023: 20.25%)
AL- Borg company didn't breach any covenants for MTL agreements.
14. Other financial obligations
30 June 2024 31 December 2023
(Unaudited) (Audited)
Financial liability- laboratory equipment 236,046 240,015
Lease liabilities building 943,640 828,039
1,179,686 1,068,054
The un-discounted financial obligations for the laboratory equipment and
building are as follows:
30 June 2024
Minimum payments Interest Principal
(Unaudited) (Unaudited) (Unaudited)
Less than one year 345,934 125,465 220,469
Between one and five years 1,060,303 296,265 764,038
More than five years 256,100 60,921 195,179
1,662,337 482,651 1,179,686
31 December 2023
Minimum payments Interest Principal
(Audited) (Audited) (Audited)
Less than one year 291,342 114,638 176,704
Between one and five years 1,054,902 295,586 759,316
More than Five years 166,965 34,931 132,034
1,513,209 445,155 1,068,054
Amounts recognised in profit or loss:
30 June
2024 2023
(Unaudited) (Unaudited)
Interest on lease liabilities 53,829 45,221
Expenses related to short-term lease 3,200 5,191
15. Related party transactions
The significant transactions with related parties, their nature volumes and
balance during the period
30 June 2024 are as follows:
30 June 2024
Related Party Nature of transaction Nature of relationship Transaction amount of the year Amount due from / (to)
EGP'000 EGP'000
International Fertility (IVF)** Expenses paid on behalf Affiliate 11 11
H.C Security Provide service Entity owned by Company's board member (56) (149)
Life Health Care Provided service Entity owned by Company's CEO (2,778) 595
Dr. Amid Abd Elnour Put option liability Bio. Lab C.E.O and shareholder (142,905) (444,288)
Current account Bio. Lab C.E.O and shareholder 831 365
International Finance corporation (IFC) Put option liability Echo-Scan shareholder 596 (11,817)
Hena Holdings Ltd shareholders' dividends deferral agreement shareholder (1,647) (4,610)
Actis IDH Limited shareholders' dividends deferral agreement shareholder (1,357) (3,797)
Business Flowers Holding Put option liability shareholder (4,986) (41,733)
(505,423)
15. Related party transactions (continued)
31 December 2023
Related Party Nature of transaction Nature of relationship Transaction amount of the year Amount due from / (to)
EGP'000 EGP'000
AL borg Scan (S.A.E)* Expenses paid on behalf Affiliate (351) -
International Fertility (IVF)** Expenses paid on behalf Affiliate (1,771) -
H.C Security Provide service Entity owned by Company's board member 6 (93)
Life Health Care Provided service Entity owned by Company's CEO 855 3,373
Dr. Amid Abd Elnour Put option liability Bio. Lab C.E.O and shareholder 138,312 (301,383)
Current account Bio. Lab C.E.O and shareholder 19,542 (466)
International Finance corporation (IFC) Put option liability Echo-Scan shareholder 38,587 (12,413)
International Finance corporation (IFC) Current account Echo-Scan shareholder 623 -
Integrated Treatment for Kidney Diseases (S.A.E) Rental income Entity owned by Company's CEO 217 1,664
Medical Test analysis 591 -
HENA HOLDINGS LTD shareholders' dividends deferral agreement Shareholder (590) (2,963)
ACTIS IDH LIMITED shareholders' dividends deferral agreement Shareholder (485) (2,440)
Business Flowers Holding Put option liability Shareholder - (42,786)
(357,507)
* ALborg Scan is a company whose shareholders include Dr. Moamena Kamel
(founder of IDH subsidiary Al-Mokhtabar Labs).
** International Fertility (IVF) is a company whose shareholders include Dr.
Moamena Kamel (founder of IDH subsidiary Al-Mokhtabar Labs).
15. Related party transactions (continued)
Compensation of key management personnel of the Group
The amounts disclosed in the table are the amounts recognised as an expense
during the reporting period related to key management personnel.
30 June 2024 30 June 2023
(Unaudited) (Unaudited)
Short-term employee benefits 43,463 22,203
43,463 22,203
16. General and administrative expenses
For the six months ended
30 June
2024 2023
(Unaudited) (Unaudited)
Wages and salaries 135,287 107,211
Depreciation 16,726 16,640
Amortisation 4,134 3,089
Consulting fees 102,942 68,354
Other expenses 72,442 59,046
Total 331,531 254,340
17. Fair value losses on financial assets at fair value through profit or loss
During the two quarter of 2024, Integrated Diagnostics Holdings Limited
company invested in Global Depositary Receipt (GDR) tradable in stock
exchanges, where the companies purchased 1.97 million shares, EGP 152 M from
the Egyptian Stock Exchange and sold them during the same period on the London
Stock exchange at USD 2.99 M excluding the transaction cost.
Number of shares'000 2023
EGP'000
(Unaudited)
listed equity securities Shares bought 1,970 (151,710)
Shares sale 1,970 141,236
(10,474)
18. Net finance cost
For the six months ended
30 June
2024 2023
Finance income (Unaudited) (Unaudited)
Interest income 54,760 30,075
Net foreign exchange gain 296,793 102,159
Total finance income 351,553 132,234
Finance cost
Fast Track Payment (3,736) -
Bank charges (6,346) (5,383)
Interest expense (78,554) (70,496)
Total finance cost (88,636) (75,879)
Net finance income 262,917 56,355
The increase is mainly driven by the change of exchange rate between EGP and
other currencies that took place in June 2023 which resulted into foreign
exchange gain during the period ended 30 June 2024.
19. Tax
A) Tax expense
Tax expense is recognised based on management's best estimate of the
weighted-average annual income tax rate expected for the full financial year
multiplied by the pre-tax income of the interim reporting period.
B) Income tax
Amounts recognised in profit or loss as follow:
For the six months ended 30 June
2024 2023
(Unaudited) (Unaudited)
Current tax:
Current period (149,628) (87,568)
Current tax (149,628) (87,568)
Deferred tax:
Deferred tax arising on undistributed reserves in subsidiaries (55,063) (10,907)
Deferred tax relating to origination and reversal of temporary differences (2,619) 81
Total Deferred tax expense (57,682) (10,826)
Tax expense recognised in profit or loss (207,310) (98,394)
C) Deferred tax liabilities
Deferred tax relates to the following:
30 June 31 December
2024 2023
(Unaudited) (Audited)
Property, plant and equipment (35,812) (39,552)
Intangible assets (119,068) (111,033)
Undistributed reserves from Group subsidiaries (281,938) (226,875)
Provisions 2,906 2,731
Net deferred tax liabilities (433,912) (374,729)
20. Financial instruments
The Group has reviewed the financial assets and liabilities held at 30 June
2024. It has been deemed that the carrying amounts for all financial
instruments are a reasonable approximation of fair value. All financial
instruments are deemed Level 3.
21. Earnings per share
For the six months ended
30 June
2024 2023
(Unaudited) (Unaudited)
Profit attributed to owners of the parent 530,568 223,590
Weighted average number of ordinary shares in issue 600,000 600,000
Basic and diluted earnings per share 0.88 0.37
The Company has no potential diluted shares as at 30 June 2024 and 30 June
2023, therefore the earnings per diluted share are equivalent to basic
earnings per share.
22. Segment reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the steering
committee that makes strategic decisions.
The Group has five operating segments based on geographical location as the
Group's Chief Operating Decision Maker (CODM) reviews the internal management
reports and KPIs of each geography.
The Group operates in five geographic areas, Egypt, Sudan, Jordan, Nigeria and
Saudi Arabia. As a provider of medical diagnostic services, IDH's operations
in Sudan are not subject to sanctions. The revenue split, EBITDA split (being
the key profit measure reviewed by CODM) net profit and loss between the five
regions is set out below.
Revenue by geographic location
For the six months ended Egypt region Sudan region Jordan region Nigeria region Saudi Arabia Total
30 June 2024 (Unaudited) 2,069,240 - 385,837 38,517 4,246 2,497,840
30 June 2023 (Unaudited) 1,513,673 10,194 290,255 57,820 - 1,871,942
EBITDA by geographic location
For the six months ended Egypt region Sudan region Jordan region Nigeria region Saudi Arabia Total
30 June 2024 (Unaudited) 691,994 (44) 88,712 (13,455) (70,016) 697,191
30 June 2023 (Unaudited) 406,862 1,249 68,502 (15,065) - 461,548
22. Segment reporting (continued)
Net profit / (loss) by geographic location
For the six months ended Egypt region Sudan region Jordan region Nigeria region Saudi Arabia Total
30 June 2024 (Unaudited) 560,010 11,033 5,343 (11,916) (84,401) 480,069
30 June 2023 (Unaudited) 225,921 3,637 11,312 (29,820) - 211,050
Non-current assets by geographic location
Egypt region Sudan region Jordan region Nigeria region Saudi Arabia Total
30 June 2024 (Unaudited) 3,024,006 5,999 881,668 39,516 100,571 4,051,760
31 December 2023 3,091,485 3,848 609,699 47,639 55,262 3,807,933
The operating segment profit measure reported to the CODM is EBITDA, as
follows:
For the six months ended
30 June
2024 2023
(Unaudited) (Unaudited)
Profit from operations 434,936 253,089
Property, plant and equipment depreciation 146,071 126,755
Right of use depreciation 82,201 65,632
Amortization of Intangible assets 4,595 3,872
EBITDA 667,803 449,348
Non-recurring expenses 29,388 12,200
Normalised EBITDA 697,191 461,548
23. Significant events during the period
The Monetary Policy Committee of the Central Bank of Egypt decided to raise
the deposit and lending interest rates by 200 basis points on 1 February 2024,
then by 600 basis points on 6 March 2024. The credit and discount rates were
also raised by 600 basis points on 6 March 2024.
The Central Bank of Egypt announced that it would allow the foreign exchange
rate to be determined.
against the Egyptian pound as per market mechanisms, starting from 6 March
2024.
Integrated Diagnostics Holdings plc "IDH" at the Company's Extraordinary
General Meetings held on 12 June 2024 and 18 July 2024, the company approved
the exit from the Egyptian Stock Exchange of its ordinary shares from the
Egyptian Stock Exchange. Following up on our delisting from the EGX, IDH has
received preliminary approval to proceed with the delisting of its shares. IDH
and the EGX coordinated the process, with the Special Operations Market (OPR)
operating from August 18th to August 22nd. During this period, 18,673,728
shares were subscribed. IDH then purchased these shares on August 26th, and
the buyback settlement is to be completed by August 28th. Afterwards, IDH will
transfer its shares from the EGX to the London Stock Exchange (LSE).
1 (#_ftnref1) EBITDA is calculated as operating profit plus depreciation and
amortization.
2 (#_ftnref2) Cash balance includes time deposits, treasury bills, current
accounts, and cash on hand.
3 (#_ftnref3) Key operational indicators are calculated based on revenues
for the periods of EGP 2,498 million and EGP 1,872 million for 1H 2024 and 1H
2023, respectively.
(( 4 (#_ftnref4) )) IDH rolled out 20 new branches in Egypt and 2 in KSA,
while closing 1 branch in Jordan over the past 12-month period. It is
important to note that due to the ongoing conflict in Sudan, IDH's 18 branches
in the country have been shut down, leading to a net growth in its branch
network of 3 branches.
5 (#_ftnref5) EBITDA is calculated as operating profit plus depreciation and
amortization.
(( 6 (#_ftnref6) )) Due to the ongoing conflict in Sudan, IDH has terminated
operations in the country, with the closure of all 18 branches.
7 (#_ftnref7) Interest expenses on medium-term loans include EGP 11 million
related to the Group's facility with Ahli United Bank Egypt (AUBE).
8 (#_ftnref8) IDH's interest bearing debt as at 30 June 2024 included EGP 91
million to its facility with Ahli United Bank Egypt (AUBE) (outstanding loan
balances are excluding accrued interest for the period). It is worth noting
that in order to finance the early repayment settlement with General Electric,
the Company utilized a bridge loan facility of EGP 55 million. The facility
was withdrawn in Q1 2023 and settled in Q2 2023
9 (#_ftnref9) Interest expenses on medium-term loans include EGP 11 million
related to the Group's facility with Ahli United Bank Egypt (AUBE).
10 (#_ftnref10) The net debt balance is calculated as cash and cash
equivalent balances including financial assets at amortised cost, less
interest-bearing debt (medium term loans), finance lease and Right-of-use
liabilities.
11 (#_ftnref11) As outlined in Note 9 of IDH's Consolidated Financial
Statements, some term deposits and treasury bills cannot be accessed for over
3 months and are therefore not treated as cash. Term deposits which cannot be
accessed for over 3 months stood at EGP 309 million at June 2024 (2023: EGP 49
million). Meanwhile, treasury bills not accessible for over 3 months stood at
EGP 148 million (2023: EGP 112 million).
12 (#_ftnref12) IDH's interest bearing debt as at 30 June 2024 included EGP
91 million to its facility with Ahli United Bank Egypt (AUBE) (outstanding
loan balances are excluding accrued interest for the period). It is worth
noting that in order to finance the early repayment settlement with General
Electric, the Company utilized a bridge loan facility of EGP 55 million. The
facility was withdrawn in Q1 2023 and settled in Q2 2023.
13 (#_ftnref13) Accounts payable is calculated based on average payables at
the end of each period.
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. END IR BIGDIXSDDGSRRecent news on Integrated Diagnostics Holdings
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