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(Alliance News) - Integrated Diagnostics Holdings PLC on Wednesday reported a record-breaking quarterly revenue performance on the back of its coronavirus-related test offering.
The Africa-focused consumer healthcare firm posted revenue for the quarter to March 31 of EGP1.1 billion, around GBP50.8 million, more than double the EGP500 million seen a year before.
The strong top-line growth filtered down to the group's bottom-line, with net profit more than tripling to EGP339 million from EGP102 million and operating profit tripling to EGP535 million.
IDH attributed growth to volume and price driven improvements in its Covid test offering, with the number of total tests performed up 32% year-on-year and average revenue per test increasing 71%.
"I am delighted to report that IDH started the new year building on the strong momentum from 2020's final quarter and leveraging an expanded service offering and delivery capabilities to drive exceptional top-line growth and improvements in profitability," commented IDH Chief Executive Hend El-Sherbini.
"Our conventional test offering delivered a strong 20% year-on-year revenue growth, which is in line with our historical averages and signals a consistent recovery of our non-Covid-19 business.
"Combined with the significant revenue generated by our Covid-19-related test offering, we recorded an impressive 126% increase in consolidated revenues versus the comparable quarter of last year."
Growth was particularly strong in Egypt and Jordan, mainly on the back of strong demand for Covid tests but also from double-digit test volume and revenue growth in non-Covid business.
In Nigeria, revenues continued to rise steadily, growing 44% year-on-year to EGP12 million, on the back of rising patient demand.
Looking ahead, IDH said its long-term outlook "remains strong", as illustrated by the recovery of its conventional business witnessed in the first quarter. It reiterated plans to expand into new territories in Africa, the Middle East, and South Asia and highlighted a USD45 million loan secured in May from the International Finance Corporation to finance this.
Following the successful quarter, IDH said it would upgrade its guidance for full-year revenue growth of over 20% with a consolidated earnings before interest, tax, depreciation and amortisation margin in line with 2020 levels.
Shares in IDH were up 0.9% at USD1.12 on Wednesday in London.
By Will Paige; willpaige@alliancenews.com
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