(Alliance News) - Integrated Diagnostics Holdings PLC on Tuesday reported double-digit annual revenue growth, which the healthcare company attributed to progress in Egypt.
In 2019, revenue rose 16% to EGP2.23 billion, about GBP113.1 million, from EGP1.92 billion.
"Egypt was the primary driver of growth during the year, recording an 18% year-on-year increase in revenue," Integrated Diagnostics said.
Pretax profit was 5.7% higher at EGP758.1 million from EGP717.4 million.
Chair Anthony Tudor St John said: "I am pleased to report that we continued to deliver impressive growth in 2019. Despite increased competition in Egypt and challenging market conditions in Sudan and Nigeria, IDH maintained its competitive edge as the leading healthcare provider with its scalable platform and value-added diagnostic services."
The company, for now at least, has decided against a dividend.
"Due to the Covid-19 pandemic and consequent uncertainty regarding the macroeconomic environment, the board of directors has deemed it more appropriate to focus on retaining resources and will thus suspend the dividend decision till September 2020. At which point, further consideration will be given to developments in the global pandemic and confidence regarding the group's future needs and financial outlook," it said.
In 2018, it made a payout of USD0.176 per share.
Chief Executive Officer Hend El-Sherbini "The novel coronavirus that causes the Covid-19 illness continued to spread across the globe including in our markets. This pandemic has pushed governments, businesses and communities to adopt unprecedented mitigation efforts to control the spread of the disease. As a healthcare business, IDH has a role to play in our community - and an equally important role to play in keeping our staff safe as we navigate this new normal and ensure business continuity."
Shares in the company were 0.2% higher at USD3.30 each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Int Diag Hld (IDHC)