Last checked at 5 Oct 2022 13:09
IDH launches sixth Al-Borg Scan Branch in Cairo's Maadi Neighbourhood
The launch, which is the second completed in 2022, comes as part of a wider ramp up strategy enacted by IDH to capitalise on the attractive growth opportunities offered by Egypt's underpenetrated radiology segment
5 October 2022
(Cairo and London) - Integrated Diagnostics Holdings ("IDH," "the Company" or "the Group"), a leading consumer healthcare company with operations in Egypt, Jordan, Sudan, and Nigeria, announces the launch of Al-Borg Scan's sixth branch. The branch will be located in Cairo's Maadi neighbourhood, further expanding the venture's geographic reach and penetrating yet another strategic and currently underserved neighbourhood. This is the second Al-Borg Scan branch to be rolled out in 2022 and takes the total number of radiology branches in Greater Cairo to six. The new branch will be essential in further strengthening the Al-Borg Scan brand and complement its existing locations.
In line with the other locations, the new branch will be equipped with state-of-the-art radiology technology and will offer a complete portfolio of radiology services, including magnetic resonance imaging (MRI), computed tomography (CT), x-ray and contrast studies, ultrasonography, echocardiography, electrocardiography (ECG), electroencephalography (EEG), electromyography (EMG), Gamma Camera, Positron emission tomography-computed tomography (PETCT), in addition to panoramic exams for jaws and teeth. As with all other Al-Borg Scan branches, the new location will also provide patients with access to some of the highest-ranking industry specialists in the country, offering consultations and diagnostic reports from subject matter experts. Finally, thanks to IDH's enhanced digital capabilities, results and reports will be delivered to patients within 24 hours from the exam through the Company's website and dedicated WhatsApp account.
Commenting on the launch, IDH CEO Dr. Hend El Sherbini, said: "We are proud to have delivered on yet another step of our ambitious ramp up strategy for Al-Borg Scan, bringing our high-quality radiology services to growing number of patients. Over the last twelve months, we have more than doubled the number of Al-Borg Scan branches and successfully widened our footprint to cover all of Greater Cairo. In parallel, we recently obtained ACR (American College of Radiology) accreditation for both the venture's nuclear medicine (NucMed) and ultrasound units, making Al-Borg Scan the first radiology center in Africa, and one of the only radiology facilities in the Middle East, to boast this prestigious certification. While we are thrilled with our progress thus far, our work has just begun, and over the coming year we are aiming to roll out two to three additional branches and further widen the venture's service offering as we look to capture a larger share of the fast-growing Egyptian radiology market."
In the period from Al-Borg Scan's initial launch in 2018 to 30 June 2022, IDH has invested close to EGP 400 million in the venture, with the company delivering impressive results from the very start. Most recently, IDH's radiology venture continued to record remarkable results with revenues expanding 78% year-on-year to record EGP 35 million in 1H 2022. Top-line growth came on the back of an 85% year-on-year rise in radiology tests performed and a 77% year-on-year rise in patients served, further testament to the venture's growing popularity. Meanwhile, the company's efficiency enhancement efforts helped further boost profitability which continues to improve in line with management's expectations.
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About Integrated Diagnostics Holdings (IDH)
IDH is a leading consumer healthcare company in the Middle East and Africa with operations in Egypt, Jordan, Sudan and Nigeria. The Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar Sudan (both in Sudan) and Echo-Lab (Nigeria). 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 2,000 diagnostics tests. From its base of 538 branches as of 30 June 2022, 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's expansion plans include acquisitions in new 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 with a Standard Listing on the Main Market of the London Stock Exchange (ticker: IDHC) since May 2015 with a secondary listing on the EGX since May 2021 (ticker: IDHC.CA). Learn more at idhcorp.com.
Contact
Nancy Fahmy
Investor Relations Director
T: +20 (0)2 3345 5530 | M: +20 (0)12 2255 7445 | nancy.fahmy@idhcorp.com