Last checked at 4 Oct 2021 11:48
IDH launches third Al-Borg Scan branch in East Cairo's centrally-located Heliopolis neighbourhood
The launch is part of a wider ramp up strategy as the Company works to capitalise on the venture's growing popularity and the attractive growth profile of Egypt's radiology segment
4 October 2021
(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 third branch. The new branch is located in the strategic Heliopolis neighbourhood of East Cairo and will play an important role in further strengthening the venture's brand equity. This is the first Al-Borg Scan branch to launch in East Cairo, with the venture's first two branches covering the Mohandessin and Shoubra neighbourhoods of West Cairo. The branch, which will be equipped with the latest state-of-the-art radiology technology available on the market, will offer a full-suite of radiology services, including but not limited to magnetic resonance imaging (MRI), computed tomography (CT), x-ray and contrast studies, ultrasonography, echocardiography, electrocardiography (ECG), electroencephalography (EEG), electromyography (EMG) in addition to panoramic exams for jaws and teeth and interventional radiology-based services. The new branch will also include a special female-dedicated unit offering mammographs and DEXA scans as well as multiple other female-specific exams such as 3D and 4D gyne/obstetric ultrasounds. Leveraging IDH's reputation in the industry, Al Borg Scan's new branch has been able to secure collaborations with some of the highest-ranking radiology specialists in the country, offering patients consultations and diagnostic reports from the top experts in the field. Moreover, thanks to IDH's growing digital capabilities, patients visiting the branch will have access to results and reports within 24 hours from the exam through the Company's website and its dedicated WhatsApp account.
Commenting on the branch's inauguration, IDH CEO Dr. Hend El Sherbini, said: "I am delighted to announce the launch of Al-Borg Scan's third branch which sees us further expand our geographic reach, bringing our high-quality radiology services to growing number of patients. The launch comes as part of a wider ramp up strategy which in the last three years has seen us effectively expand our radiology venture in step with the growing demand for high-quality radiology services in our home market of Egypt. This has enabled us to capitalise on the important growth opportunities offered by Egypt's fragmented radiology market while delivering on our vision of providing patients with a one-stop-shop service offering featuring both pathology and radiology."
Al-Borg Scan was launched back in 2018 in response to growing demand from patients across the country who were seeking greater access to high-quality radiology services. In its first three years of operation, the venture has witnessed impressive financial and operational growth in line with management's expectations. More specifically, in the first half of 2021 Al-Borg Scan recorded a 124% year-on-year increase in revenues as tests performed and patients served by the venture more than doubled versus the comparable period of 2020, reaching 34 thousand and 28 thousand, respectively. Remarkable top-line growth since inception coupled with wide-ranging efficiency enhancement efforts have translated into strong and improving profitability.
"Looking ahead, we expect to continue recording growing contributions to consolidated revenue and profitability coming from Al-Borg Scan as we continue to ramp up operations further. As part of our continued expansion efforts, we are looking to inaugurate two additional branches in the first half of 2022 while further developing our diagnostics offering with the addition of innovative services such as the new PET-CT scan we added in late 2020. In parallel, we are also looking to complete the necessary modules to obtain ACR (American College of Radiology) accreditation for Al-Borg Scan's branches, a process we expect to conclude by year-end 2021 and which would make Al-Borg Scan the only provider in Egypt to boast the accreditation." Dr. El Sherbini concluded.
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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 495 branches as of 30 June 2021, 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 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.
The person responsible for arranging the release of this announcement is Nancy Fahmy, Investor Relations Director at IDH.
Contact
Nancy Fahmy
Investor Relations Director
T: +20 (0)2 3345 5530 | M: +20 (0)12 2255 7445 | nancy.fahmy@idhcorp.com