Egyptian businesswoman Hend El-Sherbini leads IDH to $31 million in Q1 revenue

Key Points

• IDH’s Q1 2025 revenue surged 35% to $31.8M, driven by Egypt and Jordan, despite Ramadan-related test volume dips.
• Net profit fell to $4.92M due to lower FX gains but adjusted profits more than doubled with improved margins.
• Nigeria unit reached profitability; Saudi Arabia revenue rose with plans to open four new branches in 2025.

Integrated Diagnostics Holdings (IDH), a leading healthcare services provider based in Cairo and led by Egyptian businesswoman Hend El-Sherbini, started 2025 with mixed results.

Revenue rose sharply by 35 percent to over $30 million, driven by higher test volumes and increased revenue per test. This growth came despite some challenges, including currency normalization and seasonal slowdowns related to Ramadan.

Strong revenue growth in Egypt and Jordan

IDH’s latest report showed revenue climbing from EGP 1.17 billion ($23.5 million) in Q1 2024 to EGP 1.58 billion ($31.8 million) this year. This increase was largely fueled by its core markets in Egypt and Jordan.

However, net profit fell from EGP402 million ($8.07 million) to EGP245 million ($4.92 million), mainly due to fewer foreign exchange gains. When adjusting for these factors, profit actually more than doubled, with margins improving by five percentage points, thanks to better operational efficiency.

Egypt remains the backbone of IDH’s business, accounting for 82.7 percent of total revenue. The country posted EGP 1.31 billion ($26.3 million), up 32 percent from last year. While test volumes slightly dipped due to Ramadan starting earlier, a 37 percent rise in average revenue per test helped offset that.

Jordan also showed strong gains, with revenue jumping 42 percent year-on-year to JOD 3.3 million ($4.65 million). This growth was supported by a promotional campaign that boosted test volumes by 16 percent. Meanwhile, Nigeria and Saudi Arabia continue to make steady progress as they expand their operations.

Nigeria reaches profitability; Saudi Arabia expands

IDH’s Nigerian unit, Echo-Lab, recorded revenue of N840 million ($529,000) in Q1 2025, a 39 percent increase from the previous year or 78 percent when measured in Egyptian pounds. Despite inflation causing some pressure on test volumes, the subsidiary reported positive EBITDA for the first time, marking an important milestone in its turnaround.

In Saudi Arabia, where IDH is still in the early stages of growth, revenue increased to SAR 0.8 million ($213,000) from SAR 0.6 million in the previous quarter. The company plans to open four more branches this year to strengthen its presence in the country’s fragmented diagnostics market.

Continued growth and operational investments

By the end of March 2025, IDH operated 641 laboratories across Egypt, Jordan, Sudan, and Nigeria, up from 587 in the previous quarter. This expansion highlights the company’s commitment to growing its footprint in the Middle East and Africa, despite economic uncertainties.

Hend El-Sherbini, who owns a 26.7 percent stake in IDH, expressed satisfaction with the company’s performance. “We’re happy to build on our progress from last year with strong revenue growth and improved profitability,” she said.

IDH also increased its asset base in the first quarter, with property, plant, and equipment rising to EGP3.22 billion, supported by new branches and upgrades. While cash and financial assets dipped slightly to EGP 1.66 billion, net cash rose sharply to EGP385 million ($7.74 million)—up from EGP227 million ($4.6 million)—as IDH continued to pay down debt and lower its interest-bearing obligations.