Integrated Diagnostics Holdings (IDH) reported a 31% revenue growth in Q1 2026, reaching EGP 2.1 billion, driven by a 22% increase in tests performed and a 7% rise in average revenue per test. Gross profit grew by 28% to EGP 807 million, while EBITDA increased by 23% to EGP 611 million, resulting in a 29.5% EBITDA margin. Net profit surged by 78% to EGP 437 million, and adjusted net profit (excluding foreign exchange gains) rose by 36% to EGP 292 million. The company expanded its branch network by 153 to 794 branches, with significant growth in Egypt, Jordan, and Saudi Arabia. Despite seasonal impacts from Ramadan and Eid, IDH maintained strong profitability through disciplined cost management and operational efficiency.
| Metric | Q1 2025 | Q1 2026 | Change |
|---|
| Revenue (EGP mn) | 1,583 | 2,073 | 31% |
| Cost of Sales (EGP mn) | (952) | (1,266) | 33% |
| Gross Profit (EGP mn) | 631 | 807 | 28% |
| Gross Profit Margin | 39.8% | 38.9% | -0.9 pts. |
| Operating Profit (EGP mn) | 365 | 458 | 25% |
| EBITDA (EGP mn) | 498 | 611 | 23% |
| EBITDA Margin | 31.5% | 29.5% | -2.0 pts. |
| Net Profit (EGP mn) | 245 | 437 | 78% |
| Net Profit Margin | 15.5% | 21.1% | 5.6 pts. |
| Adjusted Net Profit (EGP mn) | 214 | 292 | 36% |
| Adjusted Net Profit Margin | 13.5% | 14.1% | 0.6 pts. |
| Cash Balance (EGP mn) | 1,662 | 1,855 | 12% |
| Interest-Bearing Debt (EGP mn) | 427 | 421 | -1% |
### Key Observations:
1. **Revenue Growth**: Revenue increased by 31% year-on-year, driven by a 22% rise in tests performed and a 7% increase in average revenue per test. 2. **Profitability**: Net profit surged by 78%, primarily due to significant foreign exchange gains. Adjusted net profit (excluding FX gains) grew by 36%, reflecting underlying operational strength. 3. **Debt Position**: Interest-bearing debt decreased slightly by 1%, despite a loan withdrawal for the Cairo Ray acquisition. 4. **Margins**: EBITDA margin contracted by 2.0 percentage points due to seasonal impacts and pre-operating expenses, while adjusted net profit margin improved by 0.6 percentage points. 5. **Cash Position**: Cash balance increased by 12%, supported by strong operating cash generation and disciplined working capital management.