Half-year Report
Summary by AI BETAClose X
Integrated Diagnostics Holdings Plc
1H 2026 Results
Friday, 11 September 2026
Integrated Diagnostics Holdings plc reports 37% revenue growth in 1H 2026, supported by broad-based expansion across core markets with sustained profitability
(London) - Integrated Diagnostics Holdings ("IDH," "the Group," or "the Company"), a leading provider of diagnostic services with operations in Egypt, Jordan, Nigeria, Saudi Arabia, and Sudan, announced today its unaudited financial results for the six-month period ended 30 June 2026. The Company reported revenues of EGP 4.9 billion in 1H 2026, representing a 37% year-on-year increase, driven by a 20% rise in tests performed and a 14% increase in average revenue per test, reflecting continued growth in patient volumes, stronger service utilisation, and improved value capture across the Group's footprint. Gross profit increased 41% year-on-year to EGP 2.1 billion, while EBITDA grew 38% year-on-year to EGP 1.6 billion, resulting in an EBITDA margin of 33.9%. Net profit rose 47% year-on-year to EGP 839 million in 1H 2026. Excluding foreign exchange gains/losses in both periods, adjusted net profit increased 40% year-on-year to EGP 802 million, with the associated margin improving to 16.5%.
On a quarterly basis, IDH delivered revenues of EGP 2.8 billion in Q2 2026, up 42% year-on-year from EGP 2.0 billion in Q2 2025. Gross profit increased 51% year-on-year to EGP 1.3 billion, with the gross profit margin expanding to 46.6% from 43.8% in the prior-year quarter. EBITDA increased 50% year-on-year to EGP 1.0 billion, yielding an EBITDA margin of 37.2% compared with 35.3% in Q2 2025. Net profit increased 23% year-on-year to EGP 402 million, despite the impact of higher foreign exchange losses during the quarter. Excluding foreign exchange losses in both periods, adjusted net profit increased 42% year-on-year to EGP 510 million.
Performance during the period reflected strong underlying demand across the Group's operating markets, supported by continued branch expansion, higher patient throughput across both contract and walk-in segments, and growing utilisation of specialised diagnostics and radiology services. While profitability continued to reflect the impact of planned growth investments, including the ramp-up of Biolab KSA and continued expansion of the radiology platform, the Group maintained healthy margins supported by disciplined cost management, procurement optimisation, and operational execution.
During the period, IDH's shareholder structure evolved following a mandatory cash offer launched by Hena Holdings Ltd, the Company's founding shareholder vehicle, which is wholly owned by IDH Chief Executive Officer Dr. Hend El-Sherbini and her mother, Dr. Moamena Abdul Wahab Kamel. On 23 June 2026, Hena Holdings announced the offer following its acquisition of 126 million shares from Actis IDH Limited, representing 21.67% of IDH's total voting rights. The transaction increased Hena Holdings' total shareholding to 49.62%, thereby triggering a mandatory takeover offer under the UK Takeover Code. Following the close of the initial offer period on 29 July 2026 and the expiry of the final two-week extension on 12 August 2026, Hena Holdings acquired additional shares through the offer, bringing its total ownership in IDH to 56.67%. Consequently, the remaining 43.33% of IDH's shares continue to be held by public shareholders, representing the Company's free float.
|
EGP mn |
Q2 2025 |
Q2 2026 |
Change |
1H 2025 |
1H 2026 |
Change |
|
Revenue |
1,960 |
2,783 |
42% |
3,543 |
4,856 |
37% |
|
Cost of Sales |
(1,101) |
(1,486) |
35% |
(2,053) |
(2,751) |
34% |
|
Gross Profit |
859 |
1,298 |
51% |
1,489 |
2,105 |
41% |
|
Gross Profit Margin |
43.8% |
46.6% |
2.8 pts. |
42.0% |
43.3% |
1.3 pts. |
|
Operating Profit |
556 |
868 |
56% |
921 |
1,325 |
44% |
|
EBITDA |
691 |
1,036 |
50% |
1,190 |
1,647 |
38% |
|
EBITDA Margin |
35.3% |
37.2% |
1.9 pts. |
33.6% |
33.9% |
0.3 pts. |
|
Net Profit |
326 |
402 |
23% |
571 |
839 |
47% |
|
Net Profit Margin |
16.6% |
14.4% |
(2.2) pts. |
16.1% |
17.3% |
1.2 pts. |
|
Adjusted Net Profit1 |
360 |
510 |
42% |
575 |
802 |
40% |
|
Adjusted Net Profit Margin |
18.4% |
18.3% |
(0.1) pts. |
16.2% |
16.5% |
0.3 pts. |
|
Cash Balance2 |
1,708 |
1,926 |
13% |
1,708 |
1,926 |
13% |
Note: Throughout the document, percentage changes are calculated using the exact value (as per the Consolidated Financials) and not the corresponding rounded figure.
[1] Adjusted net profit excludes foreign exchange gains/losses from all periods. In 1H 2026, IDH recorded a foreign exchange gain of EGP 36.9 million, compared with a foreign exchange loss of EGP 3.5 million in 1H 2025. On a quarterly basis, IDH recorded a foreign exchange loss of EGP 108.1 million in Q2 2026, compared with a foreign exchange loss of EGP 34.1 million in Q2 2025.
2 Cash balance includes time deposits, treasury bills, current accounts, and cash on hand.
Key Operational Indicators3
|
EGP |
1H 2025 |
1H 2026 |
Change |
|
Branches |
678 |
8394 |
+161 |
|
Patients ('000) |
4,265 |
4,861 |
14% |
|
Revenue per Patient (EGP) |
831 |
999 |
20% |
|
Tests ('000) |
19,619 |
23,629 |
20% |
|
Revenue per Test (EGP) |
181 |
206 |
14% |
|
Test per Patient |
4.6 |
4.9 |
6% |
3 Key operational indicators are calculated based on revenue for the periods of EGP 4,856 million and EGP 3,543 million for 1H 2026 and 1H 2025, respectively.
4 During the twelve-month period, IDH rolled out 157 new branches in Egypt, two new branches in Jordan, and three new branches in KSA, while the Group's branch network in Nigeria declined by one branch.
Introduction
i. Financial Highlights
· IDH reported consolidated revenue of EGP 4,856 million in 1H 2026, representing a 37% year-on-year increase, driven by a 20% rise in test volumes and a 14% increase in average revenue per test (ARPT). Growth remained broad-based across the Group's footprint, with Egypt, Jordan, Nigeria, and Saudi Arabia all contributing positively during the period. Performance was supported by continued expansion of the branch network, higher patient throughput across both contract and walk-in segments, and growing utilisation of specialised diagnostics and radiology services. On a quarterly basis, consolidated revenue reached EGP 2,783 million in Q2 2026, up 42% year-on-year.
· Gross profit reached EGP 2,105 million in 1H 2026, representing a 41% year-on-year increase, while the gross profit margin (GPM) improved to 43.3%, compared with 42.0% in 1H 2025. Margin performance reflected strong operating leverage on the back of higher volumes, continued procurement optimisation, and disciplined cost management. Raw materials as a share of revenue improved to 18.1% from 19.6% in 1H 2025, while direct wages and salaries, including employee profit share, remained stable at 19.1% of revenue in both periods, reflecting continued efficiency gains despite ongoing branch expansion and investment in operational capacity. On a quarterly basis, gross profit increased 51% year-on-year to EGP 1,298 million in Q2 2026, with GPM expanding to 46.6% from 43.8% in Q2 2025.
· EBITDA increased 38% year-on-year to EGP 1,647 million in 1H 2026, with an EBITDA margin of 33.9%, broadly in line with 33.6% in 1H 2025. Operating profit also recorded strong growth, increasing 44% year-on-year to EGP 1,325 million, with the associated margin improving to 27.3% from 26.0% in the prior-year period. Profitability during the first half continued to benefit from stronger gross profitability, disciplined SG&A management, digitalisation initiatives, and operating leverage across the platform, while ongoing investments in growth initiatives, particularly in Saudi Arabia and radiology expansion, continued to support the Group's long-term growth trajectory. In Q2 2026, EBITDA increased 50% year-on-year to EGP 1,036 million, with the EBITDA margin expanding to 37.2% from 35.3% in Q2 2025.
· Net profit rose 47% year-on-year to EGP 839 million in 1H 2026, with a net profit margin (NPM) of 17.3%, compared with 16.1% in 1H 2025. Excluding foreign exchange gains/losses in both periods, adjusted net profit increased 40% year-on-year to EGP 802 million, with the associated margin improving to 16.5% from 16.2% in 1H 2025, highlighting the continued strength of the Group's underlying operating performance during the period. On a quarterly basis, net profit increased 23% year-on-year to EGP 402 million in Q2 2026, despite the impact of higher foreign exchange losses during the quarter.
· IDH's net cash balance stood at EGP 239 million as at 30 June 2026, compared with EGP 472 million as at 31 December 2025, reflecting continued strong operating cash generation and disciplined working capital management.
· Dividend Distribution: As indicated at the time of the FY 2025 ordinary dividend, the Board has continued to evaluate the scope for an additional distribution as market conditions and the Group's capital requirements have evolved. Following this review, the Board considers it prudent to preserve cash and maintain balance sheet flexibility. This reflects both a number of well-defined expansion opportunities requiring capital and continued geopolitical uncertainty across the region, reinforcing the need for financial resilience and adequate USD liquidity. The Board believes this approach is in shareholders' best interests, preserving the flexibility to pursue value accretive growth opportunities, while remaining well positioned to withstand external volatility.
ii. Operational Highlights
· As at 30 June 2026, IDH's branch network stood at 839 branches, up 161 branches year-on-year from 678 branches as at 30 June 2025. Over the past twelve months, the Group inaugurated 157 new branches in Egypt, two new branches in Jordan, and three additional branches in Saudi Arabia, while the Nigerian network decreased by one branch. Operations in Sudan remained largely suspended, with only one branch partially operational.
· During 1H 2026, IDH conducted 23.6 million tests, representing a 20% year-on-year increase, supported by higher patient throughput across both contract and walk-in channels. Test volumes increased across the Group's key operating geographies, with particularly strong momentum in Egypt and Saudi Arabia. Growth during the period underscores the resilience of underlying demand and the continued strength of the Group's brands across its footprint.
· Average revenue per test (ARPT) increased 14% year-on-year to EGP 206 in 1H 2026, reflecting continued pricing optimisation and a richer service mix supported by higher contributions from radiology, radiotherapy, and specialised diagnostics. Average revenue per patient rose 20% year-on-year to EGP 999, highlighting IDH's continued success in enhancing value capture per patient through cross-selling initiatives, deeper service utilisation, and broader diagnostic offerings.
· IDH served 4.9 million patients during 1H 2026, up 14% year-on-year. In parallel, the Group further improved its average tests per patient metric to 4.9, compared with 4.6 in 1H 2025. This improvement reflects the effectiveness of IDH's ongoing efforts to deepen patient engagement, strengthen referral flows, and expand utilisation across its integrated diagnostics platform.
iii. Updates by Geography
· In Egypt (85.9% of total revenue in 1H 2026), IDH recorded revenues of EGP 4,170 million during the period, representing 41% year-on-year growth compared to 1H 2025. Growth was supported by a 21% increase in test volumes alongside a 16% rise in average revenue per test, reflecting continued strength in underlying demand, pricing optimisation, and a richer service mix, including growing contributions from radiology, radiotherapy, and specialised diagnostics. Egypt also remained the Group's primary profitability driver, generating EBITDA of EGP 1,519 million, up 42% year-on-year, with the EBITDA margin broadly stable at 36%.
· IDH's Jordanian subsidiary, Biolab (11.1% of total revenues in 1H 2026), reported revenues of JOD 7.5 million, up 8% year-on-year from JOD 7.0 million in 1H 2025. In Egyptian pound terms, revenues increased 9% year-on-year to EGP 537 million. Performance during the period was supported by a 10% increase in test volumes, while patients served remained broadly stable, increasing 1% year-on-year, reflecting higher tests per patient and the continued effectiveness of Biolab's promotional, cross-selling, and loyalty initiatives. Average revenue per test in EGP terms declined slightly by 1% year-on-year, reflecting pricing dynamics within Jordan's regulated healthcare market. Biolab recorded EBITDA of JOD 2.0 million during the period, broadly stable year-on-year, with an EBITDA margin of 26%, compared with 29% in 1H 2025.
· In Nigeria (1.5% of total revenues in 1H 2026), Echo-Lab recorded revenues of NGN 2.0 billion, representing 12% year-on-year growth in local currency terms. In Egyptian pound terms, revenues increased 27% year-on-year to EGP 73 million. Growth during the period was supported by continued pricing adjustments implemented to offset local inflationary pressures, with average revenue per test increasing 23% year-on-year, alongside a 3% increase in test volumes. Importantly, Echo-Lab continued to build on its operational turnaround, generating positive EBITDA of NGN 142 million in 1H 2026, compared with NGN 40 million in 1H 2025, with the EBITDA margin improving to 7% from 2% last year.
· Biolab KSA, IDH's newest venture in Saudi Arabia (1.5% of total revenues in 1H 2026), reported revenues of SAR 5.5 million during the period, representing 191% year-on-year growth compared with 1H 2025. In Egyptian pound terms, revenues increased 199% year-on-year to EGP 76 million. Growth was driven by strong increases in patient traffic, up 144% year-on-year, and test volumes, up 194% year-on-year, following the expansion of the network to five operational branches and reflecting growing brand awareness and continued ramp-up across the venture's operations. Biolab KSA's EBITDA loss narrowed to SAR 1.2 million, compared with a loss of SAR 1.9 million in 1H 2025, with the EBITDA margin improving significantly to negative 21% from negative 101%, reflecting stronger utilisation and early-stage operating leverage as the business continues to scale.
· In Sudan, one branch remained partially operational throughout the period, while the remaining 17 branches continued to be closed indefinitely pending stabilisation of conditions in the country. Management continues to closely monitor developments on the ground while prioritising the safety of employees and patients.
iv. Management Commentary
Commenting on the Group's 1H 2026 performance, IDH Chief Executive Officer, Dr. Hend El-Sherbini, said: "We are pleased to report a strong first-half performance, reflecting the continued resilience of demand across our markets, the strength of IDH's brands, and the scalability of our operating platform. During 1H 2026, revenues increased 37% year-on-year to EGP 4.9 billion, supported by a 20% increase in tests performed and a 14% rise in average revenue per test. This performance was broad-based, with Egypt, Jordan, Nigeria, and Saudi Arabia all contributing positively to growth, and underscores the importance of diagnostics as a core component of healthcare delivery across our footprint.
Importantly, our top-line momentum translated into sustained profitability. Gross profit increased 41% year-on-year to EGP 2.1 billion, with gross profit margin expanding to 43.3%, supported by procurement optimisation, disciplined cost management, and stronger operating leverage as volumes grew. EBITDA increased 38% year-on-year to EGP 1.6 billion, with the EBITDA margin broadly stable at 33.9%, even as we continued to invest in long-term growth initiatives, including the ramp-up of Biolab KSA and the expansion of our radiology and radiotherapy platform. Net profit rose 47% year-on-year to EGP 839 million, while adjusted net profit, excluding foreign exchange gains and losses in both periods, increased 40% to EGP 802 million, highlighting the continued strength of the Group's underlying operating performance.
Operationally, we continued to deepen our reach and strengthen utilisation across the platform. As at 30 June 2026, IDH operated 839 branches, up 161 branches year-on-year, with most of the expansion taking place in Egypt, alongside further additions in Jordan and Saudi Arabia. During the period, we served 4.9 million patients and performed 23.6 million tests, while average tests per patient increased to 4.9 from 4.6 in the prior-year period. This improvement reflects the effectiveness of our cross-selling initiatives, referral network, and broader service offering, as well as the growing role of specialised diagnostics, radiology, and radiotherapy within our portfolio.
Egypt remained the Group's primary growth and profitability engine, delivering 41% revenue growth and EBITDA of EGP 1.5 billion, with margins remaining healthy at 36%. Growth was supported by continued demand across both contract and walk-in segments, pricing optimisation, and a richer service mix. Our radiology and radiotherapy platform also continued to scale, reinforcing our strategy of expanding into higher-value services that complement our core diagnostics offering and strengthen our position across the patient care pathway.
Across our other markets, performance remained encouraging. In Jordan, Biolab continued to deliver stable growth in a regulated pricing environment, supported by higher test volumes, loyalty initiatives, and disciplined cost management. In Nigeria, Echo-Lab maintained its turnaround momentum, generating positive EBITDA and further improving margins, supported by pricing actions, cost rationalisation, and stronger utilisation. In Saudi Arabia, Biolab KSA continued to scale rapidly, with significant growth in patients and tests performed, while EBITDA losses narrowed materially as the business benefited from improved utilisation and early-stage operating leverage. In Sudan, our approach remains cautious and safety-led, with one branch partially operational while the broader network remains closed pending stabilisation.
Looking ahead, our priorities remain clear. We will continue expanding access to high-quality diagnostics in structurally attractive markets, deepening our specialised service offering, and enhancing value per patient through a broader and more integrated platform. At the same time, we remain focused on operational efficiency, disciplined capital allocation, and maintaining the flexibility of our asset-light model. While we continue to monitor macroeconomic and regional developments closely, the progress achieved during the first half reinforces our confidence in IDH's ability to sustain growth, protect profitability, and deliver long-term value for patients, employees, and shareholders."
Analyst and Investor Call Details
An analyst and investor call will be hosted at 13:00 pm (UK) | 15:00 (Egypt) on Tuesday, 15 September 2026. You can learn more details and register for the call by clicking on the link.
For more information about the event, please contact: amoataz@EFG-HERMES.com
About Integrated Diagnostics Holdings (IDH)
IDH is a leading diagnostics services provider in the Middle East and Africa offering a broad range of clinical pathology and radiology tests to patients in Egypt, Jordan, Nigeria, Saudi Arabia, and Sudan. The Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Echo-Lab (Nigeria), Ultralab and Al Mokhtabar Sudan (both in Sudan), and Biolab KSA (Saudi Arabia). With over 40 years of experience, 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 3,000 diagnostics tests. From its base of 839 branches as of 30 June 2026, IDH serves nearly 10 million patients and performs over 40 million tests annually. 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 targets expansion in appealing markets, including acquisitions in the 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 (i) whose shares are admitted to the equity shares (transition) category (previously, the standard listing segment) of the Official List of the UK Financial Conduct Authority and admitted to trading on the main market for listed securities of the London Stock Exchange (ticker: IDHC) since May 2015.
Shareholder Information
LSE: IDHC.L
Bloomberg: IDHC:LN
Listed on LSE: May 2015
Shares Outstanding: 581,326,272
Contact
Mirette Ahmed
Investment Section Head and IR Officer
T: +20 (0)2 3332 1126 | M: +20 11 1784 7401 | mirette.ahmed@idhcorp.com
Forward-Looking Statements
These results for the six months ended 30 June 2026 have been prepared solely to provide additional information to shareholders to assess the group's performance in relation to its operations and growth potential. These results should not be relied upon by any other party or for any other reason. This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as "according to estimates", "aims", "anticipates", "assumes", "believes", "could", "estimates", "expects", "forecasts", "intends", "is of the opinion", "may", "plans", "potential", "predicts", "projects", "should", "to the knowledge of", "will", "would" or, in each case their negatives or other similar expressions, which are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding business and management, future growth or profitability and general economic and regulatory conditions and other matters affecting the Group.
Forward-looking statements reflect the current views of the Group's management ("Management") on future events, which are based on the assumptions of the Management and involve known and unknown risks, uncertainties and other factors that may cause the Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. The occurrence or non-occurrence of an assumption could cause the Group's actual financial condition and results of operations to differ materially from, or fail to meet expectations expressed or implied by, such forward-looking statements.
The Group's business is subject to a number of risks and uncertainties that could also cause a forward-looking statement, estimate or prediction to differ materially from those expressed or implied by the forward-looking statements contained in this communication. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Group does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.
Group Operational & Financial Review
i. Revenue and Cost Analysis
Consolidated Revenue
IDH delivered strong top-line growth during 1H 2026, reporting consolidated revenues of EGP 4,856 million, representing a 37% year-on-year increase compared with 1H 2025. Growth was supported by a 20% increase in test volumes alongside a 14% rise in average revenue per test (ARPT), reflecting continued expansion in patient activity, improved service utilisation, and ongoing contributions from specialised diagnostics and radiology services across the Group's footprint.
On a quarterly basis, consolidated revenue reached EGP 2,783 million in Q2 2026, representing a 42% year-on-year increase compared with Q2 2025. The strong quarterly performance was supported by continued growth across both patient segments, higher testing activity, and improved value capture across the Group's key markets following the seasonal impact recorded during the first quarter of the year.
|
|
1H 2025 |
1H 2026 |
Change |
|
Revenue (EGP mn) |
3,543 |
4,856 |
37% |
|
Tests performed (mn) |
19.6 |
23.6 |
20% |
|
Revenue per test (EGP) |
181 |
206 |
14% |
Revenue Analysis: Contribution by Patient Segment
Contract Segment (69% of Group revenue in 1H 2026)
Revenues from the contract segment reached EGP 3,355 million in 1H 2026, representing 41% year-on-year growth compared with EGP 2,383 million in 1H 2025. Growth was supported by a 20% increase in test volumes alongside an 18% rise in average revenue per test, reflecting continued strength across corporate, insurance, and referral channels.
Average tests per patient in the contract segment increased to 5.1 tests per patient in 1H 2026, compared with 4.8 in 1H 2025, highlighting continued success in deepening patient engagement and expanding utilisation across the Group's broader diagnostic offering.
Walk-in Segment (31% of Group revenue in 1H 2026)
Within the walk-in segment, revenues reached EGP 1,501 million in 1H 2026, up 30% year-on-year compared with EGP 1,159 million in 1H 2025. Performance was driven by a 24% increase in test volumes alongside a 4% increase in average revenue per test, supported by continued patient traffic growth and rising utilisation of specialised diagnostics and radiology services.
Average tests per patient within the walk-in segment improved to 4.0 tests in 1H 2026, compared with 3.8 in the prior-year period, reflecting the ongoing effectiveness of IDH's cross-selling initiatives, digital outreach programmes, and broader efforts to enhance the patient experience across its expanding network.
Detailed Segment Performance Breakdown
|
|
Walk-in Segment |
Contract Segment |
Total |
||||||
|
|
1H 2025 |
1H 2026 |
Change |
1H 2025 |
1H 2026 |
Change |
1H 2025 |
1H 2026 |
Change |
|
Revenue (EGP mn) |
1,159 |
1,501 |
30% |
2,383 |
3,355 |
41% |
3,543 |
4,856 |
37% |
|
Patients ('000) |
840 |
994 |
18% |
3,424 |
3,867 |
13% |
4,265 |
4,861 |
14% |
|
% of patients |
20% |
20% |
|
80% |
80% |
|
|
|
|
|
Revenue per Patient (EGP) |
1,380 |
1,510 |
9% |
696 |
868 |
25% |
831 |
999 |
20% |
|
Tests ('000) |
3,178 |
3,943 |
24% |
16,441 |
19,685 |
20% |
19,619 |
23,629 |
20% |
|
% of Tests |
16% |
17% |
|
84% |
83% |
|
|
|
|
|
Revenue per Test (EGP) |
365 |
381 |
4% |
145 |
170 |
18% |
181 |
206 |
14% |
|
Test per Patient |
3.8 |
4.0 |
5% |
4.8 |
5.1 |
6% |
4.6 |
4.9 |
6% |
Revenue Analysis: Contribution by Geography
Egypt (85.9% of Group revenue in 1H 2026)
IDH's home and largest market, Egypt, continued to deliver strong growth during 1H 2026, with revenues increasing 41% year-on-year to EGP 4,170 million, compared with EGP 2,966 million in 1H 2025. Performance was supported by a 21% increase in tests performed alongside a 16% rise in average revenue per test, reflecting continued growth in patient volumes, pricing optimisation, and a progressively richer diagnostic mix.
The Egyptian business also continued to benefit from IDH's expanding branch network, which reached 793 branches as at 30 June 2026, up 157 branches year-on-year. During the period, IDH served 4.6 million patients in Egypt, up 14% year-on-year, further underscoring the resilience of demand and the strength of the Group's brands in its home market.
Al-Borg Scan and Radiotherapy
IDH's radiology and radiotherapy platform, comprising Al Borg Scan and the radiotherapy offering added following the acquisition of Cairo Ray for Radiotherapy in June 2025, continued to increase its contribution to the Group's Egyptian operations during 1H 2026. Combined radiology and radiotherapy revenues reached EGP 220 million during the period, compared with EGP 123 million in 1H 2025, representing year-on-year growth of 79%.
Growth was supported by both higher volumes and improved pricing, with total scans and radiotherapy procedures increasing 40% year-on-year to 162 thousand, while average revenue per test increased 28% year-on-year to EGP 1,358. During the period, the platform served 121 thousand patients, up 41% year-on-year, while the network expanded to nine branches, including eight Al Borg Scan branches and one radiotherapy facility.
The continued expansion of IDH's radiology and radiotherapy platform strengthens the Group's positioning across higher-value specialised diagnostics and oncology-related services, while supporting its strategy to build a more comprehensive offering for patients and referring physicians.
House Calls
IDH's house-call service remained a core pillar of its Egyptian operations during 1H 2026, accounting for approximately 22% of Egypt's revenues, broadly in line with recent periods and significantly above pre-pandemic levels. The service continued to benefit from strong patient adoption, supported by enhanced digital booking capabilities, efficient logistics, and the Group's extensive nationwide network.
Wayak
Wayak, IDH's digital health and e-pharmacy platform, delivered revenues of EGP 21 million in 1H 2026, compared with EGP 15 million in 1H 2025, representing year-on-year growth of 38%. Performance was supported by continued optimisation of the platform's delivery network, growing integration with IDH's broader branch and digital ecosystem, and the Group's ongoing efforts to leverage its expanding patient database to provide personalised, digitally enabled healthcare services.
Detailed Egypt Performance Breakdown
|
|
1H 2025 |
1H 2026 |
Change |
|
Revenue (EGP mn, contribution to Egypt's results) |
2,966 |
4,170 |
41% |
|
Pathology Revenue |
2,843 (95.9%) |
3,950 (94.7%) |
39% |
|
Radiology & Radiotherapy Revenue |
123 (4.1%) |
220 (5.3%) |
79% |
|
Tests performed (mn) |
18.0 |
21.8 |
21% |
|
Revenue per test (EGP) |
164 |
191 |
16% |
Jordan (11.1% of Group revenue in 1H 2026)
In IDH's second-largest market, Jordan, Biolab reported revenues of JOD 7.5 million in 1H 2026, representing an 8% year-on-year increase compared with JOD 7.0 million in 1H 2025. Growth was primarily volume-led, with the number of tests performed increasing 10% year-on-year, supported by higher tests per patient and the continued effectiveness of promotional, cross-selling, and loyalty initiatives implemented across the network.
Patients served remained broadly stable during the period, increasing 1% year-on-year, while average tests per patient rose to 8.4 from 7.7 in 1H 2025. Average revenue per test in EGP terms declined slightly by 1% year-on-year, reflecting pricing dynamics within Jordan's regulated healthcare market and the Group's ongoing strategy to support patient retention and market share growth in a competitive environment. In Egyptian pound terms, revenues increased 9% year-on-year to EGP 537 million.
Detailed Jordan Performance Breakdown
|
|
1H 2025 |
1H 2026 |
Change |
|
Revenue (EGP mn) |
493 |
537 |
9% |
|
Revenue (JOD mn) |
7.0 |
7.5 |
8% |
|
Tests performed (000s) |
1,401 |
1,544 |
10% |
|
Revenue per test (EGP) |
352 |
348 |
-1% |
Nigeria (1.5% of Group revenue in 1H 2026)
Echo-Lab, IDH's Nigerian subsidiary, reported revenues of NGN 2.0 billion in 1H 2026, representing 12% year-on-year growth compared with NGN 1.8 billion in 1H 2025. Revenue growth was supported by continued pricing adjustments implemented to offset local inflationary pressures, with average revenue per test increasing 23% year-on-year in EGP terms, alongside a 3% increase in test volumes.
Patient volumes remained broadly stable during the period, while tests per patient improved slightly to 2.2 from 2.1 in 1H 2025, reflecting continued operational progress across the business. In Egyptian pound terms, revenues rose 27% year-on-year to EGP 73 million, supported by both underlying operational growth and FX translation effects.
Saudi Arabia (1.5% of Group revenue in 1H 2026)
Biolab KSA, IDH's Saudi Arabian venture, recorded revenues of SAR 5.5 million in 1H 2026, representing 191% year-on-year growth compared with SAR 1.9 million in 1H 2025. In Egyptian pound terms, revenues increased 199% year-on-year to EGP 76 million, reflecting the continued ramp-up in operations and growing brand recognition across the Kingdom.
Growth was supported by a sharp increase in patient and test volumes as the network expanded to five operational branches. During the period, patients served increased 144% year-on-year, while tests performed rose 194%, highlighting continued momentum in patient acquisition and utilisation across the platform. Over the coming period, IDH plans to continue expanding its footprint in the Kingdom in a disciplined and value-accretive manner.
Sudan
In Sudan, operations remained severely constrained by the ongoing conflict. One branch remained partially operational throughout the quarter, while the remaining 17 branches continued to be closed indefinitely pending stabilisation of conditions in the country.
Management continues to closely monitor developments on the ground while prioritising the safety of employees and patients.
Revenue Contribution by Country
|
|
1H 2025 |
1H 2026 |
Change |
|
Egypt Revenue (EGP mn) |
2,966 |
4,170 |
41% |
|
Pathology Revenue (EGP mn) |
2,843 |
3,950 |
39% |
|
Radiology Revenue (EGP mn) |
123 |
193 |
57% |
|
Radiotherapy Revenue (EGP mn) |
0 |
27 |
- |
|
Egypt Contribution to IDH Revenue |
83.7% |
85.9% |
|
|
Jordan Revenue (EGP mn) |
493 |
537 |
9% |
|
Jordan Revenues (JOD mn) |
7.0 |
7.5 |
8% |
|
Jordan Revenue Contribution to IDH Revenue |
13.9% |
11.1% |
|
|
Nigeria Revenue (EGP mn) |
58 |
73 |
27% |
|
Nigeria Revenue (NGN mn) |
1,768 |
1,986 |
12% |
|
Nigeria Contribution to IDH Revenue |
1.6% |
1.5% |
|
|
Saudi Arabia Revenue (EGP mn) |
25 |
76 |
199% |
|
Saudi Arabia Revenue (SAR mn) |
1.9 |
5.5 |
190% |
|
Saudi Arabia Contribution to IDH Revenue |
0.7% |
1.6% |
|
Average Exchange Rate
|
|
1H 2025 |
1H 2026 |
Change |
|
USD/EGP |
50.20 |
50.71 |
1% |
|
JOD/EGP |
70.71 |
71.40 |
1% |
|
NGN/EGP |
0.03 |
0.04 |
13% |
|
SAR/EGP |
13.40 |
13.51 |
0.8% |
|
SDG/EGP |
0.01 |
0.01 |
- |
Patients Served and Tests Performed by Country
|
|
1H 2025 |
1H 2026 |
Change |
|
Egypt Patients Served (mn) |
4.0 |
4.6 |
14% |
|
Egypt Tests Performed (mn) |
18.0 |
21.8 |
21% |
|
Jordan Patients Served (k) |
181 |
183 |
1% |
|
Jordan Tests Performed (k) |
1,401 |
1,544 |
10% |
|
Nigeria Patients Served (k) |
55 |
55 |
0% |
|
Nigeria Tests Performed (k) |
116 |
120 |
3% |
|
Saudi Arabia Patients Served (k) |
11 |
28 |
144% |
|
Saudi Arabia Tests Performed (k) |
57 |
167 |
194% |
|
Total Patients Served (mn) |
4.3 |
4.9 |
14% |
|
Total Tests Performed (mn) |
19.6 |
23.6 |
20% |
Operational Branches by Country
|
|
30 June 2025 |
30 June 2026 |
Change |
|
Egypt |
636 |
793 |
+157 |
|
Jordan |
27 |
29 |
+2 |
|
Nigeria |
12 |
11 |
-1 |
|
KSA |
2 |
5 |
+3 |
|
Sudan |
1 |
1 |
- |
|
Total |
678 |
839 |
+161 |
Cost of Goods Sold (COGS)
IDH's cost of goods sold amounted to EGP 2,751 million in 1H 2026, marking a 34% increase year-on-year, in line with higher activity levels, continued branch expansion, and ongoing investment in operational capacity across the Group's footprint. As a proportion of consolidated revenue, COGS improved to 56.7% in 1H 2026, compared with 58.0% in 1H 2025.
The improvement reflects continued procurement optimisation, disciplined cost management, and scale efficiencies across IDH's operations. This was particularly evident in the Group's raw materials and specialised analysis cost base, as well as direct depreciation and amortisation, both of which declined as a percentage of revenue during the period.
COGS Breakdown as a Percentage of Revenue
|
|
1H 2025 |
1H 2026 |
|
Raw Materials |
19.6% |
18.1% |
|
Wages & Salaries |
19.1% |
19.1% |
|
Depreciation & Amortisation |
7.0% |
6.2% |
|
Other Expenses |
12.3% |
13.3% |
|
Total |
58.0% |
56.7% |
Raw materials including the cost of specialised analysis at other laboratories, stood at EGP 880 million in 1H 2026, compared with EGP 693 million in 1H 2025. As a percentage of revenue, raw materials and specialised analysis costs improved to 18.1% from 19.6% in the prior-year period, reflecting continued procurement optimisation, improved inventory planning, and stronger supplier negotiations, which helped partially offset inflationary pressures and support higher testing volumes.
Direct wages and salaries, including employee profit-sharing, amounted to EGP 925 million in 1H 2026, compared with EGP 676 million in 1H 2025. As a percentage of revenue, direct wages and salaries remained broadly stable at 19.1% in both periods, reflecting the Group's ability to support continued branch expansion and higher activity levels while maintaining operating efficiency.
Direct Wages and Salaries by Region
|
|
1H 2025 |
1H 2026 |
Change |
|
Egypt (EGP mn) |
515 |
738 |
43% |
|
Jordan (EGP mn) |
134 |
148 |
10% |
|
Jordan (JOD mn) |
1.9 |
2.0 |
5% |
|
Nigeria (EGP mn) |
13 |
18 |
47% |
|
Nigeria (NGN mn) |
385 |
501 |
30% |
|
Saudi Arabia (EGP mn) |
13 |
20 |
52% |
|
Saudi Arabia (SAR k) |
1,004 |
1,510 |
50% |
Direct depreciation and amortisation recorded EGP 299 million in 1H 2026, compared with EGP 249 million in 1H 2025. Despite continued investment in branch openings, radiology expansion, and diagnostic equipment across the network, depreciation and amortisation declined to 6.2% of revenue from 7.0% in the prior-year period, supported by stronger revenue generation and improved cost absorption.
Other direct costs, including hospital contracts, maintenance, utilities, transport, consulting, and licensing expenses, reached EGP 646 million in 1H 2026, compared with EGP 436 million in 1H 2025. As a percentage of revenue, other direct costs increased to 13.3% from 12.3%, reflecting higher activity levels, branch network expansion, and increased operational support costs across the Group's growing platform.
Gross Profit
IDH generated gross profit of EGP 2,105 million in 1H 2026, representing a 41% year-on-year increase compared with EGP 1,489 million in 1H 2025. Gross profit margin improved to 43.3%, compared with 42.0% in the prior-year period, reflecting the continued resilience of the Group's operating model and its ability to capture operating leverage as volumes expanded across the platform.
Margin performance during the period was supported by strong revenue growth, continued procurement optimisation, improved inventory planning, and stronger cost absorption across the Group's expanding network. Raw materials and specialised analysis costs improved to 18.1% of revenue from 19.6% in 1H 2025, while direct depreciation and amortisation also declined as a percentage of revenue, supported by stronger activity levels and improved utilisation.
Selling, General, and Administrative (SG&A) Expenses
IDH's SG&A expenses amounted to EGP 780 million in 1H 2026, representing a 37% increase year-on-year compared with EGP 568 million in 1H 2025. As a percentage of consolidated revenue, SG&A remained broadly stable at 16.1% in 1H 2026, compared with 16.0% in the prior-year period. The year-on-year movement in SG&A was primarily driven by the following factors:
· Indirect wages and salaries reached EGP 312 million in 1H 2026, up 18% year-on-year from EGP 263 million in 1H 2025, reflecting annual salary adjustments, selective headcount additions to support branch expansion and newer business lines, as well as FX translation effects on Jordanian and Saudi payroll costs.
· Advertising and marketing expenses increased 56% year-on-year to EGP 151 million, as IDH continued investing in brand visibility, patient acquisition campaigns, and promotional initiatives, particularly in Saudi Arabia in support of the ongoing ramp-up of Biolab KSA, alongside continued marketing efforts across Egypt and Jordan.
Selling, General, and Administrative Expenses
|
EGP mn |
1H 2025 |
1H 2026 |
Change |
|
Wages & Salaries |
263 |
312 |
18% |
|
Accounting and Professional Fees |
84 |
110 |
31% |
|
Market - Advertisement expenses |
97 |
151 |
56% |
|
Other Expenses - Operation |
96 |
146 |
52% |
|
Depreciation & Amortisation |
20 |
23 |
15% |
|
Impairment Loss on Trade and Other Receivable |
18 |
22 |
22% |
|
Travelling and Transportation Expenses |
16 |
19 |
19% |
|
Other Income |
-25 |
-2 |
-92% |
|
Total |
568 |
780 |
37% |
EBITDA
IDH reported EBITDA of EGP 1,647 million in 1H 2026, representing a 38% year-on-year increase compared with EGP 1,190 million in 1H 2025. EBITDA margin recorded 33.9%, broadly in line with the 33.6% recorded in the prior-year period. The Group's EBITDA performance was supported by strong top-line growth, improved gross profitability, procurement optimisation, and continued operating leverage across the platform, while ongoing investment in growth initiatives, particularly in Saudi Arabia and the expansion of the Group's radiology and radiotherapy platform, continued to support long-term growth.
On a quarterly basis, IDH reported EBITDA of EGP 1,036 million in Q2 2026, up 50% year-on-year from EGP 691 million in Q2 2025. EBITDA margin expanded to 37.2% in Q2 2026, compared with 35.3% in the prior-year quarter, reflecting stronger revenue growth, improved cost absorption, and a more normalised operating environment following the seasonal impact of Ramadan and Eid in Q1 2026.
EBITDA by Country
In Egypt, IDH generated EBITDA of EGP 1,519 million in 1H 2026, up 42% year-on-year from EGP 1,072 million in 1H 2025. EBITDA margin recorded 36.4%, broadly in line with the 36.1% recorded in the prior-year period, reflecting strong revenue growth, continued cost discipline, and operating leverage across the Group's largest market.
In Jordan, Biolab reported EBITDA of JOD 2.0 million in 1H 2026, broadly stable compared with 1H 2025. EBITDA margin recorded 26%, compared with 29% in the prior-year period, reflecting the impact of promotional pricing initiatives and continued investment in patient acquisition and loyalty programmes aimed at supporting long-term volume growth and market positioning.
In Nigeria, Echo-Lab continued to build on its operational turnaround, reporting EBITDA of NGN 142 million in 1H 2026, compared with NGN 40 million in 1H 2025. EBITDA margin improved to 7%, versus 2% in the prior-year period, supported by pricing adjustments, improved operating leverage, and continued cost rationalisation efforts.
In Saudi Arabia, Biolab KSA recorded EBITDA losses of SAR 1.2 million in 1H 2026, compared with losses of SAR 1.9 million in 1H 2025. EBITDA margin improved significantly to negative 21%, compared with negative 101% in the prior-year period, reflecting the continued ramp-up in revenues, stronger utilisation of fixed costs, and early-stage operating leverage as the business scales its operations across the Kingdom.
Regional EBITDA in Local Currency
|
|
1H 2025 |
1H 2026 |
Change |
|
Egypt EBITDA (EGP mn) |
1,072 |
1,519 |
42% |
|
Margin |
36.1% |
36.4% |
0.3 pts. |
|
Jordan EBITDA (JOD k) |
2,030 |
1,960 |
-3% |
|
Margin |
29.0% |
26.0% |
3.0 pts. |
|
Nigeria EBITDA (NGN mn) |
40.0 |
141.8 |
254% |
|
Margin |
2.0% |
7.0% |
5.0 pts. |
|
Saudi Arabia EBITDA (SAR mn) |
(1.9) |
(1.2) |
-36% |
|
Margin |
(101%) |
(21%) |
80.0 pts. |
Interest Income / Expense
IDH recorded interest income of EGP 110 million in 1H 2026, compared with EGP 107 million in 1H 2025, representing a 2% year-on-year increase. The improvement reflects the Group's continued healthy liquidity position and treasury income generation during the period.
Total interest expense5 increased to EGP 150 million in 1H 2026, compared with EGP 97 million in 1H 2025, representing a 55% year-on-year increase. The increase was primarily attributable to:
· Interest on leases rising to EGP 80 million in 1H 2026, up 29% year-on-year, reflecting the continued expansion of the Group's branch network and the associated lease liabilities under IFRS 16.
· Interest expense on financial obligations increasing to EGP 15 million, compared with EGP 13 million in 1H 2025, broadly in line with the Group's existing lease and financing obligations.
· Interest expense on borrowings increasing significantly to EGP 40 million, compared with EGP 11 million in 1H 2025, primarily due to higher average debt balances following the loan drawdown related to the Cairo Ray acquisition, alongside elevated financing costs during the period.
· Bank charges increasing to EGP 15 million in 1H 2026, compared with EGP 11 million in the prior-year period, in line with higher transaction volumes and continued business growth across the Group.
It is important to note that IDH's interest-bearing debt6 interest-bearing debt stood at EGP 378 million as at 30 June 2026, compared with EGP 432 million at year-end 2025. The decrease primarily reflects the repayment of short-term borrowings during the period, partially offset by accrued interest and the Group's outstanding long-term borrowing balance.
Interest Expense Breakdown
|
EGP mn |
1H 2025 |
1H 2026 |
Change |
|
Interest on Leases |
62 |
80 |
29% |
|
Interest Expenses on Financial Obligations |
13 |
15 |
18% |
|
Interest Expenses on Borrowings |
11 |
40 |
278% |
|
Bank Charges |
11 |
15 |
31% |
|
Total Interest Expense |
97 |
150 |
55% |
5 Interest expenses on medium-term loans include EGP 39 million in 1H 2026 (EGP 9 million in 1H 2025) related to the Group's facility with Kuwait Finance House (KFH) - formerly Ahli United Bank (AUB).
6 IDH's interest-bearing debt as at 30 June 2026 included EGP 367 million (EGP 403 million as at 31 December 2025) related to its facility with Kuwait Finance House (KFH) - formerly Ahli United Bank (AUB) (outstanding loan balances are excluding accrued interest for the period).
Foreign Exchange
IDH recorded a foreign exchange gain of EGP 37 million in 1H 2026, compared with a foreign exchange loss of EGP 3 million in 1H 2025. The foreign exchange gain primarily relates to the revaluation of intercompany balances denominated in currencies different from the respective entities' functional currencies.
Taxation
Tax expenses, including current and deferred tax, amounted to EGP 483 million in 1H 2026, compared with EGP 342 million in 1H 2025. IDH's effective tax rate remained broadly stable year-on-year at 37% in 1H 2026, compared with 37% in the prior-year period.
The Group's effective tax rate continues to reflect the geographic mix of taxable profits across its operating subsidiaries, as well as the impact of foreign exchange movements related to intercompany balances. It is important to highlight that there is no tax payable at the level of IDH's two holding companies.
Taxation Breakdown by Region
|
EGP mn |
1H 2025 |
1H 2026 |
Change |
|
Egypt |
330 |
470 |
43% |
|
Jordan |
8.4 |
7.1 |
-15% |
|
Nigeria |
0.2 |
0.4 |
112% |
|
KSA |
3.8 |
5.0 |
31% |
|
Total Tax Expenses |
342 |
483 |
41% |
Net Profit
IDH recorded a net profit of EGP 839 million in 1H 2026, representing a 47% year-on-year increase from EGP 571 million in 1H 2025. Net profit margin expanded to 17.3% in 1H 2026, compared with 16.1% in the prior-year period.
The strong bottom-line growth was supported by higher operating profitability, with operating profit increasing 44% year-on-year to EGP 1,325 million, alongside the foreign exchange gain recorded during the period, which primarily relates to the revaluation of foreign currency-denominated intercompany balances. Excluding foreign exchange gains/losses in both periods, adjusted net profit rose 40% year-on-year to EGP 802 million in 1H 2026, with the associated adjusted net profit margin improving to 16.5% compared with 16.2% in 1H 2025, highlighting the continued strength of the Group's underlying operating performance.
On a quarterly basis, IDH recorded net profit of EGP 402 million in Q2 2026, up 23% year-on-year from EGP 326 million in Q2 2025, despite higher foreign exchange losses recorded during the quarter. Excluding foreign exchange losses in both periods, adjusted net profit increased 42% year-on-year to EGP 510 million in Q2 2026.
ii. Balance Sheet Analysis
Assets
Property, Plant and Equipment (PPE)
IDH recorded PPE cost of EGP 4,348 million as at 30 June 2026, up from EGP 3,900 million at year-end 2025. The increase primarily reflects the addition of new branches across key markets, continued investments in laboratory and radiology equipment, and the renovation and upgrade of existing locations to enhance service quality and operational capacity.
Total CAPEX Addition Breakdown - 1H 2026
|
EGP mn |
1H 2026 |
% of Revenue |
|
Leasehold Improvements/new branches |
369 |
8% |
|
Radiotherapy (Cairo Ray acquisition) |
2 |
0.03% |
|
Al-Borg Scan Expansion |
50 |
1% |
|
CAPEX Additions |
422 |
9% |
|
Translation Effect |
38 |
1% |
|
Disposals |
(11) |
-0.2% |
|
Total Increase in PPE Cost |
448 |
9% |
Trade Receivables and Provisions
Net trade receivables stood at EGP 1,381 million as at 30 June 2026, compared with EGP 996 million at year-end 2025. Days on Hand (DOH) stood at 131 days, compared with 122 days at the end of 2025.
Meanwhile, provision charges for doubtful accounts in 1H 2026 stood at EGP 22 million, compared with EGP 18 million in 1H 2025.
Inventory
As at 30 June 2026, IDH's inventory balance stood at EGP 686 million, compared with EGP 424 million at year-end 2025. Meanwhile, Days Inventory Outstanding (DIO) stood at 119 days, versus 94 days at 31 December 2025. The increase reflects a deliberate inventory build-up strategy implemented by management to secure the availability of critical medical supplies and test kits amid heightened regional tensions and ongoing uncertainty surrounding global supply chains and logistics routes.
Cash and Net Debt
Cash balances and financial assets at amortised cost reached EGP 1,926 million as at 30 June 2026, compared with EGP 2,090 million at year-end 2025. The balance includes cash on hand and at banks of EGP 1,653 million and other investments of EGP 273 million.
|
EGP mn |
31 December 2025 |
30 June 2026 |
|
Treasury Bills |
1,604 |
505 |
|
Time Deposits |
123 |
290 |
|
Current Accounts |
326 |
1,099 |
|
Cash on Hand |
37 |
33 |
|
Total |
2,090 |
1,926 |
IDH's net cash7 balance recorded EGP 239 million as at 30 June 2026, compared to a net cash balance of EGP 472 million at year-end 2025.
|
EGP mn |
31 December 2025 |
30 June 2026 |
|
Cash and Financial Assets at Amortised Cost8 |
2,090 |
1,926 |
|
Lease Liabilities Property* |
(1,006) |
(1,039) |
|
Total Financial Liabilities (Short-term and Long-term) |
(180) |
(270) |
|
Interest-Bearing Debt ("Medium Term Loans")** |
(432) |
(378) |
|
Net Cash/(Debt) Balance |
472 |
239 |
Note: Interest Bearing Debt includes accrued interest for each period.
*If excluding Lease Liabilities Property (IFRS 16), IDH would have recorded net cash of EGP 1,278 million.
**Includes accrued finance cost.
Lease liabilities and financial obligations related to property stood at EGP 1,039 million as at 30 June 2026, compared with EGP 1,006 million at year-end 2025, reflecting the continued expansion of the Group's branch network and associated lease liabilities under IFRS 16.
Meanwhile, total financial liabilities, including short- and long-term obligations related primarily to equipment financing, recorded EGP 270 million as at 30 June 2026, compared with EGP 180 million at 31 December 2025.
Finally, interest bearing debt9 (including accrued interest) stood at EGP 378 million as at 30 June 2026, compared with EGP 432 million at year-end 2025.
Liabilities
Trade Payable10
As at 30 June 2026, IDH's trade payables stood at EGP 647 million, up from EGP 563 million at year-end 2025. Meanwhile, Days Payable Outstanding (DPO) recorded 130 days, compared with 112 days at 31 December 2025.
Put Option
The put option current liability stood at EGP 651 million as at 30 June 2026, compared with EGP 629 million at 31 December 2025, and is related to both:
· The option granted in 2011 to Dr. Amid, Biolab's CEO, to sell his stake (40%) to IDH. The put option is in the money and exercisable since 2016 and is calculated as seven times Biolab's LTM EBITDA minus net debt.
· The option granted in 2018 to the International Finance Corporation from Dynasty - shareholders in Echo Lab - and it is exercisable in 2024. The put option is calculated based on fair market value (FMV).
It is important to note that the put option previously included as part of the agreement between IDH, Biolab and Izhoor in Saudi Arabia has been removed following IDH's acquisition of Izhoor's entire 49% stake in Biolab KSA, which was concluded in December 2024. Biolab KSA is now owned 79% by IDH and 21% by its Jordanian subsidiary Biolab.
7 The net cash/(debt) balance is calculated as cash and cash equivalent balances including financial assets at amortised cost, less interest-bearing debt (medium term loans), finance lease and right-of-use liabilities.
8 It is worth noting that some term deposits and treasury bills cannot be accessed for over three months and are therefore not treated as cash. Term deposits which cannot be accessed for over three months stood at EGP 39 million at 30 June 2026 (31 December 2025: EGP 336 million). Meanwhile, treasury bills not accessible for over three months stood at EGP 235 million (31 December 2025: EGP 83 million).
9 IDH's interest-bearing debt as at 30 June 2026 included EGP 367 million to its facility with Kuwait Finance House (KFH) - formerly Ahli United Bank (AUB) (outstanding loan balances are excluding accrued interest for the period).
10 Accounts payable is calculated based on average payables at the end of each period.
Subsequent Event: Shareholder Update
Hena Holdings Ltd, IDH's founding shareholder vehicle, which is wholly owned by IDH Chief Executive Officer Dr. Hend El-Sherbini and her mother, Dr. Moamena Abdul Wahab Kamel, increased its shareholding in the Company during the period through a mandatory cash offer.
On 23 June 2026, Hena Holdings announced the offer following its acquisition of 126 million shares from Actis IDH Limited, representing 21.67% of IDH's total voting rights. The acquisition increased Hena Holdings' total ownership to 49.62%, triggering a mandatory takeover offer under the UK Takeover Code. The initial offer period closed on 29 July 2026, followed by a final two-week extension, which expired on 12 August 2026. Following completion of the offer process and final settlements, Hena Holdings acquired additional shares through the offer, bringing its total ownership in IDH to 56.67%.
Principal Risks and Uncertainties
As in any corporation, IDH has exposure to risks and uncertainties that may adversely affect its performance. The Board and senior management agree that the principal risks and uncertainties facing the Group include political and economic risks in Egypt, the Middle East and Nigeria, foreign currency exchange rate variability and associated risks, changes in regulation and regulatory actions, damage to the Group's reputation, failure to maintain the Group's high quality standards and accreditations, failure to maintain good relationships with healthcare professionals and end users, pricing pressures and business interruption of the Group's testing facilities, among others.
In the short term, other factors influencing the economic landscape include rising geopolitical instability, inflationary pressures in Egypt and Nigeria, and currency devaluation in both countries. These factors may weigh on the cost base in the near future.
Statement of Directors' Responsibilities
Responsibility statement of the directors in respect of the half-yearly financial report
We confirm that to the best of our knowledge, the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
For and on behalf of the Board of Directors
Dr. Hend El Sherbini
Executive Director
11 September 2026
|
INTEGRATED DIAGNOSTICS HOLDINGS plc - "IDH" AND ITS SUBSIDIARIES
Condensed Consolidated Interim Financial Information for the six months period ended 30 June 2026 |
Consolidated statement of financial position as at 30 June 2026
|
|
30 June 2026 |
|
31 December 2025 |
|
||||
|
|
|
|
EGP'000 |
|
EGP'000 |
|
||
|
|
Notes |
|
(Unaudited) |
|
(Audited) |
|
||
|
ASSETS |
|
|
|
|
|
|
||
|
Non-current assets |
|
|
|
|
|
|
||
|
Property, plant and equipment |
4 |
|
2,216,948 |
|
1,992,972 |
|
||
|
Intangible assets and goodwill |
5 |
|
1,857,705 |
|
1,852,521 |
|
||
|
Right of use assets |
6 |
|
819,849 |
|
797,879 |
|
||
|
Total non-current assets |
|
|
4,894,502 |
|
4,643,372 |
|
||
|
|
|
|
|
|
|
|
||
|
Current assets |
|
|
|
|
|
|
||
|
Inventories |
|
|
685,972 |
|
424,428 |
|
||
|
Trade and other receivables |
8 |
|
1,763,089 |
|
1,402,301 |
|
||
|
Financial assets at fair value through profit and loss |
7 |
|
36,439 |
|
35,285 |
|
||
|
Financial assets at amortized cost |
9 |
|
273,327 |
|
419,002 |
|
||
|
Cash and cash equivalents |
10 |
|
1,652,748 |
|
1,670,799 |
|
||
|
Total current assets |
|
|
4,411,575 |
|
3,951,815 |
|
||
|
Total assets |
|
|
9,306,077 |
|
8,595,187 |
|
||
|
|
|
|
|
|
|
|
||
|
Equity and liabilities |
|
|
|
|
|
|
||
|
Equity |
|
|
|
|
|
|
||
|
Share Capital |
|
|
1,039,121 |
|
1,039,121 |
|
||
|
Share premium reserve |
|
1,027,706 |
|
1,027,706 |
|
|||
|
Capital reserve |
|
|
(314,310) |
|
(314,310) |
|
||
|
Capital Redemption Reserve |
33,379 |
|
33,379 |
|
||||
|
Legal reserve |
|
|
51,641 |
|
51,641 |
|
||
|
Put option reserve |
12 |
|
(651,314) |
|
(628,645) |
|
||
|
Translation reserve |
|
|
(460,006) |
|
(446,198) |
|
||
|
Future Minority Interest Reserve |
23,813 |
|
23,813 |
|
||||
|
Retained earnings |
|
|
3,175,148 |
|
2,596,607 |
|
||
|
Equity attributable to the equity holders of the parent |
|
|
3,925,178 |
|
3,383,114 |
|
||
|
Non-controlling interests |
786,160 |
|
747,262 |
|
||||
|
Total equity |
|
|
4,711,338 |
|
4,130,376 |
|
||
|
|
|
|
|
|
|
|
||
|
Non-current liabilities |
|
|
|
|
|
|
||
|
Provisions |
|
|
19,233 |
|
14,051 |
|
||
|
Borrowings |
13 |
|
253,493 |
|
253,493 |
|
||
|
Other financial obligations |
14 |
|
1,025,037 |
|
941,037 |
|
||
|
Deferred tax liabilities |
19-B |
|
651,127 |
|
558,654 |
|
||
|
Total non-current liabilities |
|
|
1,948,890 |
|
1,767,235 |
|
||
|
|
|
|
|
|
|
|
||
|
Current liabilities |
|
|
|
|
|
|
||
|
Trade and other payables |
11 |
|
1,213,265 |
|
1,121,523 |
|
||
|
Other financial obligations |
14 |
|
284,048 |
|
244,857 |
|
||
|
Current put option liability |
12 |
|
651,314 |
|
628,645 |
|
||
|
Borrowings |
13 |
|
121,619 |
|
173,849 |
|
||
|
Current tax liabilities |
|
|
375,603 |
|
528,702 |
|
||
|
Total current liabilities |
|
|
2,645,849 |
|
2,697,576 |
|
||
|
Total liabilities |
|
|
4,594,739 |
|
4,464,811 |
|
||
|
Total equity and liabilities |
|
|
9,306,077 |
|
8,595,187 |
|
||
|
|
|
|
|
|
|
|
||
|
These condensed consolidated interim financial information were approved and authorized for issue by the Board of Directors and signed on their behalf on 10 September 2026 by:
|
|
|||||||
|
|
||||||||
|
|
|
|
|
|
|
|
||
|
____________________ |
________________________________ |
|
||||||
|
Dr. Hend El Sherbini |
Sherif El Zeiny |
|
|
|
||||
|
Chief Executive Officer |
Chief Financial Officer |
|
||||||
|
|
|
|
|
|
|
|
||
|
The accompanying notes form an integral part of these condensed consolidated interim financial information. |
|
|||||||
|
|
||||||||
Consolidated income statement for the six months ended 30 June 2026
|
|
|
|
For the six-month period ended 30 June |
|||
|
|
|
|
2026 |
|
2025 |
|
|
|
Notes |
|
EGP'000 |
|
EGP'000 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
Revenue |
22 |
|
4,856,406 |
|
3,542,688 |
|
|
Cost of sales |
|
|
(2,751,328) |
|
(2,053,405) |
|
|
Gross profit |
|
|
2,105,078 |
|
1,489,283 |
|
|
|
|
|
|
|
|
|
|
Marketing and advertising expenses |
|
|
(307,783) |
|
(193,302) |
|
|
Administrative expenses |
16 |
|
(453,034) |
|
(392,604) |
|
|
Impairment loss on trade and other receivable |
|
|
(21,577) |
|
(17,675) |
|
|
Other income |
|
|
2,463 |
|
25,458 |
|
|
Operating profit |
|
|
1,325,147 |
|
911,160 |
|
|
|
|
|
|
|
|
|
|
Net fair value losses on financial assets at fair value through profit |
17 |
|
- |
|
(4,940) |
|
|
|
|
|
|
|
|
|
|
Finance costs |
18 |
|
(149,982) |
|
(100,329) |
|
|
Finance income |
18 |
|
146,562 |
|
107,363 |
|
|
Net finance (loss)/income |
|
|
(3,420) |
|
7,034 |
|
|
Profit for the period before tax |
|
|
1,321,727 |
|
913,254 |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
19-A |
|
(482,581) |
|
(341,960) |
|
|
Net profit for the period |
|
|
839,146 |
|
571,294 |
|
|
|
|
|
|
|
|
|
|
Profit attributed to: |
|
|
|
|
|
|
|
Owners of the Company |
|
|
821,535 |
|
551,354 |
|
|
Non-controlling interests |
|
|
17,611 |
|
19,940 |
|
|
|
|
|
839,146 |
|
571,294 |
|
|
Earnings per share (expressed in EGP): |
|
|
|
|||
|
Basic and diluted earnings per share |
21 |
|
1.41 |
|
0.95 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes form an integral part of these condensed consolidated interim financial information. |
|
|||||
Consolidated statement of comprehensive income for the six months ended 30 June 2026
|
|
|
For the six-month period ended 30 June |
||
|
|
|
2026 |
|
2025 |
|
|
|
EGP'000 |
|
EGP'000 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
Profit for the period |
839,146 |
|
571,294 |
|
|
Items that may be reclassified to profit or loss: |
|
|
|
|
|
Exchange difference on translation of foreign operations |
|
7,479 |
|
(40,365) |
|
Other comprehensive income/(loss) for the period net of tax |
|
7,479 |
|
(40,365) |
|
Total comprehensive income for the period |
|
846,625 |
|
530,929 |
|
|
|
|
|
|
|
Attributed to: |
|
|
|
|
|
Owners of the Company |
807,727 |
|
613,810 |
|
|
Non-controlling interests |
|
38,898 |
|
(82,881) |
|
|
|
846,625 |
|
530,929 |
|
|
|
|
|
|
|
The accompanying notes form an integral part of these condensed consolidated interim financial information. |
||||
Consolidated statement of cash flows for the six months ended 30 June 2026
|
|
30-Jun 2026 |
|
30-Jun 2025 |
||
|
|
|
|
EGP'000 |
|
EGP'000 |
|
|
Note |
|
(Unaudited) |
|
(Unaudited) |
|
Cash flows from operating activities |
|||||
|
Profit for the period before tax |
|
|
1,321,727 |
|
913,254 |
|
Adjustments |
|
|
|
|
|
|
Depreciation of property, plant and equipment |
4 |
|
201,530 |
|
160,198 |
|
Depreciation of right of use assets |
6 |
|
107,598 |
|
97,755 |
|
Amortisation of intangible assets |
5 |
|
13,007 |
|
10,567 |
|
Interest income |
18 |
|
(109,671) |
|
(107,363) |
|
Interest expense |
18 |
|
135,150 |
|
85,543 |
|
Bank Charges |
|
|
14,832 |
|
11,293 |
|
Loss/(gain) on disposal of PPE |
|
|
398 |
|
(1,951) |
|
Impairment in trade and other receivables |
|
|
21,577 |
|
17,675 |
|
ROU Asset/Lease Termination |
|
|
(964) |
|
3,928 |
|
Unrealised foreign currency exchange (gains) losses |
|
|
(36,891) |
|
3,494 |
|
FV Through P&L |
|
|
- |
|
4,940 |
|
Change in Provisions |
|
|
5,179 |
|
1,843 |
|
Change in Inventories |
(259,407) |
|
(53,405) |
||
|
Change in trade and other receivables |
|
|
(350,672) |
|
(363,436) |
|
Change in trade and other payables |
|
|
118,351 |
|
(27,117) |
|
Cash generated from operating activities before income tax payment |
|
|
1,181,745 |
|
757,218 |
|
|
|
|
|
|
|
|
Tax paid during period |
|
|
(547,029) |
|
(363,171) |
|
Net cash generated from operating activities |
|
|
634,716 |
|
394,046 |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Interest received on financial asset at amortised cost |
|
|
124,907 |
|
115,067 |
|
Payments for the purchase of financial assets at amortized cost |
|
|
(247,275) |
|
(353,849) |
|
Proceeds for the sale of financial assets at amortized cost |
|
|
402,951 |
|
467,317 |
|
Payments for acquisition of property, plant and equipment |
4 |
|
(281,627) |
|
(112,806) |
|
Payments for acquisition of intangible assets |
5 |
|
(11,466) |
|
(82,223) |
|
Proceeds from sale of Property, plant and equipment |
|
|
8,918 |
|
3,261 |
|
Payment for purchase of global depository receipts (short-term investment) |
17 |
|
- |
|
(55,047) |
|
Proceeds from sale of global depository receipts (short-term investments) |
17 |
|
- |
|
50,107 |
|
Net cash (used in)/generated from investing activities |
|
|
(3,592) |
|
31,828 |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from borrowings |
|
|
- |
|
104,962 |
|
Repayments of borrowings |
|
|
(56,409) |
|
(191,035) |
|
Interest paid |
|
|
(136,332) |
|
(87,402) |
|
Bank charges paid |
|
|
(14,832) |
|
(11,293) |
|
Payment of finance lease liabilities |
(152,716) |
|
(113,509) |
||
|
Dividends paid |
|
|
(242,994) |
|
(2,478) |
|
Net cash flows used in financing activities |
|
|
(603,283) |
|
(300,755) |
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalent |
|
|
27,841 |
|
125,120 |
|
Cash and cash equivalents at the beginning of the period |
1,670,799 |
|
1,188,082 |
||
|
Effect of exchange rate |
(45,892) |
|
(13,947) |
||
|
Cash and cash equivalent at the end of the period |
10 |
|
1,652,748 |
|
1,299,255 |
|
Non-cash investing and financing activities disclosed in other notes are |
|||||
|
· Property plant and equipment - note 4 |
|||||
|
· Acquisition of right-of-use assets - note 6 |
|||||
|
· Put option liability - note 12 |
|||||
|
|
|
|
|
|
|
|
The accompanying notes form an integral part of these condensed consolidated interim financial information. |
|||||
Consolidated statement of changes in equity for the six months ended 30 June 2026
|
|
Attributable to owners of the Parent |
|
|
|||||||||||||
|
|
|
Share |
Share |
Capital |
Legal |
Capital Redemption Reserve |
Put option reserve |
Translation |
Future Minority Interest Reserve |
Retained earnings |
Total attributable to the owners of the Parent |
Non-controlling interests |
Total equity |
|
||
|
|
|
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
EGP'000 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Balance at 1 January 2026 |
|
1,039,121 |
1,027,706 |
(314,310) |
51,641 |
33,379 |
(628,645) |
(446,198) |
23,813 |
2,596,607 |
3,383,114 |
747,262 |
4,130,376 |
|
||
|
Profit for the period |
|
- |
- |
- |
- |
- |
- |
- |
- |
821,535 |
821,535 |
17,611 |
839,146 |
|
||
|
Other comprehensive income for the period |
|
- |
- |
- |
- |
- |
- |
(13,808) |
- |
- |
(13,808) |
21,287 |
7,479 |
|
||
|
Total comprehensive income at 30 June 2026 |
|
- |
- |
- |
- |
- |
- |
(13,808) |
- |
821,535 |
807,727 |
38,898 |
846,625 |
|
||
|
Transactions with owners of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Contributions and distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Movement in put option liabilities |
|
- |
- |
- |
- |
- |
(22,669) |
- |
- |
- |
(22,669) |
- |
(22,669) |
|
||
|
Dividends |
|
- |
- |
- |
- |
- |
- |
- |
- |
(242,994) |
(242,994) |
- |
(242,994) |
|
||
|
Total contributions and distributions |
|
- |
- |
- |
- |
- |
(22,669) |
- |
- |
(242,994) |
(265,663) |
- |
(265,663) |
|
||
|
Balance at 30 June 2026 (Unaudited) |
|
1,039,121 |
1,027,706 |
(314,310) |
51,641 |
33,379 |
(651,314) |
(460,006) |
23,813 |
3,175,148 |
3,925,178 |
786,160 |
4,711,338 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Balance at 1 January 2025 |
|
1,039,121 |
1,027,706 |
(314,310) |
51,641 |
33,379 |
(532,499) |
(407,595) |
- |
1,812,706 |
2,710,149 |
789,350 |
3,499,499 |
|
||
|
Profit for the period |
|
- |
- |
- |
- |
- |
- |
- |
- |
551,354 |
551,354 |
19,940 |
571,294 |
|
||
|
Other comprehensive profit/( loss) for the period |
|
- |
- |
- |
- |
- |
- |
62,456 |
- |
- |
62,456 |
(102,821) |
(40,365) |
|
||
|
Total comprehensive income at 30 June 2025 |
|
- |
- |
- |
- |
- |
- |
62,456 |
- |
551,354 |
613,810 |
(82,881) |
530,929 |
|
||
|
Transactions with owners of the Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Contributions and distributions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Movement in put option liabilities |
|
- |
- |
- |
- |
- |
(200,281) |
- |
- |
- |
(200,281) |
- |
(200,281) |
|
||
|
Dividends |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(2,478) |
(2,478) |
|
||
|
Total contributions and distributions |
|
- |
- |
- |
- |
- |
(200,281) |
- |
- |
- |
(200,281) |
(2,478) |
(202,759) |
|
||
|
Balance at 30 June 2025 (Unaudited) |
|
1,039,121 |
1,027,706 |
(314,310) |
51,641 |
33,379 |
(732,780) |
(345,139) |
- |
2,364,060 |
3,123,678 |
703,991 |
3,827,669 |
|
||
|
*Under Egyptian Law, each subsidiary in Egypt must set aside at least 5% of its annual net profit into a legal reserve until such time that this represents 50% of each subsidiary's issued capital. This reserve is not distributable to the owners of the Company. The accompanying notes on pages 24 - 39 form an integral part of these condensed consolidated interim financial information. |
|
|||||||||||||||
Notes to the Condensed Consolidated Interim Financial Information
For the six months period ended 30 June 2026
1. Reporting entity
Integrated Diagnostics Holdings plc "IDH" or "the Company" is a Company which was incorporated in Jersey on 4 December 2014 and established according to the provisions of the Companies (Jersey) Law 1991 under Registered No. 117257. These condensed consolidated interim financial information as of and for the six months ended 30 June 2026 comprise the Company and its subsidiaries (together referred as the 'Group'). The Company is a listed entity, in London Stock Exchange (since 2015).
The principal activities of the Company and its subsidiaries (together "The Group") include investments in all types of the healthcare field of medical diagnostics (the key activities are pathology and Radiology related tests) and radiotherapy, either through acquisitions of related business in different jurisdictions or through expanding the acquired investments they have. The key jurisdictions that the Group operates are in Egypt, Jordan, Nigeria, Sudan and Saudi Arabia.
The Group's financial year starts on 1 January and ends on 31 December of each year.
This condensed consolidated interim financial information was approved for issue by the Directors of the Company on 10 September 2026.
2. Basis of preparation
A) Statement of compliance
This condensed consolidated interim financial information has been prepared as per IAS 34 'Interim Financial Reporting' (As adopted by the IASB). as the accounting policies adopted are consistent with those of the previous financial year ended 31 December 2025 and corresponding interim reporting period.
These condensed consolidated interim financial information do not include all the information and disclosures in the annual consolidated financial Statement, and should be read in conjunction with the financial Statement published as at and for the year ended 31 December 2025 which is available at www.idhcorp.com,. In addition, results of the six-month period ended 30 June 2026 are not necessary indicative for the results that may be expected for the financial year ending 31 December 2026.
B) Basis of measurement
The condensed consolidated interim financial information has been prepared on the historical cost basis except where adopted IFRS mandates that fair value accounting is required which is related to the financial assets and liabilities measured at fair value.
C) Functional and presentation currency
This condensed consolidated interim financial information is presented in Egyptian Pounds (EGP'000). The functional currency of the majority of the Group's entities is the Egyptian Pound (EGP) and is the currency of the primary economic environment in which the Group operates.
The Group also operates in Jordan, Sudan, Nigeria and Saudi Arabia and the functional currencies of those foreign operations are the local currencies of those respective territories, however due to the size of these operations, there is no significant impact on the functional currency of the Group, which is the Egyptian Pound (EGP).
3. Significant accounting policies
In preparing these condensed consolidated interim financial information, the significant judgments made by the management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the consolidated financial statements for the year ended 31 December 2025."The preparation of these condensed consolidated interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates. Information about significant areas of estimation uncertainty and critical judgement in applying accounting policies that have the most significant effect on the amount recognised in the condensed consolidated interim financial statement is described in note 3.2 of the annual consolidated financial statements published for the year ended 31 December 2025. In preparing this condensed consolidated interim financial information, the significant judgments made by the management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the consolidated financial statements for the year ended 31 December 2025".
4. Property, plant and equipment
|
|
Land & buildings |
Medical, & electric equipment |
Leasehold |
Fixtures, fittings & vehicles |
Building & Leasehold improvements in construction |
Payment on account |
Total |
|
Cost |
|
|
|
|
|
|
|
|
Balance at 1 January 2026 |
747,526 |
1,949,972 |
922,157 |
224,072 |
49,106 |
7,389 |
3,900,222 |
|
Additions |
22 |
329,429 |
15,027 |
20,642 |
56,454 |
- |
421,574 |
|
Disposals |
- |
(10,138) |
(386) |
(842) |
- |
- |
(11,366) |
|
Exchange differences |
3,023 |
17,485 |
12,098 |
4,740 |
631 |
- |
37,977 |
|
Transfers |
- |
- |
23,192 |
- |
(23,192) |
- |
- |
|
Balance at 30 June 2026 |
750,571 |
2,286,748 |
972,088 |
248,612 |
82,999 |
7,389 |
4,348,407 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
Balance at 1 January 2026 |
91,529 |
1,053,269 |
630,583 |
131,869 |
- |
- |
1,907,250 |
|
Depreciation for the period |
7,215 |
120,513 |
61,778 |
12,024 |
- |
- |
201,530 |
|
Disposals |
- |
(1,174) |
(367) |
(509) |
- |
- |
(2,050) |
|
Exchange differences |
323 |
13,168 |
7,696 |
3,542 |
- |
- |
24,729 |
|
Balance at 30 June 2026 |
99,067 |
1,185,776 |
699,690 |
146,926 |
- |
- |
2,131,459 |
|
|
|
|
|
|
|
|
|
|
Net book amount |
|
|
|
|
|
|
|
|
At 30 June 2026 (Unaudited) |
651,504 |
1,100,972 |
272,398 |
101,686 |
82,999 |
7,389 |
2,216,948 |
|
|
|
|
|
|
|
|
|
|
At 31 December 2025 |
655,997 |
896,703 |
291,574 |
92,203 |
49,106 |
7,389 |
1,992,972 |
5. Intangible assets and goodwill
Intangible assets represent goodwill acquired through business combinations and brand names.
|
|
Goodwill |
Brand name |
Software |
Total |
|
Cost |
|
|
|
|
|
Balance at 1 January 2026 |
1,353,795 |
425,009 |
211,369 |
1,990,173 |
|
Additions |
- |
- |
11,466 |
11,466 |
|
Exchange differences |
5,198 |
2,005 |
1,037 |
8,240 |
|
Balance at 30 June 2026 |
1,358,993 |
427,014 |
223,872 |
2,009,879 |
|
|
|
|
|
|
|
Amortisation |
|
|
|
|
|
Balance at 1 January 2026 |
17,093 |
343 |
120,216 |
137,652 |
|
Amortisation |
- |
- |
13,007 |
13,007 |
|
Exchange differences |
609 |
1 |
905 |
1,515 |
|
Balance at 30 June 2026 |
17,702 |
344 |
134,128 |
152,174 |
|
|
|
|
|
|
|
Net book amount |
|
|
|
|
|
At 30 June 2026 (Unaudited) |
1,341,291 |
426,670 |
89,744 |
1,857,705 |
|
At 31 December 2025 |
1,336,702 |
424,666 |
91,153 |
1,852,521 |
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. No indicators of impairment have been identified during the six months ended 30 June 2026.
6. Right-of-use assets
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Balance at 1 January |
797,879 |
|
753,298 |
|
Addition for the period / year |
122,469 |
|
274,484 |
|
Depreciation charge for the period / year |
(107,598) |
|
(197,913) |
|
Terminated contracts |
(1,393) |
|
(10,164) |
|
Exchange differences |
8,492 |
|
(21,826) |
|
|
819,849 |
|
797,879 |
7. Financial asset at fair value through profit or loss
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Current equity investments |
36,439 |
|
35,285 |
|
|
36,439 |
|
35,285 |
* On August 17, 2017, Al Makhbariyoun Al Arab (seller) has signed IT purchase Agreement with JSC Mega Lab (Buyer) to transfer and install the Laboratory Information Management System (LIMS) for a purchase price amounted to USD 400,000, which will be in the form of 10% equity stake in JSC Mega Lab. In case the valuation of the project is less or more than USD 4,000,000, the seller stake will be adjusted accordingly, in a way that the seller equity stake shall not fall below 5% of JSC Mega Lab.
- Ownership percentage in JSC Mega Lab at the transaction date on April 8, 2019, and as of June 30, 2026, was 8.25%.
On April 8, 2019, Al Mokhabariyoun Al Arab (Biolab) signed a Shareholder Agreement with JSC Mega Lab and JSC Georgia Healthcare Group (CHG), which meant that BioLab had a put option, exercisable within 12 months immediately after the expiration of five (5) year period from the signing date. This put option allowed BioLab's stake to be bought out by CHG at a price of the equity value of BioLab Shares/total stake (being USD 400,000) plus 15% annual IRR (including preceding 5 Financial years). This option was not subsequently exercised, and therefore lapsed on April 8 2025. From this date, the agreement stated that CHG have a call option to purchase Biolab's shares at a price equivalent to the equity value of Biolab's stake (being USD 400,000) plus the higher of 20% annual IRR or 6X EV/EBITDA (of the financial year immediately preceding the call option exercise date).
8. Trade and other receivables
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Trade receivables - net |
1,380,858 |
|
996,485 |
|
Prepayments |
148,967 |
|
121,558 |
|
Due from related parties note (15) |
6,671 |
|
5,968 |
|
Other receivables * |
222,236 |
|
258,697 |
|
Accrued revenue |
4,357 |
|
19,593 |
|
|
1,763,089 |
|
1,402,301 |
The expected credit loss related to trade and other receivables was EGP 246,853 K (2025: EGP 251,988 K). Below shows the movements in the provision for impairment of trade and other receivables:
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Balance at 1 January |
251,988 |
|
208,476 |
|
Charge for the period |
21,577 |
|
45,108 |
|
Utilised |
(15,342) |
|
- |
|
Exchange differences |
(11,370) |
|
(1,596) |
|
|
246,853 |
|
251,988 |
9. Financial assets at amortised cost
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Term deposits (more than 3 months) |
38,676 |
|
335,754 |
|
Treasury bills (more than 3 months) |
234,651 |
|
83,248 |
|
|
273,327 |
|
419,002 |
The maturity date of the treasury bills and Fixed-term deposits are between more than 3 months. Treasury bills are of EGP 25.00%. Fixed-term deposits more than 3 months have average interest rates of EGP and JOD 10.67% and 3.75% respectively.
10. Cash and cash equivalents
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Cash at banks and on hand |
1,131,826 |
|
363,261 |
|
Treasury bills (less than 3 months) |
55,094 |
|
39,670 |
|
Term deposits (less than 3 months) |
465,828 |
|
1,267,868 |
|
|
1,652,748 |
|
1,670,799 |
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits and treasury bills are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective weighted average rate. Of the above, short-term deposits relate to amounts held in Egypt with a weighted average rate of Nil (2025: 16.94%),Short-term deposits relate to amounts held in Dubai with a weighted average rate of 3.47%,Short-term deposits relate to amounts held in the United Kingdoms with a weighted average rate of 3.54%, Short-term deposits relate to amounts held in Jordan with a weighted average rate of 3.5% (2025: 4.65%) and short-term deposits relate to amounts held in Mauritius with a weighted average rate of 3.80% (2025: 4.07%) and Treasury bills are denominated in EGP and earn interest at a weighted average rate of 23.77% (2025: 26.68%) per annum.
11. Trade and other payables
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Trade payables |
646,615 |
|
563,450 |
|
Accrued expenses |
301,983 |
|
269,519 |
|
Due to related parties note (15) |
11,464 |
|
35,619 |
|
Other payables |
117,541 |
|
104,405 |
|
Deferred revenue |
132,600 |
|
144,286 |
|
Accrued finance cost |
2,455 |
|
4,244 |
|
Shareholders' dividend |
607 |
|
- |
|
|
1,213,265 |
|
1,121,523 |
12. Put option liability
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Current put option - Al Makhbariyoun Al Arab |
597,059 |
|
578,151 |
|
Current put option - Eagle Eye-Echo scan |
54,255 |
|
50,494 |
|
|
651,314 |
|
628,645 |
Put option - Biolab Jordan
The accounting policy for put options after initial recognition is to recognise all changes in the carrying value of the put option liability within equity.
Through the historic acquisitions of Makhbariyoun Al Arab the Group entered into separate put option arrangements to purchase the remaining equity interests from the vendors at of a subsequent date. At acquisition, a put option liability has been recognised at the net present value of the exercise price of the option.
The option is calculated at seven times EBITDA of the last 12 months minus Net Debt and its exercisable in whole starting the fifth anniversary of completion of the original purchase agreement, which fell due in June 2016. The vendor has not exercised this right on 30 June 2026. It is important to note that the put option liability is treated as current as it could be exercised at any time by the NCI. However, based on discussions and ongoing business relationships, there is no expectation that this will happen in the next 18 months the option has no expiry date.
Put option - Eagle Eye-Echo scan
IFC has the option to put its shares according to definitive agreements signed on 15 January 2018 between Dynasty group Holdings Limited and International Finance Corporation (IFC) related to the Eagle Eye-Echo Scan Limited transaction, IFC has the option to put it shares to Dynasty group Holdings Limited in year 2024. The put option price will be calculated on the basis of the fair market value determined by an independent valuer.
13. Loans and borrowings
|
|
Currency |
Nominal interest rate |
Maturity |
30 June 2026 |
|
31 December 2025 |
|
|
|
|
|
(Unaudited) |
|
(Audited) |
|
Kuwait Finance Bank (AUB - Previously) |
EGP |
CBE corridor rate*+1% |
26 January 2027 |
26,986 |
|
40,479 |
|
Kuwait Finance Bank (AUB - Previously) |
EGP |
CBE corridor rate*+0.75% |
31 May 2030 |
340,000 |
|
340,000 |
|
Kuwait Finance Bank (AUB - Previously) |
EGP |
Secured 5% |
3 December 2026 |
- |
|
22,902 |
|
Bank Al Etihad |
JOD |
Secured 11.75% |
September 2026 |
8,126 |
|
23,961 |
|
|
|
|
|
375,112 |
|
427,342 |
|
Amount held as: |
|
|
|
|
|
|
|
Current liability |
|
|
|
121,619 |
|
173,849 |
|
Non-current liability |
|
|
|
253,493 |
|
253,493 |
|
|
|
|
|
375,112 |
|
427,342 |
* As at 30 June 2026, corridor rate 20.00% (2025: 21.00%)
13. Loans and borrowings (continued)
A) In July 2018, AL-Borg lab, one of IDH subsidiaries, was granted a medium term loan amounting to EGP 130.5m from Kuwait Finance Bank (AUB - Previously) to finance the investment cost related to the expansion into the radiology segment. As at 30 June 2026, only EGP 124.9M had been drawn down from the total facility available, with EGP 97.9M repaid. The loan will be fully repaid by January 2027.
The loan contains the following financial covenants which if breached will mean the loan is repayable on demand:
1. The financial leverage shall not exceed 0.7 throughout the period of the loan.
"Financial leverage": total bank debt divided by net equity.
2. The debt service ratios (DSR) shall not be less than 1.35 starting 2020
"Debt service ratio": cash operating profit after tax plus depreciation for the financial year less annual maintenance on machinery and equipment adding cash balance (cash and cash equivalent) divided by total financial payments.
"Cash operating profit": Operating profit after tax, interest expense, depreciation and amortisation, is calculated as follows: Net income after tax and unusual items adding Interest expense, Depreciation, Amortisation and provisions excluding tax related provisions less interest income and Investment income and gains from extraordinary items.
"Financial payments": current portion of long-term debt including finance lease payments, interest expense and fees and dividends distributions.
3. The current ratios shall not be less than 1.
"Current ratios": Current assets divided current liabilities.
AL- Borg company didn't breach any covenants for MTL agreements.
On June 2025 the company signed medium-term loan with Kuwait Finance Bank amounting to EGP 400 M
for the acquisition of Radiotherapy branch which will be repaid on 31 May 2030 The loan contains the
following financial covenants which if breached will mean the loan is repayable on demand:
1- The financial leverage shall not exceed 1 throughout the period of the loan
"Financial leverage": total bank debt divided by equity
2- The debt service ratios (DSR) shall not be less than 1.00 starting 2025
The Company has complied with all financial covenants. Non-compliance with these covenants may result in
penalties, restrictions, or other remedies as stipulated in the agreement.
14. Other financial obligations
Future minimum financial obligation payments under leases and sales purchase contracts, together with the present value of the net minimum lease payments are, as follows:
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
*Financial liability - laboratory equipment |
270,066 |
|
179,840 |
|
*Lease liabilities - building |
1,039,019 |
|
1,006,054 |
|
|
1,309,085 |
|
1,185,894 |
*The financial obligation liabilities for the laboratory equipment and building are payable as follows:
|
|
30 June 2026 |
|
||||||||||
|
|
Minimum payments |
|
Interest |
|
Principal |
|||||||
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|||||||
|
Less than one year |
456,261 |
|
172,213 |
|
284,048 |
|||||||
|
Between one and five years |
1,216,161 |
|
452,257 |
|
763,904 |
|||||||
|
More than five years |
357,797 |
|
96,664 |
|
261,133 |
|||||||
|
|
2,030,219 |
|
721,134 |
|
1,309,085 |
|||||||
|
|
31 December 2025 |
|
||||||||||
|
|
Minimum payments |
|
Interest |
|
Principal |
|
||||||
|
|
(Audited) |
|
(Audited) |
|
(Audited) |
|
||||||
|
Less than one year |
405,831 |
|
160,974 |
|
244,857 |
|
||||||
|
Between one and five years |
1,096,393 |
|
395,180 |
|
701,213 |
|
||||||
|
More than Five years |
334,449 |
|
94,625 |
|
239,824 |
|
||||||
|
|
1,836,673 |
|
650,779 |
|
1,185,894 |
|
||||||
Amounts recognised in profit or loss:
|
|
30 June |
||
|
|
2026 |
|
2025 |
|
|
(Unaudited) |
|
(Unaudited) |
|
Interest on lease liabilities |
79,855 |
|
62,053 |
|
Expenses related to short-term lease |
5,584 |
|
4,366 |
15. Related party transactions
The significant transactions with related parties, their nature, volumes and balances during the period ended 30 June 2026 are as follows:
|
|
|
|
|
|
|
30 June 2026 |
||
|
Related Party |
|
Nature of transaction |
|
Nature of relationship |
|
Transaction amount of the period |
|
Amount due from / (to) |
|
|
||||||||
|
|
|
|
|
|
|
EGP'000 |
|
EGP'000 |
|
ALborg Scan (S.A.E)* |
|
Expenses paid on behalf |
|
Affiliate |
|
17 |
|
17 |
|
|
|
|
|
|
|
|
|
|
|
International Fertility (IVF)** |
|
Expenses paid on behalf |
|
Affiliate |
|
17 |
|
32 |
|
|
|
|
|
|
|
|
|
|
|
H.C Security |
|
Provide service |
|
Entity owned by Company's board member |
|
(33) |
|
(123) |
|
|
|
|
|
|
|
|
|
|
|
Life Health Care |
|
Provided service |
|
Entity owned by Company's CEO |
|
494 |
|
1,913 |
|
|
|
|
|
|
|
|
|
|
|
Dr. Amid Abd Elnour |
|
Put option liability |
|
Bio. Lab C.E.O and shareholder |
|
(18,908) |
|
(597,059) |
|
|
|
Current account |
|
Bio. Lab C.E.O and shareholder |
|
24,353 |
|
(5,821) |
|
|
|
Share based payment |
|
Bio. Lab C.E.O and shareholder |
|
(165) |
|
(5,520) |
|
|
|
|
|
|
|
|
|
|
|
International Finance corporation (IFC) |
|
Put option liability |
|
Echo-Scan shareholder |
|
(3,761) |
|
(54,255) |
|
|
|
|
|
|
|
|
|
|
|
Integrated Treatment for Kidney Diseases (S.A.E) |
|
Rental income |
|
Entity owned by Company's CEO |
|
(500) |
|
4,709 |
|
|
|
Medical test analysis |
|
|
|
675 |
|
|
|
|
|
|
|
|
|
|
|
(656,107) |
15. Related party transactions (continued)
|
|
|
|
|
|
|
31 December 2025 |
||
|
Related Party |
|
Nature of transaction |
|
Nature of relationship |
|
Transaction amount of the year |
|
Amount due from / (to) |
|
|
||||||||
|
|
|
|
|
|
|
EGP'000 |
|
EGP'000 |
|
|
|
|
|
|
|
|
|
|
|
International Fertility (IVF)* |
|
Expenses paid on behalf |
|
Affiliate |
|
4 |
|
15 |
|
|
|
|
|
|
|
|
|
|
|
H.C Security |
|
Provide service |
|
Entity owned by Company's board member |
|
(17) |
|
(90) |
|
|
|
|
|
|
|
|
|
|
|
Life Health Care |
|
Provided service |
|
Entity owned by Company's CEO |
|
724 |
|
1,419 |
|
|
|
|
|
|
|
|
|
|
|
Dr. Amid Abd Elnour |
|
Put option liability |
|
Bio. Lab C.E.O and shareholder |
|
(65,574) |
|
(578,151) |
|
|
|
Current account |
|
Bio. Lab C.E.O and shareholder |
|
(10,491) |
|
(30,174) |
|
|
|
Share-based payment |
|
Bio. Lab C.E.O and shareholder |
|
(5,355) |
|
(5,355) |
|
|
|
|
|
|
|
|
|
|
|
International Finance corporation (IFC) |
|
Put option liability |
|
Echo-Scan shareholder |
|
(30,573) |
|
(50,494) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrated Treatment for Kidney Diseases (S.A.E) |
|
Rental income |
|
Entity owned by Company's CEO |
|
2,019 |
|
- |
|
|
|
Medical Test analysis |
|
Entity owned by Company's CEO |
|
1,716 |
|
4,534 |
|
|
|
|
|
|
|
|
|
|
|
HENA HOLDINGS LTD |
|
shareholders' dividends deferral agreement |
|
Shareholder |
|
4,879 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
ACTIS IDH LIMITED |
|
shareholders' dividends deferral agreement |
|
Shareholder |
|
4,019 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(658,296) |
*ALborg Scan is a company whose shareholders include Dr. Moamena Kamel (founder of IDH subsidiary Al
Mokhtabar Labs).
** International Fertility (IVF) is a company whose shareholders include Dr. Moamena Kamel (founder of IDH
subsidiary Al-Mokhtabar Labs).
15. Related party transactions (continued)
Compensation of key management personnel of the Group
The amounts disclosed in the table are the amounts recognised as an expense during the reporting period related to key management personnel.
|
|
30 June 2026 |
|
30 June 2025 |
|
|
(Unaudited) |
|
(Unaudited) |
|
Short-term employee benefits |
67,750 |
|
64,231 |
|
|
67,750 |
|
64,231 |
16. General and administrative expenses
|
|
For the six months ended 30 June |
||
|
|
2026 |
|
2025 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
Wages and salaries |
226,419 |
|
206,765 |
|
Depreciation |
16,844 |
|
14,474 |
|
Amortisation |
4,729 |
|
4,896 |
|
Consulting fees |
97,525 |
|
53,516 |
|
Other expenses |
107,517 |
|
112,953 |
|
Total |
453,034 |
|
392,604 |
17. Net fair value losses on financial assets at fair value through profit or loss
During the first half of 2025, Integrated Diagnostics Holdings Limited company invested in Global Depositary Receipt (GDR) tradable in stock exchanges, where the companies purchased 2.740 million shares, EGP 55 M from the Egyptian Stock Exchange and sold them during the same period on the London Stock exchange at USD 1.03 M excluding the transaction cost.
|
|
|
|
|
|
|
|
|
|
|
Number of shares'000 |
2026 |
|
2025 |
|
|
|
|
|
|
EGP'000 |
|
EGP'000 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
listed equity securities |
Shares bought |
2,740 |
|
- |
|
(55,047) |
|
Shares sale |
2,740 |
|
- |
|
50,107 |
|
|
|
|
|
|
- |
|
(4,940) |
18. Net finance cost
|
|
For the six months ended |
||
|
|
2026 |
|
2025 |
|
Finance income |
(Unaudited) |
|
(Unaudited) |
|
Interest income |
109,671 |
|
107,363 |
|
Net foreign exchange gain |
36,891 |
|
- |
|
Total finance income |
146,562 |
|
107,363 |
|
|
|
|
|
|
Finance cost |
|
|
|
|
Net foreign exchange (loss) |
- |
|
(3,493) |
|
Bank charges |
(14,832) |
|
(11,293) |
|
Interest expense |
(135,150) |
|
(85,543) |
|
Total finance cost |
(149,982) |
|
(100,329) |
|
Net finance income |
(3,420) |
|
7,034 |
19. Tax expense
Tax expense is recognised based on management's best estimate of the weighted-average annual income tax rate expected for the full financial year multiplied by the pre-tax income of the interim reporting period.
A) Income tax
Amounts recognised in profit or loss as follows:
|
|
For the six months ended |
||
|
|
2026 |
|
2025 |
|
|
(Unaudited) |
|
(Unaudited) |
|
Current tax: |
|
|
|
|
Current tax |
(355,965) |
|
(267,449) |
|
Deferred tax: |
|
|
|
|
Deferred tax arising on undistributed reserves in subsidiaries |
(125,839) |
|
(66,852) |
|
Deferred tax relating to origination and reversal of temporary differences |
(777) |
|
(7,659) |
|
Total Deferred tax expense |
(126,616) |
|
(74,511) |
|
Tax expenses recognised in profit or loss |
(482,581) |
|
(341,960) |
B) Deferred tax liabilities
Deferred tax relates to the following:
|
|
30 June 2026 |
|
31 December 2025 |
|
|
(Unaudited) |
|
(Audited) |
|
Property, plant and equipment |
(71,317) |
|
(70,225) |
|
Intangible assets |
(117,715) |
|
(117,919) |
|
Undistributed reserves from Group subsidiaries |
(462,156) |
|
(370,571) |
|
Provisions |
61 |
|
61 |
|
Net deferred tax liabilities |
(651,127) |
|
(558,654) |
20. Financial instruments
The Group has reviewed the financial assets and liabilities held at 30 June 2026. It has been deemed that the carrying amounts for all financial instruments are a reasonable approximation of fair value. All financial instruments are deemed Level 3.
21. Earnings per share
|
|
For the six months ended |
||
|
|
2026 |
|
2025 |
|
|
(Unaudited) |
|
(Unaudited) |
|
Profit attributed to owners of the parent |
821,535 |
|
551,354 |
|
Weighted average number of ordinary shares in issue |
581,326 |
|
581,326 |
|
Basic and diluted earnings per share |
1.41 |
|
0.95 |
The Company has no potential diluted shares as at 30 June 2026 and 30 June 2025, therefore the earnings per diluted share are equivalent to basic earnings per share.
22. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the steering committee that makes strategic decisions.
The Group has five operating segments based on geographical location, as the Group's Chief Operating Decision Maker (CODM) reviews the internal management reports and KPIs of each geography.
The Group operates in five geographic areas, Egypt, Sudan, Jordan, Nigeria and Saudi Arabia. As a provider of medical diagnostic services, IDH's operations in Sudan are not subject to sanctions. The revenue split, EBITDA split (being the key profit measure reviewed by CODM) net profit and loss between the five regions is set out below.
22. Segment reporting (continued)
|
|
Revenue split by geographic location |
|||||
|
For the six months ended |
Egypt region |
Sudan region |
Jordan region |
Nigeria region |
Saudi Arabia |
Total |
|
|
|
|
|
|
|
|
|
30 June 2026 (Unaudited) |
4,169,817 |
1,134 |
537,013 |
72,820 |
75,622 |
4,856,406 |
|
30 June 2025 (Unaudited) |
2,965,813 |
1,451 |
492,535 |
57,562 |
25,327 |
3,542,688 |
|
|
Adjusted EBITDA by split geographic location |
|||||
|
For the six months ended |
Egypt region |
Sudan region |
Jordan region |
Nigeria region |
Saudi Arabia |
Total |
|
|
|
|
|
|
|
|
|
30 June 2026 (Unaudited) |
1,518,577 |
41 |
140,092 |
4,448 |
(15,876) |
1,647,282 |
|
30 June 2025 (Unaudited) |
1,072,046 |
(14) |
141,767 |
1,347 |
(25,519) |
1,189,627 |
|
|
Net profit / (loss) split by geographic location |
|||||
|
For the six months ended |
Egypt region |
Sudan region |
Jordan region |
Nigeria region |
Saudi Arabia |
Total |
|
|
|
|
|
|
|
|
|
30 June 2026 (Unaudited) |
828,870 |
1,826 |
45,454 |
592 |
(37,596) |
839,146 |
|
30 June 2025 (Unaudited) |
554,246 |
20,650 |
48,366 |
(2,906) |
(49,062) |
571,294 |
|
|
Non-current assets by geographic location |
|||||
|
|
Egypt region |
Sudan region |
Jordan region |
Nigeria region |
Saudi Arabia |
Total |
|
|
|
|
|
|
|
|
|
30 June 2026 (Unaudited) |
4,012,098 |
- |
789,220 |
31,160 |
62,024 |
4,894,502 |
|
31 December 2025 |
3,757,154 |
- |
784,762 |
28,217 |
73,239 |
4,643,372 |
The operating segment profit measure reported to the CODM is EBITDA, as follows:
|
|
For the six months ended |
||
|
|
2026 |
|
2025 |
|
|
(Unaudited) |
|
(Unaudited) |
|
Profit from operations |
1,325,147 |
|
911,160 |
|
|
|
|
|
|
Property, plant and equipment depreciation |
201,530 |
|
160,198 |
|
Right of use depreciation |
107,598 |
|
97,755 |
|
Amortization of Intangible assets |
13,007 |
|
10,567 |
|
EBITDA |
1,647,282 |
|
1,179,680 |
|
Non-recurring expenses |
- |
|
9,947 |
|
Normalised EBITDA |
1,647,282 |
|
1,189,627 |
23. Post Balance Sheet Events:
Hena Holdings Ltd, IDH's founding shareholder vehicle, which is wholly owned by IDH Chief Executive Officer Dr. Hend El-Sherbini and her mother, Dr. Moamena Abdul Wahab Kamel, increased its shareholding in the Company during the period through a mandatory cash offer.
On 23 June 2026, Hena Holdings announced the offer following its acquisition of 126 million shares from Actis IDH Limited, representing 21.67% of IDH's total voting rights. The acquisition increased Hena Holdings' total ownership to 49.62%, triggering a mandatory takeover offer under the UK Takeover Code. The initial offer period closed on 29 July 2026, followed by a final two-week extension, which expired on 12 August 2026. Following completion of the offer process and final settlements, Hena Holdings acquired additional shares through the offer, bringing its total ownership in IDH to 56.67%.
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