IDH launches fifth Al-Borg Scan Branch
IDH launches fifth Al-Borg Scan branch in West Cairo's Capital Business Park
This marks Al-Borg Scan's third branch inauguration in the last six months, and sees the Company further progress on its ramp up strategy which will see Al-Borg Scan launch at least three more branches in 2022 as it works to capture the important growth opportunities presented by Egypt's radiology segment
29 March 2022
(Cairo and London) - Integrated Diagnostics Holdings ("IDH," "the Company" or "the Group"), a leading consumer healthcare company with operations in Egypt, Jordan, Sudan, and Nigeria, announces the launch of Al-Borg Scan's fifth branch. The branch will be located in West Cairo's Capital Business Park and sees the Company further expand its radiology venture's geographic footprint, penetrating a strategic and currently underserved neighbourhood. This is the third Al-Borg Scan branch to launch in the last six months following the roll out of a new branch in West Cairo's Faisal/Haram neighbourhood in December 2021, and of a new branch in East Cairo's Heliopolis neighbourhood in early October 2021. The new branches will be essential in further strengthening the Al-Borg Scan's brand equity and complement Al-Borg Scan's other two locations in the centrally-located Mohandessin and Shoubra neighbourhoods.
In line with the other locations, the new branches are equipped with the latest state-of-the-art radiology technology available on the market and will offer a full-suite of radiology services, including but not limited to magnetic resonance imaging (MRI), computed tomography (CT), x-ray and contrast studies, ultrasonography, echocardiography, electrocardiography (ECG), electroencephalography (EEG), electromyography (EMG), Gamma Camera, Positron emission tomography-computed tomography (PET-CT), in addition to panoramic exams for jaws and teeth. The branches will also provide patients with access to some of the highest-ranking radiology specialists in the country, offering consultations and diagnostic reports from subject matter experts. Finally, the Company will leverage its enhanced digital capabilities to deliver results and reports to patients within 24 hours from the exam through the Company's website and its dedicated WhatsApp account.
Commenting on the launch, IDH CEO Dr. Hend El Sherbini, said: "We are thrilled to announce the launch of Al-Borg Scan's fifth branch located in a strategic and currently underpenetrated neighbourhood of West Cairo. The roll out supports Al-Borg Scan's geographical expansion efforts and is directly in line with our vision of providing patients across Greater Cairo with access to state-of-the-art radiology services to supplement our more established diagnostics offering. In the coming period, we are aiming to roll out at least three additional branches for a total investment cost of EGP 200 million, further expand our radiology service offering, and complete the necessary modules to obtain ACR (American College of Radiology) accreditation for all Al-Borg Scan's branches."
As at year-end 2021, IDH had invested more than EGP 250 million in Al-Borg Scan since its launch in 2018, with the venture delivering impressive results from the very start. More specifically, in 2021, Al-Borg Scan reported revenue growth of over 80%, serving more than 60 thousand patients and performing around 80 thousand tests. This represented a c.70% year-on-year increase in both patients served and tests performed, further highlighting Al-Borg Scan's strong momentum. Meanwhile, the company's efficiency enhancement efforts helped further boost profitability which continues to improve ahead of management's expectations.
-Ends-
About Integrated Diagnostics Holdings (IDH)
IDH is a leading consumer healthcare company in the Middle East and Africa with operations in Egypt, Jordan, Sudan and Nigeria. The Group's core brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar Sudan (both in Sudan) and Echo-Lab (Nigeria). A long track record for quality and safety has earned the Company a trusted reputation, as well as internationally recognised accreditations for its portfolio of over 2,000 diagnostics tests. From its base of 507 branches as of 30 September 2021, IDH will continue to add laboratories through a Hub, Spoke and Spike business model that provides a scalable platform for efficient expansion. Beyond organic growth, the Group's expansion plans include acquisitions in new Middle Eastern, African, and Asian markets where its model is well-suited to capitalise on similar healthcare and consumer trends and capture a significant share of fragmented markets. IDH has been a Jersey-registered entity with a Standard Listing on the Main Market of the London Stock Exchange (ticker: IDHC) since May 2015 with a secondary listing on the EGX since May 2021 (ticker: IDHC.CA). Learn more at idhcorp.com .
The person responsible for arranging the release of this announcement is Nancy Fahmy, Investor Relations Director at IDH.
Contact
Nancy Fahmy
Investor Relations Director
T: +20 (0)2 3345 5530 | M: +20 (0)12 2255 7445 | nancy.fahmy@idhcorp.com
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