THE LEADER IN
DIAGNOSTICS
EXCELLENCE
ANNUAL REPORT
2024
Strategic Report
06 Who We Are
12 Highlights of 2024
14 A Message from the Chair of your Board of Directors
18 Chief Executive’s Report
24 Vice President and Group CFO Strategic Agenda
28 An Update from Our Investor Relations Director
30 Our Markets
46 Our Brands
50 Our Services
54 Competitive Strengths & Growth Strategy
58 Principal Risks, Uncertainties, & Their Mitigation
Performance
70 Financial & Operational Review
82 TCFD Report
92 Corporate Social Responsibility
Corporate Governance
98 Board of Directors
102 Corporate Governance Report
108 Audit Committee Report
112 Remuneration Committee Report
114 Nomination Committee Report
118 Directors’ Report
Financial Statements
124 Independent Auditors’ Report
134 Consolidated Financial Statements
139 Notes to the Consolidated Financial Statements
Table of Contents
ANNUAL REPORT
2024
STRATEGIC REPORT
5.7
BN
EGP
Revenue in 2024
1.0
BN
EGP
Net profit in 2024
Integrated Diagnostics Holdings plc. (“IDH”, the “Group”, or the
“Company”) is a prominent consumer clinical laboratory and
one of the largest diagnostic providers in the Middle East and
Africa, with operations in Egypt, Jordan, Nigeria, Sudan, and
Saudi Arabia. With over 40 years of experience and numerous
international accreditations, the Company is a trusted provider
of pathology and radiology services across its expanding
footprint. Currently, IDH offers its patients a comprehensive
and growing portfolio of more than 3,000 high-quality
diagnostic tests, along with a wide range of radiology services,
from MRI to PET-CT scans. As of the end of 2024, the Group’s
branch network included 628
1
branches across five regions.
Throughout its network, IDH continues to use a Hub, Spoke,
and Spike model to ensure scalability and operational
efficiency. In addition to its organic growth, IDH is actively
seeking strategic acquisition opportunities in new markets
where its brand name and business model can effectively
leverage healthcare and consumer trends to expand its
operations. Most recently, IDH entered its fifth geography,
Saudi Arabia, through a strategic joint venture. As of today,
the Company operates two branches in the Kingdom and
is ramping up operations to capitalise on the country’s
attractive growth profile. Building on this, in October 2024,
the Group completed the establishment of Chronx Limited,
a limited company based in the United Arab Emirates with
IDH directly controlling an 80% stake in the entity and with
the remaining 20% held by Dr. Khaled Ezzeldin Ismail.
IDH has been a Jersey-registered entity listed on the Main
Market of the London Stock Exchange (LSE) since May 2015.
Who We Are
8
key brands with strong awareness in
underserved markets
5
countries across the Middle East
& Africa
40+ YEARS
track record at the subsidiary levels
LSE
listed since May 2015
5.7 EGP/BN
in revenue in 2024, +39%
2
versus
2023
628
branches as of 31 December 2024
(excluding 17 branches that are not
operational in Sudan)
1
Includes only operational branches and excludes 17 branches that are not operational in Sudan.
2
General note: percentage changes through this report are calculated using full figures to ensure greater accuracy.
6 IDH 2023 Annual Report6 IDH 2024 Annual Report
Strategic Report | Who We Are
Our Markets
IDH currently operates across five key regional markets,
including Egypt, Jordan, Nigeria, Sudan, and Saudi
Arabia. Across its footprint, the Company enjoys
similar dynamics, including a relatively fragmented
and underpenetrated diagnostic sectors, favourable
demographic profiles, and increasingly attractive
regulatory and investment environments. Together,
these factors provide the Group with ample fertile
ground on which to drive sustainable growth while
constantly generating value for its patients and the
wider communities.
At the start of 2024, IDH inaugurated its fifth geography
with the roll out of its first two Saudi Arabian branches
located in the capital city, Riyadh. IDH’s operations in
the Kingdom are run under the Biolab KSA brand, and
in the first year of operation have shown encouraging
signs, validating the Group’s investment strategy and
future vision. IDH views its KSA venture as a key driver
of growth and profitability thanks to the country’s
supportive macroeconomic fundamentals and appealing
demographic factors. In the coming years, the venture
aims to establish itself as the go-to pathology diagnostic
services brand offering a wide array of services across
Riyadh and the wider Kingdom.
Nigeria
Sudan
Egypt
Saudi
Jordan
2024 Annual Report IDH 7
8 IDH 2024 Annual Report
Our Services
Clinical Pathology Offering
IDH offers around 3,000 internationally accredited pathology
tests, ranging from basic blood glucose tests for diabetes
to advanced molecular testing for genetic disorders. More
complex tests are processed at IDH’s Mega Lab, which
holds the prestigious CAP accreditation, highlighting IDH’s
continued adherence to global laboratory best practices.
Immunology
Endocrinology
Microbiology
Clinical Chemistry
Haematology
Molecular Biology
Cytogenetics Histopathology Genetics Parasitology
Strategic Report | Who We Are
2024 Annual Report IDH 9
To complement its pathology offering and provide patients
with a comprehensive, one-stop-shop experience, IDH
also offers a host of radiology services through its brands
Al-Borg Scan in Egypt and Echo-Lab in Nigeria. Both brands
were added to the Company’s suite in 2018 and have since
become core components of IDH’s operations. Testament
to the Group’s continued commitment to operational
excellent, in 2022, Al-Borg Scan became the first radiology
provider in Africa to enjoy the prestigious American College
of Radiology (ACR) accreditation.
IDH’s radiology services currently include PET-CT,
CT scans, MRI, Mammography, Ultrasound, X-Ray,
EMG, EEG, ECG, and Gamma Camera. The Company’s
radiology branch network includes seven branches in
Egypt under the Al-Borg Scan brand and 12 branches in
Nigeria under the Echo-Lab brand. Combined, the two
ventures served a total of 314 thousand patients and
performed more than 493 thousand scans in 2024.
Radiology Offering
IDH’s core brands encompass Al-Borg, Al-Borg Scan, Al Mokhtabar in Egypt, Biolab in Jordan, Ultralab and Al
Mokhtabar in Sudan, Echo-Lab in Nigeria, and Biolab KSA in Saudi Arabia.
Our Brands
Diagnostic Radiology
Interventional Radiology
Nuclear Radiology
PET-CT
Mammography
EMG
CT
Ultrasound
EEG
MRI
X-Ray
ECG
Through its operations, the Company caters to two main client
types: contract (corporate) and walk-in (individuals). IDH also
provides house call services to each of these client types, in
addition to a lab-to-lab service for the corporate segment.
IDH’s walk-in clients, also referred to as “self-payers”, include
individuals paying out of pocket for diagnostics services. This
category made up 35% of the Group’s total revenue in 2024.
IDH’s contract clients, which contributed to the remaining
65% of consolidated revenue for the past year, encompass
institutions including syndicates, unions, private and public
insurance companies, banks, and corporations that enter
into one-year renewable contracts at set rates per test and
per-client.
An Asset-Light Business Model
Since inception, IDH has successfully driven capital-
efficient growth by leveraging its asset-light business
model for its laboratory offering. The model is
predicated on two key pillars. The first revolves around
the Group’s scalable “Hub, Spoke, and Spike” network
of branch laboratories. The second pillar, which in
recent years has proven vital to guarantee the Group’s
continued success in the midst of a challenging
operating environment, includes IDH’s dynamic
and long-lasting relationships with major suppliers.
These partnerships, which have been developed and
strengthened over many years of mutually beneficial
cooperation, enable the Group to capture growth
opportunities whenever they arise without the need to
purchase expensive medical diagnostic equipment.
Hub, Spoke, and Spike
In Egypt, IDH’s home and largest market, the Group’s
CAP-accredited Mega Lab functions as the "Hub." The
world-class centre is home to the latest diagnostic
equipment available in the market and offers the necessary
tools and capacity to effectively process tests and services for
samples collected by the Group’s B-Labs (Spokes) and C-Labs
(Spikes). Meanwhile, the Group uses its B-Labs (seven as at
year-end 2024) to process routine tests, while leveraging their
capacities to manage traffic to the Mega Lab as necessary.
Finally, C-Labs (621 as at year-end 2024) act principally as
collection centres, substantially increasing the Company’s
reach and allowing it to strategically widen its patient base.
In 2018, IDH also launched a radiology venture to
complement its lab and pathology offering. This venture
diversifies the Group’s revenue streams while simultaneously
boosting patient retention and loyalty by offering a one-stop-
shop experience to patients. This “plug and play” business
model is the operational backbone of the Group, providing
considerable leverage in extracting revenue while forming
long-lasting supplier relationships to create cost synergies at
all levels of operation.
Supplier Relationships
The Group’s scale and reputation see it enjoy significant
bargaining power with suppliers, allowing it to secure
attractive terms for both medical equipment and test
kits. IDH’s supplier contracts, which also include the
provision of equipment to analyse laboratory test results,
have minimum annual commitment payments to cover
the medical diagnostic equipment, kits, and chemicals to
be used for testing, as well as ongoing maintenance and
support services. It is worth highlighting that given IDH’s
scale and expanding volumes, the Group comfortably
10 IDH 2024 Annual Report
Our Patients
Strategic Report | Who We Are
covers minimum annual payments. Furthermore, the
Company achieves economies of scale thanks to its
significant operating volumes and strategic pricing power,
successfully bringing down its costs per test and avoiding
the initial outlay associated with the purchase of additional
medical diagnostic equipment.
IDH’s agreements with its key suppliers have
typical tenures ranging from five to seven years,
with equipment substitution following the renewal
of contracts. Extended tenures shield the Group
from price fluctuations resulting from a turbulent
macroeconomic environment, providing a significant
advantage, especially when considering the continued
inflationary pressures faced by IDH across several of
its markets over the past couple of years. In line with
its commitment to stellar service quality, the Group
prioritises partnerships with global leaders such as
Siemens, Roche, Abbott Laboratories, Sysmex, General
Electric, and Philips.
2024 Annual Report IDH 11
INTEGRATED DIANOSTICS HOLDINGS SUPPLIERS
Highlights of 2024
of EGP 5,720 million in 2024, up 39% from the
previous year driven by rising test volumes and
average revenue per test.
Consolidated revenue
Net profit (Profit after tax)
stood at EGP 1.0 billion in 2024, more than doubling from
last year’s EGP 468 million bottom-line. IDH’s net profit
margin for the year improved remarkably, reaching 17.6%
in 2024 versus 11.4% last year.
Earnings per share
recorded EGP 1.82 in 2024, up from EGP 0.85 in 2023.
Gross profit
of EGP 2,182 million in 2024, an increase of 43% from the
previous year. Gross profit margin (GPM) also expanded,
coming in at 38% in 2024 versus last year’s 37% figure.
Adjusted EBITDA
3
recorded EGP 1,731 million in 2024, up 45%
compared to last year’s figure and with an associated
margin of 30% versus 29% in FY 2023.
3
Adjusted EBITDA is calculated as operating profit plus depreciation and amortization. Adjusted EBITDA also removes one-off expenses for both
reporting periods.
Strategic Report | Highlights of 2024
12 IDH 2024 Annual Report
Financial Highlights
As at year-end 2024, IDH’s branch
network stood at 628 branches,
representing a net year-on-year
increase of 27 branches compared to
its network as at 31 December 2023.
During 2024, IDH conducted
39.2 million tests across its
markets, a 9% year-on-year
increase from the 36.1 million
tests performed in 2023.
Average revenue per test increased
to EGP 146 in 2024, 28% above last
year’s EGP 114 figure.
IDH served 8.9 million patients
in 2024, 5% above last year’s total
patient count.
The average number of tests
per patient reached a new
record-high of 4.4 tests in 2024,
versus 4.2 tests in 2023 and 3.7
in 2022.
In Egypt, IDH recorded revenue of
EGP 4,718 million, up 38% versus
last year. Top-line growth in 2024
was supported by increasing test
volumes, coupled with a rise in the
average revenue per test.
IDH’s Jordanian subsidiary,
Biolab, recorded revenue of
JOD 13.9 million in 2024, largely
unchanged year-on-year. In
EGP terms, operations in Jordan
reported revenue of EGP 899
million in 2024, representing year-
on-year rises of 49% due to the
translation effect.
In Nigeria, Echo-Lab reported
revenue of NGN 2,716 million,
an increase of 39% from last
year’s figure. In EGP-terms,
revenue in Nigeria declined
15% year-on-year to EGP 82
million in 2024, reflecting a
weaker Naira during the year.
Biolab KSA, IDH’s newest venture
in Saudi Arabia, which began
operations in the first quarter of 2024,
reported revenue of SAR 1.4 million
in 2024. In December 2024, IDH
announced the purchase of Izhoor’s
entire 49% stake in the venture for
USD 3.2 million, bringing IDH’s
effective stake in Biolab KSA to 100%.
2024 Annual Report IDH 13
Operational Highlights
Cognisant of the increasing challenges posed by
high inflation on patients’ affordability across
our markets, we ensured our services remained
accessible to as many patients as possible, sharing
the burden of rising prices with them.
At the start of the year, we expanded into our fifth market
with the launch of two branches in Saudi Arabia.
We have seen strong demand for our service offering
which reaffirms our strategy that the Kingdom
represents a key growth driver for our Company in
the coming years.
We increased our stake in Biolab KSA in December
2024 and are excited to build on the progress achieved
since launch to maximise the market’s full potential.
We have had to restructure our business in Nigeria
which has taken both management and capital
resource, but have now successfully set it on course
to turn profitable in 2025.
I am pleased to report that despite the operational
challenges across our markets and the wider MENA region,
(including the flotation and subsequent depreciation of
the Egyptian Pound (EGP) in March 2024), your Company
has continued to demonstrate the resilience of its business
model and the attractiveness of its value proposition,
delivering another year of sustained growth and impact.
Turning Challenges into Opportunities
2024 was a difficult year throughout our footprint, as
macroeconomic challenges and political instability
continued to negatively impact business activity.
Despite this backdrop, your Company successfully
delivered a 39% year-on-year increase in revenue,
supported by rising test and patient volumes, as our value-
added offering continued to draw a growing number of
patients to the business.
During the past twelve months, we performed 39.2
million tests and served nearly 9 million patients across
our five markets.
Lord St John of Bletso
Chairman
A message from the Chair of your
Board of Directors
Strategic Report | A Message from Our Board of Directors’ Chair
14 IDH 2024 Annual Report
Sudan’s civil war has continued unabated throughout 2024
and early 2025. In light of the dangers that the conflict poses
to our staff, patients, and operations, we have mothballed
17 of our 18 Sudanese branches, but were able to reopen
one branch in the third quarter of 2024, signalling our
commitment to retaining our business in the country.
Embracing Innovation
We continue to embrace digital transformation
across all divisions of the business driving both
improved management controls and maximising
cost efficiencies.
We are seeking to maximise the latest Artificial
Intelligence (AI) tools and solutions across the business
and considering how we can drive more value from our
substantial data bank, while retaining strict and stringent
patient data confidentiality.
Environmental, Social, and
Governance (ESG)
In November 2024, we published our third Sustainability
Report outlining our commitment to monitor and deliver
on our ESG agenda.
Since inception, we have placed great emphasis on
maintaining transparent and sustainable operations
across our expanding footprint.
Delisting from the Egyptian Exchange (EGX)
In September 2024, our Company completed its delisting
process from the EGX. The decision was taken to safeguard
the best interests of the Company and its shareholders.
We remain committed to maintaining our standard listing
on the London Stock Exchange (LSE) and to meeting all
disclosure requirements for LSE-listed companies.
Risk Matrix
Starting in December 2024, our Audit Committee welcomed
Yvonne Stillhart as its new chair.
Yvonne replaces Dan Olsson who will remain on our Board
of Directors as a Non-Executive Director.
Despite operational challenges, IDH has
continued to demonstrate the attractiveness
of its value proposition, delivering sustained
growth and impact.
2024 Annual Report IDH 15
Under Yvonne’s leadership, the Audit Committee will
continue to monitor our risk matrix, guaranteeing that we
are fully compliant with up-to-date policies and procedures,
ensuring business continuity and ensuring that we remain
proactive to monitoring all market exigencies.
Board Changes
In 2024, we expanded our Board of Directors with the
addition of Sherif El Zeiny.
Sherif joined the Group as Chief Financial Officer, Vice
President and Board Member.
His extensive experience in Egypt and neighbouring
markets has already proven indispensable, helping us
successfully navigate the challenges faced across our
markets over the past year.
As at year-end 2024, your Board of Directors
comprises mainly non-executive directors and is
further strengthened by robust and constantly refined
governance framework.
Dividend Policy
Since our initial public offering back in 2015, your
Company has been committed to paying a regular
dividend. Given the current market uncertainties,
the Board believes it is prudent to take a cautious
and measured approach. Therefore, we have decided
to defer the declaration of a dividend for the year
ended 31 December 2024 until after the release of our
half-year results. This will allow us to better assess
our capital needs in light of potential expansion
opportunities and prevailing market conditions.
Despite this decision, our dividend policy has not
changed. As part of our asset-light strategy, our dividend
policy is to return to shareholders the maximum amount
of excess cash after taking into account the capital
needed to support operations, capital expenditure plans
and potential acquisitions.
Gratitude to Our Shareholders
As with every year, we extend our gratitude to our
trusted and loyal shareholders, who continue to
16 IDH 2024 Annual Report
place their confidence in IDH and its staff to deliver
incremental value year after year.
We are constantly seeking to consider options to improve
our share price.
While there will invariably be continuing
challenges to address and monitor across our
market footprint, we are confident that our
resilient business model and value-added service
offerings will enable us to deliver on our growth
strategy and drive growth for stakeholders.
Capitalising on Improving Operating
Conditions
We enter 2025 with cautious optimism fuelled by
the encouraging signs coming out of Egypt and the
wider region.
In the coming year, your Company will continue to
prioritise the delivery of superior care to patients
across its growing footprint, as it leverages improving
market conditions to deliver accelerated growth and
enhanced margins.
Finally, I would like to thank IDH’s management team and
staff for their continued dedication to excellence.
I look forward to working with each and every one of you
in the years to come as we continue to set new standards
in the regional diagnostics industry and improve patient
lives one test and scan at a time.
Warm regards,
Lord St John of Bletso
Chairman
In the coming year, we will continue to
prioritise the delivery of superior care to
patients across our growing footprint, as
we leverage improving market conditions to
deliver accelerated growth and enhanced
margins.
2024 Annual Report IDH 17
weigh on both businesses and individuals across
our chosen geographies.
In our home and largest market of Egypt, the year got
off to a turbulent start as record inflation, the lack of
FX availability, and high interest rates suppressed
economic activity. The country began turning a corner
in late February and early March when the Egyptian
government secured a historic agreement with the UAE’s
ADQ fund for a USD 35 billion investment in Egypt’s
North Coast area. In addition to the large investment
from the Emirati fund, the Egyptian government also
signed two landmark financing agreements with the
International Monetary Fund (IMF) and European
Union (EU). The fresh influx of foreign reserves provided
the country with the necessary dry powder to float the
Egyptian Pound (EGP), a historic decision announced
by Egypt’s Central Bank in March 2024. The currency
immediately lost over 60% of its value, jumping from 30.9
EGP to the USD at the start of the year, to an average of
As I reflect back on 2024, I am proud of all that IDH
has been able to achieve despite the significant
operational challenges that the business continued to
face across its growing footprint. Over the past twelve
months, we made notable progress on all key pillars of
our growth and value creation strategy, continuing to
provide our world-class services to a growing patient
base, while investing in our operations to ensure their
continued growth in the coming years. In light of our
progress over the last twelve months, we enter the
new year stronger and leaner than ever, well-placed
to continue capturing growth opportunities across our
more mature and newer markets while driving positive
impacts in the communities where we operate.
Navigating Turbulent Waters
2024, as with previous years, did not come without its
challenges as macroeconomic difficulties in Egypt
and Nigeria, rising instability in the MENA region,
and the ongoing fighting in Sudan, continued to
Dr. Hend El-Sherbini
Chief Executive Officer
Chief Executive’s Report
Strategic Report | Chief Executive’s Report
18 IDH 2024 Annual Report
EGP 47.0 to EGP 51.0 throughout most of 2024. While a
weaker EGP did fuel inflation, which peaked at 35.7% in
February before coming down to 24.1% in December, it
also sparked an impressive turnaround in the country’s
economy, with foreign investment, business confidence,
and remittances recovering rapidly throughout the
second half of the year. Although the challenges for the
country remain significant, the progress made in 2024
has left businesses and foreign investors cautiously
optimistic for what lies ahead, with the coming year set
to be characterized by normalising inflation and interest
rates and increased economic activity and consumer
spending.
Across our other markets, we also faced significant
obstacles. Similarly to Egypt, Nigeria saw patient
purchasing power weighed down by a weakened local
currency and high inflation. Meanwhile, Jordan’s
vicinity to Israel and Palestine saw patient volumes
impacted by the war, which throughout 2024, saw
multiple escalation points including the extension of the
conflict to Southern Lebanon in final months of the year.
On this point, it is important to note that fighting in both
Gaza and Lebanon temporarily ceased thanks to a cease
fire agreement signed by all parties in January 2025.
Unfortunately, fighting in Gaza has since resumed with
a new Israeli campaign launched on 18 March 2025.
While the situation on the ground remains uncertain,
there is hope that this will lead to a permanent end to
the conflict and a recovery in economic activity in the
region. Finally, throughout 2024 and early 2025, Sudan’s
civil war continued undeterred, leading to thousands of
deaths and displaced civilians. Economic activity in the
country continues to be greatly impacted by the conflict,
with no signs of this changing in the near-term.
Delivering Sustained Growth and Value
Despite a challenging operating environment, IDH
delivered an impressive 39% year-on-year expansion
in revenue driven by strong results in Egypt, a resilient
Over the past twelve months, we made notable
progress on all key pillars of our growth and
value creation strategy, ensuring we are well-
positioned for continued growth in the coming
years.
2024 Annual Report IDH 19
performance in Nigeria and Jordan, and a growing
contribution from our newest market of Saudi Arabia.
We were pleased to note that top-line growth for the
year was driven by both rising volumes as well as higher
average prices. In fact, during 2024, we conducted
39.2 million tests across our markets, a 9% year-on-
year increase. Total patients served also increased 5%
year-on-year, recording 8.9 million in 2024. What was
arguably even more impressive was the Group’s ability
to systematically grow its test per patient metric, a key
pillar of our long-term growth strategy. During 2024,
the average number of tests per patient reached a new
record-high of 4.4 tests, up from 4.2 tests in 2023 and 3.7
in 2022. Meanwhile, efforts to optimise our operations
continued to pay off, with margins improving across
the board throughout the year.
Looking at our performance by geography in more
detail, in Egypt we recorded a 38% year-on-year rise
in revenue for 2024, supported by a 9% increase
in tests performed versus 2023 coupled with a
27% year-on-year increase in the average revenue
per test. Rising test volumes, which over the last
five years have grown at a compounded rate
4
of
10%, continue to showcase the growth potential
offered by the Egyptian market. To capitalise on
the opportunities offered by the country, during
2024 we rolled out an additional 43 branches across
underserved neighbourhoods within and outside
the Greater Cairo area. With a network across the
country of 587 branches as of 31 December 2024,
we remain the largest private diagnostics services
provider in Egypt. Our scale not only shields us
from competitors looking to expand in the market,
but also enables us to secure favourable prices for
machinery and test kits, in turn keeping our costs
down and safeguarding our margins at a time
when a weaker EGP and rising inflation are placing
unprecedented pressure on local businesses.
Meanwhile, throughout the year we continued to
reap the benefits of our diversification strategy with
our home testing services and radiology segment
continuing to make growing contributions to the
country’s top-line. More specifically, Al-Borg Scan,
our radiology venture in Egypt, contributed 4.8%
to the country’s revenue for the year, up nearly
two percentage points from its contribution back
in 2022. Similarly, our house call services made up
4
CAGR 2020 to 2024 is calculated based on conventional test volumes in both periods. This excluded the 2.1 million Covid-19-related tests performed in
2020 as part of the Group’s efforts to combat the pandemic.
20 IDH 2024 Annual Report
18% of our top-line in Egypt, well ahead of our pre-
pandemic averages.
Jordan remained our second-largest market in 2024
despite the country recording largely stable revenue
in local currency terms. During 2024, revenue reached
JOD 13.9 million as a small decline in average revenue
per test reflecting the tight pricing regulations imposed
on Jordan’s health sector was offset by a 3% year-on-
year rise in test volumes. In EGP terms, Biolab reported
revenue of EGP 899 million in 2024, representing
year-on-year rise of 49% due to the translation effect
from a weakened EGP. In Nigeria, Echo-Lab reported
revenue of NGN 2,716 million, an increase of 39% from
last year’s figure. Higher revenue came on the back of a
60% year-on-year increase in average revenue per test
as our Nigerian subsidiary continued to hike prices to
keep up with inflation in the country. In EGP-terms,
revenue in Nigeria declined only 15% year-on-year
to EGP 82 million reflecting a weaker Naira during
the year. In our newest market of Saudi Arabia, we
recorded encouraging results in Biolab KSA’s first year
of operations with revenue reaching SAR 1.4 million in
2024. Since inception, Biolab KSA has performed 45
thousand tests with average revenue per test recording
SAR 31. Operations in the Kingdom are continuing to
ramp up with revenue in Q4 2024 standing at SAR 625
thousand, up 39% from the revenue recorded in Q3
2024. Finally, in Sudan, our results were significantly
impacted by the ongoing conflict. It is worth noting
that for several months throughout 2024 all 18 of our
branches remained shut, with only one branch able
to reopen starting in the third quarter of last year.
These difficulties were reflected in our performance
as revenue generated in Sudan declined 77% year-on-
year. While the country now represents just 0.05% of
our consolidated top-line, we remain committed to
maintaining our business in the country and continue
to assess the evolving situation on the ground to ensure
our decisions are taken in the best interests of our staff,
patients, and operations.
Further down the income statement, we saw improving
margins at all levels of profitability. We recorded a
gross profit for 2024 of EGP 2,182 million, up 43% year-
on-year and with an associated margin of 38% versus
37% in the prior year. Improving gross profitability was
supported by an optimised cost base for the year. More
We enter the new year stronger and leaner
than ever, ready to continue capturing growth
opportunities while driving positive impacts in the
communities where we operate.
2024 Annual Report IDH 21
specifically, during 2024 we recorded lower depreciation
as a percentage of revenue thanks to enhanced fixed asset
utilization, decreased direct salary expenses relative to
revenue as a result of IDH’s efforts to optimise headcount,
as well as lower raw materials to sales as we leveraged our
supplier relationships to secure advantageous inventory
prices. Similarly, adjusted EBITDA for the twelve-month
period stood at EGP 1,731 million, an increase from the
previous year of 45%. Adjusted EBITDA margin recorded
30% in 2024 versus 29% one year earlier. Finally, IDH’s net
profit for 2024 recorded an impressive 115% year-on-year
expansion, surpassing the EGP 1.0 billion mark. Net profit
margin also improved starkly, increasing from 11% in
2023 to 18% in 2024. It is worth noting that improvements
in our net profit partially capture the FX gains booked in
relation to a weakening of the EGP in 2024 versus 2023.
However, adjusting for FX gains in both periods, net profit
would have recorded an 85% year-on-year expansion,
with an associate margin improvement of two percentage
points versus the previous year.
Expanding Our Footprint
The year got off to an exciting start, as we officially
inaugurated our new Saudi Arabian venture under
the brand name of Biolab KSA. Looking back at the
venture’s first twelve months, we are pleased with the
progress made and enter 2025 with a clear strategy to
build on our current momentum and capture a growing
share of the Saudi market. Over the course of 2024, we
launched a comprehensive branding strategy, which
included outdoor advertising, social media campaigns,
community event sponsorships, and partnerships with
local healthcare providers. Our efforts on this front have
yielded positive results with patient and test volumes
growing rapidly with each passing quarter. In light of
our initial results, we remain confident that Saudi Arabia
represents a key avenue of future growth for IDH, and
we are committed to delivering on our investment
targets to deliver on our strategy and vision. To enable
us to better execute on our ramp up strategy in the
country, in December 2024 we successfully completed
the acquisition of our local partner’s 49% stake in the
venture for a total consideration of USD 3.2 million. This
saw our effective stake in Biolab KSA jump to 100%, with
79% controlled by IDH and the remaining 21% by our
Jordanian subsidiary, Biolab.
In 2025, we will continue to invest in developing our brand
awareness and reputation in the market. Simultaneously,
we are targeting the launch of four new branches to take
our total network in KSA to six by year-end. This will
enable us to grow our reach and volumes, and move
us closer towards establishing Biolab KSA as the go-to
provider of diagnostic services in the Kingdom.
Refocusing Our Strategy
As we geared up for a new chapter of growth and value
creation, we took the strategic decision of delisting from
the Egyptian Exchange (EGX), refocusing our efforts
on effectively communicating our value proposition to
investors on the London Stock Exchange (LSE), where we
have maintained our listing since 2015. While our dual
listing on the EGX helped us gain traction in our home
market, low trading volumes and liquidity on the EGX
have stood in the way of realising our initial vision at the
time of listing on the exchange. This decision was taken in
the best interest of our Company, and following a careful
assessment by management and our Board of Directors.
Going forward, we remain fully committed to meeting all
regulatory requirements for companies listed on the LSE.
Maximising Our Impact
As an industry leader and trendsetter across our growing
footprint, we recognise our responsibility to develop
and adhere to best-in-class environmental, social, and
governance (ESG) policies. Throughout our operations,
ESG monitoring and compliance play a crucial
role, enabling us to generate long-term value in the
communities where we do business. Over the last three
years, we have been hard at work to revamp our approach
to ESG, cooperating closely with a leading consultant in
the field to develop and implement a comprehensive
set of guidelines covering all aspects of our operations.
The new framework has helped us take a more focused
and effective approach to sustainability, providing the
Group with the tools to measure progress and boost
accountability. On this front, we have recently published
our third sustainability report which is available for
download on our website. Meanwhile, starting in 2022 we
have been including the Task Force on Climate-related
Financial Disclosures (TCFD) in the Company’s annual
report in line with listing requirements. In 2025, we are
eager to deepen our efforts to ensure that our impact
continues to grow in line with our ambitions and strategy.
Strategic Report | Chief Executive’s Report
22 IDH 2024 Annual Report
Throughout the year, our internationally experienced
Board of Directors continued to provide the Company
with the guidance and accountability necessary to drive
sustainable growth. At the start of the year, we welcomed
on board Sherif El Zeiny, who joined IDH as an Executive
Director on our Board of Directors, Group Chief Financial
Officer, and Vice President. During his first year at the
Company, Sherif has demonstrated all his experience
and skills, helping us unlock value and realise our growth
potential across both existing and new markets. In 2025,
Sherif will be leading on the KSA expansion, a central
pillar of our long-term growth strategy. I also wanted to
take this opportunity to thank Yvonne Stillhart, who has
stepped up to chair the Group’s Audit Committee as
of 1 December 2024. Yvonne will build on the excellent
work done by Dan Olsson, who stepped down as chair
of the committee, and who will remain a Non-executive
Director on the Company’s Board.
Looking Ahead to 2025
With just over a quarter of 2025 now behind us, I am happy
to report that the new year is shaping up to be another
successful one for IDH. In the coming months, we are
hoping to capitalise on improving market conditions
at home and across our wider footprint to continue
generating growth and value.
In our more mature markets of Egypt, Jordan, and
Nigeria, we remain focused on driving revenue expansion
through a combination of higher volumes and prices. In
Egypt, this entails continuing to roll out new branches
in strategic locations to capture the upside offered by
the country’s large, rapidly growing, and increasingly
health-conscious population. We are also continuing to
place Al-Borg Scan at the centre of our growth story, in
light of the vast potential offered by Egypt’s fragmented
radiology segment. With inflation set to remain well
above historical averages in both Egypt and Nigeria, we
went ahead with our planned annual price increases
at the start of the year. As always, our priority remains
ensuring that our services continue to be accessible to as
many patients as possible and, as such, we continue to
share the inflationary burden with them. Over in Saudi
Arabia, we are excited to leverage our increased stake
in Biolab KSA to accelerate the venture’s ramp up. The
Saudi Arabian market provides our business with ample
fertile ground on which to develop a successful operation,
and we are certain that the strategic combination of
IDH’s resources with Biolab’s expertise will prove highly
effective in capturing the market’s potential.
Throughout the year, we expect to see a further recovery
in margins, as inflation normalises across our markets.
Building on the work done in 2024, the theme for the
coming year will continue to be cost optimisation and
efficiencies. On this front, we are hard at work to deliver
on our digitalisation strategy, which we are confident will
help us extract further cost savings while boosting service
quality and patient experience.
Dividend Policy and Proposed Dividend
We are pleased to report that the Company continues to
perform well, with a solid operational foundation and a
strong cash position. This financial strength is enabling us
to confidently pursue our strategic expansion initiatives,
as we continue to build for long-term growth and
resilience.
As part of our ongoing efforts to create sustainable value,
we are currently evaluating a number of promising
projects. In light of the current market uncertainties,
the Board believes it is prudent to take a cautious and
measured approach. We have therefore opted to defer
the declaration of a dividend for the year ended 31
December 2024 until after the release of our half-year
results in August. This will allow us to better assess our
capital needs in light of these potential opportunities and
prevailing market conditions.
We remain committed to our strategic goals and to
delivering value to our shareholders, and we thank you
for your continued support and trust.
Dr. Hend El-Sherbini
Chief Executive Officer
2024 Annual Report IDH 23
strategic cost optimisation, including reducing
exposure to foreign exchange-linked costs in
Egypt and Nigeria, optimising our headcount, and
implementing modest price increases to offset
rising raw material costs. We have also continued to
capitalise on the strong relationships with our main
suppliers to secure competitive contracts for test kits.
At the same time, we launched our Saudi Arabian
operations in January of last year, providing the Group
with access to a fragmented, large, and fast-growing
market where our business model is well suited to
succeed. In an effort to further diversify and fortify
our revenue base, we have chosen to enter one of the
region’s most attractive markets which is currently
enjoying rapid growth and development on the back
of sweeping government reforms and investments. We
are increasingly optimistic about the potential offered
by the Saudi market, and are eager to see Biolab KSA
contribute increasingly to our revenue and profitability.
Looking back at my first year with the Company, I am
pleased with the progress and results we have been
able to achieve despite the challenging operating
conditions which characterised the past twelve
months. During my first year, our priorities ranged
from boosting efficiencies and optimising our cost
base to building a future-proof business capable of
driving sustainable long-term growth while delivering
world-class quality to patients across our expanding
footprint. I look forward to building on this during
2025 as we continue to scale our operations, boost our
profitability, and maximise our impact one strategic
decision at a time.
Strengthening Resilience
Over the past two years, across our expanding
footprint we have been confronted by a wide range
of challenges including armed conflicts, geopolitical
instability, and macroeconomic difficulties. In
navigating these obstacles, we have focused on
Sherif El Zeiny
Board Member, Vice
President, and Group CFO
Vice President and Group CFO
Strategic Agenda
Strategic Report | Vice President and Group CFO Strategic Agenda
24 IDH 2024 Annual Report
Driving Profitable Growth
A Group-wide drive to optimise coupled with an
effective growth strategy translated into remarkable
top-line growth and improving margins at all levels of
profitability for the year. More specifically, we reported
39% year-on-year growth in revenue supported by
rising volumes and prices, with both our largest
markets recording year-on-year expansions. Looking
at profitability, we were particularly pleased to note
the improvements in our gross profit, EBITDA, and
net profit margins, which improved versus last year
even when accounting for the impact of FX gains in
both periods. We are especially happy with our work
in Nigeria where our cost optimisation efforts are
continuing to pay off and have left us on track to turn
the venture EBITDA positive during 2025.
Transforming through Digital Analytics
In line with our optimisation efforts, we have
placed digital transformation at the forefront of our
short- and longer-term strategies. Over this past year,
we continued to invest in digitizing all aspects of our
operations, as we look to improve the quality of our
service and the efficiency of our operations.
In 2024, we secured a deal with Salesforce, a
global leader providing sales, customer service,
and marketing automation solutions. Their world-
class Customer Relationship Management (CRM)
system has been deployed across our operations
and is already playing an active role in boosting the
effectiveness of our sales, marketing, and customer
support activities. In parallel, we also rolled out the
SAP Analytics Cloud (SAC) tool which combines
business intelligence, predictive analytics, and
planning to enhance how data visualisation,
modelling, and reporting are done across IDH.
Finally, we also secured a contract with Oracle
to integrate their data warehouse offering across
our operations. This innovative tool will help us
During my first year, our priorities ranged
from boosting efficiencies and optimising our
cost base to building a future-proof business
capable of driving sustainable long-term
growth and world-class quality to patients.
2024 Annual Report IDH 25
automate data collection across the organisation to
ensure we always have the most up to date data when
taking critical decisions. Together, these solutions
are already delivering the desired results, enabling
IDH to capitalise on the latest digital and artificial
intelligence (AI) solutions to boost productivity,
profitability, and service quality.
This past year’s initiatives have strategically
positioned us to drive a major leap in digital
transformation, and we anticipate substantial
progress in 2025.
Upholding Financial Excellence
I am proud to reaffirm the IDH Board of Directors'
commitment to upholding robust financial policies
and strong governance frameworks. The Board
consistently works to provide the Group with the
guidance, accountability, and credibility essential
for ensuring continued success and growth. On
this front, I would like to extend a sincere thank
you to Dan Olsson for his excellent work as chair of
the Audit Committee over the years, and welcome
Yvonne Stillhart as chair of the committee. I am sure
that Ms. Stillhart’s experience will prove crucial to
the Company’s success in the coming period.
A Look Ahead
We enter 2025 in a strong position, ready to
leverage the work done in the past year to achieve
further growth and deliver additional impact
across our communities. In the coming months,
I am particularly excited to accelerate the ramp
up of operations in our new Saudi venture. We are
working closely with our partners at Biolab to deliver
excellent services and attract a growing number
26 IDH 2024 Annual Report
of patients to our branches. On this front, we are
aiming to expand our network to six branches by
year-end 2025 to capitalise on the potential of the
market and the strong momentum seen thus far.
In parallel, I will continue to work closely with our CEO
on key strategic initiatives across our entire portfolio
as we look to capture growth opportunities across new
and more mature markets. A key theme for 2025 will
continue to be cost optimisation and synergy extraction
to support a sustained recovery of our margins despite
the persistent inflationary pressures faced at home and
in Nigeria. In parallel, we remain on the lookout for
attractive opportunities to further grow our footprint
and impact. As has been the case since inception, we are
prioritising opportunities in markets which share similar
characteristics to those currently in our portfolio, and
where there is a clear business case for us to capitalise on.
As always, Dr. El Sherbini’s leadership has pushed
the entire IDH team to go the extra mile and continue
driving growth, innovation, and quality across all
aspects of our operations, and I am proud to have
contributed to this progress since January 2024.
I look forward to working with all IDH employees
who have demonstrated great dedication in my first
year with the Company, and who continue to be the
engine behind the Group’s success.
Sherif El Zeiny
Board Member, Vice President,
and Group CFO
In the coming months, I am particularly excited to
accelerate the ramp up of operations in our new
Saudi venture as we look to capitalise on our new
market's full potential.
2024 Annual Report IDH 27
The past year saw the Group take the historic decision to delist
from the EGX. At the time of putting in place the EGX listing
in May 2021, the Group’s intention had been to improve
the liquidity in the Company's shares and boost trading
volumes by offering Egypt-based investors an opportunity
to capitalise on our strong growth and prospects. At the same
time, IDH was also looking to strategically widen its investor
base across a larger pool of geographically diverse investors.
While the EGX listing helped the Company increase its local
visibility in the market where it generates the majority of its
business, over the three years as an EGX-listed company we
recorded persistently low liquidity and trading volumes of
the Company's shares and the absence of any investment
potential in maintaining the listing on this secondary
market. The strategic decision to delist was taken in the best
interest of the Company and its investors, following a careful
assessment by IDH’s senior management team and Board
of Directors, and the approval of our shareholders.
2024 was an eventful year for the Group which saw
us take important steps forward in realising our long-
term vision and ensuring we continue to generate
incremental value for our patients, communities, and
trusted shareholders.
During my first year as IDH’s Investor Relations Director,
my priority was building on the excellent work done by
my predecessor to continue enhancing the Group’s
investor relations programme. Throughout the year,
we continued to place stakeholders’ communication
and outreach as a top priority providing regular,
comprehensive, and clear announcements while
continuing to engage with analysts and investors on
a one-on-one basis. As always, we remained fully
committed to meeting the regulatory requirements
of both the London Stock Exchange (LSE) and the
Egyptian Exchange (EGX).
Tarek Yehia
Investor Relations
Director
An Update from Our Investor
Relations Director
Strategic Report | An Update from our Investor Relations Director
28 IDH 2024 Annual Report
The delisting process took place over multiple phases.
During the first phase, IDH repurchased shares
from shareholders who held shares traded on the
EGX held by Misr for Central Clearing, Depository
and Registry (MCDR) at an agreed price of EGP
20.00 per share. This phase kicked off on 18 August
2024 and concluded on 28 August 2024. The second
phase, which was concluded on 17 September 2024,
saw the Company complete the removal process of
the repurchased shares from MCDR to hold them
as treasury shares on the London Stock Exchange
(LSE), where the Company will maintain its listing.
Following the successful competition of the delisting
process, IDH's issued share capital now comprises a
total of 581,326,272 shares, following the cancellation
on 8 October 2024 of the 18,673,728 ordinary shares
previously held in treasury.
Looking ahead, 2025 is shaping up to be another
exciting year for the Group as we capitalise on the
improving market conditions in Egypt and solidify
our leadership in our home markets, while working to
accelerate Biolab KSA’s ramp-up phase to fully capture
the vast potential offered by our newest geography.
As always, we will continue to explore ways to further
enhance shareholder engagement, improve disclosure
comprehensiveness, and align the Company’s investor
relations strategy to the wider corporate strategy,
targets, and vision.
Tarek Yehia
Investor Relations Director
In 2025, we will continue to enhance
shareholder engagement, improve disclosure
comprehensiveness, and align IDH’s investor
relations strategy to the wider corporate
strategy, targets, and vision.
2024 Annual Report IDH 29
5
Includes only operational branches and excludes the 17 branches not operational in Sudan.
Our Markets
Key Market Dynamics
IDH operates across five emerging markets which
share similar characteristics, and which tend to differ
significantly from those of more mature Western
markets. Across IDH’s footprint, the healthcare
sector is split between publicly and privately funded
institutions, offering patients more flexibility when
selecting their healthcare providers. Across emerging
markets, general practitioners (also referred to as family
medicine practitioners or primary care specialists)
are not widely available and, as a result, they do not
stand as gatekeepers through which patients access
primary or specialist medical care as they typically do
in Western markets.
Patients needing medical attention can decide to
receive it by visiting an emergency room, an outpatient
clinic or polyclinic, or seeking the advice of a specialized
physician directly. When ordering tests, medical
personnel may recommend a specific service provider,
but in most cases, patients are free to select the service
provider of their liking. When choosing a provider,
patients typically consider the provider’s perceived
service quality, pricing, insurance compatibility, as
well as several other factors. Walk-in patients (referred
to as “self-payers”) pay out of pocket in advance of the
required tests being completed.
In most cases, test results, which are usually
accompanied by a specialist report, are received
in-person by patients. These results are then
returned to the original physician for diagnosis and
the establishment of a treatment plan. In line with
changing patient preferences, IDH also provides same-
day electronic delivery of test results to patients via
SMS, with test results also accessible via the Company’s
mobile app. In light of the aforementioned dynamics,
IDH’s sales and marketing activities actively target:
• Physicians: through direct sales visits to individual
practitioners, educational and peer congresses,
client information leaflets, volume-based loyalty
programmes, and the organisation or sponsorship of
conferences.
• Walk-in Patients: through social media channels,
mass-market and targeted health awareness
campaigns, outdoor advertising, television, radio,
and online advertising.
• Contract Patients: through direct outreach to
insurers and employers.
5
countries of operation
628
operational
5
branches,
+27 versus 2023
Strategic Report | Our Markets
30 IDH 2024 Annual Report
Barriers to Market Entry
Brand Equity and Reputation
Patients are loyal to IDH’s brands which boast successful, multi-
decade-long track records.
Accreditation of Facilities
IDH attracts contract clients leveraging its state-of-the-art testing
capabilities and facilities which boast prestigious accreditations from
CAP, ACR, ISO, JAS, HCAC, and JCI.
Market Reach
To effectively cater to patients across the fragmented markets in
which IDH operates, requires a widespread geographic presence. The
Company currently operates the largest private labs network in Egypt,
with operations in four additional geographies.
Relationship with Key Stakeholders
Long-lasting relationships with stakeholders, including physicians and
suppliers, are required to support cost-effective growth and shield the
business from macroeconomic turbulence.
Economies of Scale
IT-enabled platforms, critical mass (higher margins), decades of
unmatched experience, and the latest in medical equipment safeguard
the Company from new entrants.
2024 Annual Report IDH 31
Egypt
2024 Key Highlights
IDH’s Egyptian operations have been at the heart of
the Group’s growth story for more than 40 years, with
the Company currently representing a benchmark
for other players in the market thanks to its large
branch network and pristine reputation. In Egypt,
the Company operates two separate segments,
pathology and radiology, catering to all of its patients’
diagnostic needs. At its pathology segment, the Group
operates two leading brands, Al Mokhtabar and Al
Borg Laboratories. Meanwhile, in 2018, in line with
its long-term growth and value creation strategy,
IDH inaugurated its radiology venture, Al-Borg Scan,
penetrating the highly attractive but underserved
radiology market in Egypt.
Egypt’s diagnostic market is split into two main
sectors: public and private infrastructure. The private
sector includes labs within private hospitals as well
as standalone labs, both chains and single-doctor
operations. Geographically, the majority of labs
are concentrated in Egypt’s major cities, indicating
significant potential for growth in underserved
regions. Additionally, the corporate market is
becoming a key driver for diagnostic services,
boosting the sector’s revenue as more companies
enhance healthcare coverage for their employees.
587
branches as at year-end
2024, +43 versus 2023
4.7 EGP BN
revenues in 2024,
up 38% y-o-y
8.5 MN
patients served in 2024,
up 6% y-o-y
82.5%
Contribution to
CONSOLIDATED
REVENUE
in 2024
32 IDH 2024 Annual Report
Strategic Report | Our Markets
Long-standing brands
with impeccable
reputations have
fostered patient loyalty
IDH holds a strong competitive position in Egypt’s
diagnostic industry, consistently expanding its
reach and solidifying its status as a market leader by
leveraging its successful 40-year history. Currently,
IDH remains the top private provider by market
share in the country, with a leading role in the
corporate insurance sector. Although recent official
government statistics are unavailable, an IDH-
commissioned comprehensive study of the Egyptian
diagnostic market by the Boston Consulting Group
(BCG) in 2016, estimated that the Group’s two lab
brands accounted for over 50% of revenues in the
Egyptian private chain market.
Meanwhile, on the radiology front, IDH’s Al-Borg
Scan has, since inception, achieved significant
and consistent operational and financial success,
becoming a notable player in the local radiology
market. Over the past few years, IDH has invested
substantial resources to enhance Al-Borg Scan’s
branch network, capitalising on the venture’s strong
momentum. Highlighting the superior quality and
service provided by the subsidiary, Al-Borg Scan
is currently the only radiology provider in Africa to
hold the prestigious American College of Radiology
(ACR) accreditation.
Growth in the Egyptian diagnostics industry is
supported by robust market fundamentals, including:
• A large and growing population of over 117 million,
making Egypt the most populous country in the
Middle East North Africa (MENA) region; in terms
of demographics, it hosts a significant and growing
elderly population.
• An increasing prevalence of diseases, including
communicable and non-communicable diseases,
tropical diseases, and lifestyle diseases, such as
diabetes.
• A growing governmental role to increase awareness
on the importance of diagnostic testing in
preventative healthcare, supporting the growth in
laboratory diagnostics as a tool in clinical practice.
• The roll-out of mandatory health insurance and
the subsequent increase in demand for private
diagnostic testing.
Macroeconomic Developments
Following two turbulent years characterized by
multiple currency devaluations, record-high inflation,
as well as the spillovers of the two conflicts in Ukraine
and Gaza, the Egyptian economy has shown robust
signs of recovery starting in March 2024.
Solid stakeholder
relationships with
physicians, patients,
corporate clients,
suppliers, and hospitals
A scalable, asset-light
business model that
enables expansion in
fragmented markets
International accreditations,
most notably the coveted
College of American
Pathologists (CAP) certification
of the Mega Lab, as well as the
American College of Radiology
(ACR) accreditation for its
radiology venture
2024 Annual Report IDH 33
2024 in Review
2024 got off to a challenging start, as continued
foreign exchange shortages, a rampant informal
foreign exchange market, and record-high inflation
weighed on businesses and individuals. Starting
in late February and early March 2024, there
were substantial improvements in the country’s
economic situation and outlook following the
Egyptian government’s announcement of a USD 35
billion agreement granting Abu Dhabi’s sovereign
wealth fund, ADQ, development rights to Ras El
Hekma on Egypt’s North Coast. This was quickly
followed by a historic decision on 6 March 2024 by
Egypt’s Central Bank to float the Egyptian Pound.
Following an initial jump, the currency settled at a
new range of between 47.0 and 51.0 to the US Dollar
throughout 2024. This compares to the official rate
of 30.8 maintained throughout all of 2023. It is worth
noting that since February 2022, the Egyptian Pound
has lost more than 200% of its value against the US
Dollar. In the final months of 2024 and into 2025,
the Egyptian Pound weakened further against the
US Dollar, partially reflecting a strengthening of the
latter following the US elections in November 2024.
On the heels of the March 2024 floatation, Egypt and
the International Monetary Fund (IMF) finalised an
expanded loan package agreement for USD 8 billion,
bringing the country’s total package from the IMF
to over USD 9 billion. This was soon followed by a
EUR 7.4 billion package with the European Union.
Meanwhile, the Egyptian government has revitalised
its long-awaited privatization looking to raise USD
2-2.5 billion through the privatization of state-
owned companies in FY 2024-2025.
Egypt’s newly found cost-competitiveness, the
convincing progress made on the government’s
reform programme, and the injection of fresh
foreign capital over the last six months, has been
attracting a growing number of investors back into
the country. Sectors of particular interest include
energy, manufacturing, real estate, healthcare, and
education. The positive momentum enjoyed by the
Egyptian economy has also been reflected in the
country’s credit rating, with Moody's Ratings affirming
its positive outlook for the country in February 2025 on
the back of the progress made to tighten liquidity and
tame inflation.
Finally, it is worth noting that during the summer
months of 2024, Egypt’s government announced the
suspension of power cuts which had impacted daily
life throughout 2023. As part of its energy import
programme, the government first secured 17 shipments
of LNG during the summer months before extending
the programme with an additional 20 shipments
secured for the fall and winter period.
It is also worth noting that in December 2023, President
Abdel Fattah El-Sisi was re-elected for a new six-year
term. The new cabinet, which was sworn in at the start
of the new fiscal year in July 2024, includes several
new names as well as multiple confirmations from the
previous term.
Outlook
Despite the progress, Egypt’s economy continues
to be vulnerable to escalating regional tension, in
particular from the potential reescalation of the
conflict in Gaza and potential spillovers across the
region. Coupled with the persistent inflation faced
by the Egyptian population, this has prompted the
Egyptian government to engage in discussions with
the IMF to agree on a delayed implementation
Strategic Report | Our Markets
34 IDH 2024 Annual Report
schedule for the agreed upon reforms. Nonetheless,
forecasts from major international organisations for the
coming year remain positive. The IMF’s latest estimates
see the Egyptian economy growing at 3.6% in FY 2024-
2025 with inflation declining to 16% by the end of the
current fiscal year (ending June 2025). This marks a
substantial improvement from the inflation in the
high-30s and mid-20s seen throughout 2023 and 2024,
respectively. Momentum is set to continue into FY 2025-
2026, with the IMF forecasting GDP growth of 4.1% for
the upcoming fiscal year.
Financial and Operational Highlights
IDH’s home and largest market maintained its strong
growth momentum, delivering revenue of EGP 4,718
million in 2024, up 38% compared to 2023. Revenue
growth was supported by a 9% year-on-year rise in test
volumes coupled with a 27% year-on-year expansion
in average revenue per test.
The Group’s rapidly growing radiology venture,
Al-Borg Scan, reported revenue growth for the year of
45% with revenue reaching EGP 224 million in 2024.
During the year, IDH performed 263 thousand scans,
an increase of 22% from the previous year. Meanwhile,
average revenue per scan climbed 19% year-on-year in
2024 to reach EGP 854. Throughout the year, Al-Borg
Scan’s branch network remained unchanged at seven
branches, all strategically located across Greater
Cairo. The growing traction enjoyed by the venture is
allowing IDH to position itself as the go-to provider in
the fragmented Egyptian radiology market.
During 2024, IDH’s house call services continued to
make remarkable contributions to IDH’s consolidated
revenue. More specifically, business generated by
the service in Egypt made up 18% of the country’s
top-line in 2024, well above the service’s
contribution prior to the Covid-19 pandemic.
The robust contribution continues to display the
segment’s growth potential and the effectiveness
of the Group’s post-pandemic strategy.
Finally, Wayak, which capitalises on the Company’s
expanding patient database to develop electronic
medical records and provide personalized services,
achieved revenue of EGP 22 million for the year,
marking a 107% year-on-year increase. Revenue
growth was driven by the 24% year-on-year growth in
orders fulfilled, which reach 218 thousand in 2024.
Further down the income statement, IDH’s Egyptian
operations recorded an adjusted EBITDA of EGP
1,617 million in 2024, representing an increase of
53% from last year’s figure. Adjusted EBITDA margin
for the year recorded 34%, a solid improvement from
last year’s 31% margin. Improved EBITDA profitability
was a result of both enhanced gross profitability in the
country combined with optimised SG&A expenses for
the year (14% of revenue in 2024 versus 16% of revenue
in 2023), with notable improvements in indirect salary
and wage outlays for the twelve-month period. IDH
Egyptian operations reported a net profit of EGP 1,117
million, an increase of 111% from 2023.
Operationally, IDH rolled out 43 new branches in
Egypt during 2024. Through its expanded branches and
house call services, IDH served 8.5 million patients in
2024, an increase of 6% from 2023, and performed 36.4
million tests, 9% above last year’s figure.
2024 Annual Report IDH 35
Jordan
2024 Key Highlights
IIDH first entered the Jordanian market back in 2011
with the acquisition of a 60% stake in the market
leading venture, Biolab. The venture, which boasts
a two-decade-long track record of excellence and is
run by Dr. Amid Abdelnour, the venture’s founder,
currently operates a branch network of 26 branches
spread across the Kingdom’s major cities.
Jordan enjoys one of the most developed
healthcare infrastructures in the Middle East, with
the Kingdom’s capital, Amman, consolidating
a significant proportion of services. Moreover,
the majority of medically insured Jordanians are
covered through public insurance, with data for
2024 showing that a total of 65.6% of Jordanian
citizens are covered by governmental insurance
with another 12.5% covered by private insurance.
These conditions enable the Company to
continually grow its business irrespective of the
strict pricing regulations placed on the sector by
the government. These pricing restrictions have
remained unchanged since their issuance by the
Jordanian Ministry of Health in 2008. As such,
Biolab has historically focused its efforts on driving
volume growth across its Jordanian operations,
expanding its service offering and test portfolio to
attract more patients, increase loyalty, and boost the
average number of tests performed by each patient.
Today, Biolab stands as the number one lab in the
Jordanian private sector in terms of profitability.
Unlike its operations in Egypt, Biolab does not
operate the typical Hub, Spoke and Spike business
model, but rather operates a network of 26 branches
26
branches as at year-end
2024, -1 versus 2023
899 EGP MN
revenues in 2024,
up 49% y-o-y
368 K
patients served in 2024,
down 1% y-o-y
15.7%
Contribution to
CONSOLIDATED
REVENUE
in 2024
Strategic Report | Our Markets
36 IDH 2024 Annual Report
offering a scalable platform for continuous and
efficient expansion. While Biolab’s branches
are capable of performing many of the nearly
1,400 pathology tests offered to patients, certain
specialised tests are performed at the four core labs,
classified as specialty labs, creating a testing hub in
Amman’s forefront medical space. Tests performed
include, but are not limited to, haematology,
endocrinology, immunochemistry, parasitology,
oncology, immunology, transfusion medicine,
molecular genetics and antenatal diagnostics and
gene sequencing. Additionally, Biolab does not share
purchasing, supply and logistics, IT, marketing, or
sales functions with its Egyptian parent company.
In 2017, Biolab successfully concluded an
agreement with Georgia Healthcare Group PLC
(GHG) to establish a Mega Laboratory (Megalab)
in Tbilisi, Georgia. The multi-disciplinary Megalab
is the largest of its kind in Georgia, standing at
7,500 square meters. Since 2019, Megalab has been
collaborating with approximately 100 medical
institutions, including leading hospitals. As per
the agreement signed between the two parties,
Biolab holds an 8.025% equity stake in the project
and receives annual IT support service fees for
10 years. In addition to this, Biolab also received
annual management fees for two years, in exchange
for the provision of information technology and
management services provided.
Despite significant operating difficulties throughout
2020 and 2021 due to the Covid-19 pandemic, the
planned integration of the Megalab with GHG’s
network progressed according to schedule, with the
successful technology transfer of all 76 locations,
including the installation of the lab’s Laboratory
Information Management Systems (LIMS),
concluded in mid-2021. Megalab plans to develop
and introduce a business-to-business (B2B)
network of healthcare providers outside the Group
to reach its full operating potential, with GHG’s
network expected to only utilize one-third of the
facility’s total capacity.
Biolab’s Jordanian team also played a pivotal role
in securing international accreditation from the
prestigious Joint Commission International (JCI) for
Megalab. By providing comprehensive technical,
scientific, and training support to the Georgia
Healthcare Group (GHG), Biolab ensured that Megalab
met the highest international standards of quality
and safety. In July 2022, following multiple 'Mock
Audits', policy revisions, and rigorous staff training
programmes, Megalab was awarded the esteemed JCI
accreditation. This significant achievement marked
the successful fulfilment of all services stipulated in
Biolab's management agreement.
In early 2024, Biolab entered into a joint venture
agreement with IDH and Izhoor, a company owned
by Fawaz Alhokair, chairman of the renowned
Saudi retail group, Fawaz Alhokair Group, to launch
Biolab KSA in the Kingdom. As at year-end 2024,
the venture operated two labs in Riyadh, with plans
to open several more in the coming period. As part
of the agreement, Biolab oversees the day-to-day
operations of the venture and is working with the
wider IDH Group, which now owns the new venture
in full, to rapidly scale up operations and capitalise
on this exciting market opportunity.
Macroeconomic Developments
Throughout 2024, the Jordanian economy continued
to show resilience and maintain macro-economic
stability, despite the challenges stemming from an
intensifying conflict in the region. This resilience
directly reflects the work done by the Jordanian
government to enact sound macro-economic policies
and reform progress. As with Egypt, these efforts were
noted and rewarded with the country registering its
first credit rating upgrade in over 20 years.
2024 Annual Report IDH 37
Nonetheless, as tension around the region
remains high, the Jordanian economy continues
to be exposed to potential spillovers. The IMF
projects growth to come in at 2.3% in 2024 as
weaker domestic demand is offset by a stronger
performance in net exports. Meanwhile, growth is
projected to accelerate to 2.5% come 2025. On the
inflation front, growth in average prices remains
low, at 2%, thanks to the Central Bank of Jordan’s
(CBJ) firm commitment to monetary stability and
safeguarding the exchange rate peg. Investment
into the country continues to be supported by a
favourable regulatory framework in the form of
easing license registrations, streamlining services,
and visa and investor cards.
Financial and Operational Highlights
In IDH’s second largest market, Jordan, Biolab
recorded revenue in local currency terms of JOD
13.9 million in 2024, largely unchanged from last
year’s top-line. During the year, Biolab recorded a
3% year-on-year rise in tests performed. Meanwhile,
the stringent pricing regulations imposed on Jordan’s
health sector, saw average revenue per test decline 4%
for the year in JOD terms. In EGP terms, operations in
Jordan reported revenues of EGP 899 million in 2024
representing year-on-year rises of 49% due to the
translation effect from a weakened EGP.
In Jordan, Biolab’s adjusted EBITDA grew 6% year-on-
year to reach JOD 3.9 million in 2024. Adjusted EBITDA
margin for the year recorded 28%, up from last year’s
26% margin. In EGP terms, adjusted EBITDA recorded
EGP 253 million, up a solid 61% year-on-year, in part
due to the translation effect from a weaker EGP over
the past twelve months. Meanwhile, Biolab’s net profit
recorded EGP 67 million in 2024, representing a 98%
year-on-year expansion.
Throughout the year, Biolab shut down one of
its airport branches in Jordan as demand for
Covid-19 testing continued its rapid decline. As
such, at year-end 2024, Biolab’s branch network
stood at 26. Meanwhile, the venture’s test count
reached 2.5 million, an increase of 3% from last
year. On the other hand, patient volumes declined
marginally to 368 thousand for 2024 as the conflict
in neighbouring Gaza impacted the flow of medical
tourists into Jordan.
Strategic Report | Our Markets
38 IDH 2024 Annual Report
2024 Annual Report IDH 39
Nigeria
2024 Key Highlights
IDH entered Nigeria in 2018 with the purchase of Eagle
Eye Echo-Scan Limited (Echo-Scan) through an alliance
with Man Capital LLC (Man Capital), the London-based
investment arm of the Mansour Group, called Dynasty
Holding Group (Dynasty), which is 51% owned and
controlled by IDH. Following the agreement, Dynasty
partnered with the International Finance Corporation
(IFC) to invest in Echo-Scan (since rebranded as
Echo-Lab). IDH’s investment in Africa’s most populous
country was motivated by Nigeria’s strong value
proposition with the local diagnostic industry expected
to grow in size from USD 140 million in 2017 to USD 830
million by 2025, based on research conducted at the
time of due diligence by BCG.
Nigeria represents an ideal market for IDH to replicate
its success given the substantial similarities with the
Group’s other markets, Egypt in particular. Standing as
the largest population on the African continent, at over
230 million in 2024, and sharing similarities with the
Egyptian market during the 1980s and 1990s in terms
of structure, development pace, and shifting disease
profiles, Nigeria’s demographic characteristics provide
an attractive investment opportunity. Today, around
half of the population — a staggering 115 million people
is below 18 years of age. Adding to the opportunity,
according to estimates from Morgan Stanley, the
population is expected to more than double in the next
50 years to reach 485 million, adding more people than
any other country in the world over that time. Similar
to the Group’s other markets, the diagnostics sector
in Nigeria is highly fragmented and underpenetrated,
leaving ample room for economies of scale through
consolidation. Looking at today’s market dynamics,
the nation’s diagnostics services industry can be
broadly divided into three groups, with the largest of
which being independent labs (chains and single labs),
followed by public and private hospitals.
Since entering the market, IDH has kicked off a
comprehensive integration and value-creation
strategy in Nigeria, aiming to upgrade its operations
12
branches as at year-end
2024,unchanged versus 2023
82 EGP MN
revenues in 2024,
down 15% y-o-y
116 K
patients served in 2024,
down 12% y-o-y
1.4%
Contribution to
CONSOLIDATED
REVENUE
in 2024
Strategic Report | Our Markets
40 IDH 2024 Annual Report
by renovating existing branches, expanding its service
portfolio, and modernising Echo-Lab’s equipment.
As at year-end 2024, the Group and its partners had
invested over USD 15.6 million since inception.
Macroeconomic Developments
Since mid-2023, Nigeria has implemented substantial
reforms to stabilize its economy, leading to modest
growth, improved fiscal health, and increasing foreign
exchange reserves. While these measures were
necessary to urgently avert a fiscal crisis and place
Nigeria on a more positive path, they have inevitably
weighed on individuals and businesses. Looking at
the progress in more detail, while it is still too early
to fully judge the outcomes, data out of Nigeria is
showing output growth has remained modest overall,
inching higher through mid-2024 as oil sector output
has stabilized and activity in some services has been
robust. The IMF currently sees the Nigerian economy
growing at 3.1% in 2024. Nigeria’s fiscal position is also
improving, with the Federal Government's fiscal deficit
narrowing to 4.4% of GDP in the first half of 2024 from
6.2% in the first half of 2023, helping to mitigate debt-
related risks. Meanwhile, foreign exchange reserves
have risen from USD 32.9 billion at the end of 2023 to
more than USD 40.9 billion by year-end 2024. However,
inflation remains high, with the IMF forecasting it to
average 32.5% for 2024. Heading into 2025, the IMF
expects growth to tick up to 3.2% (then 3.0% in 2026)
with inflation declining to around 25.0%. On the
currency front, S&P Global sees the Naira remaining
broadly stable and trading between NGN 1,625 to the
USD and NGN 1,650 to the USD over 2025-2026.
Financial and Operational Highlights
Echo-Lab, IDH’s Nigerian subsidiary, saw revenue
come in at NGN 2,716 million in 2024, an increase of
39% compared to revenue in 2023. Higher revenue was
supported by a 60% year-on-year increase in average
revenue per test in Naira terms as Echo-Lab continued
to increase prices in line with inflation in the country.
However, rising inflation weighed on patients
purchasing power with test and patient volumes for
the year down 13% and 12%, respectively, compared
to the previous year. In EGP-terms, revenue in Nigeria
decline 15% year-on-year to EGP 82 million in 2024
reflecting a weaker Naira during the period.
A weakening Naria and high inflation also weighed on
Echo-Lab’s profitability for the year. More specifically,
adjusted EBITDA losses expanded to NGN 846 million
in 2024 from last year’s adjusted EBITDA losses of NGN
498 million. In EGP terms, adjusted EBITDA losses
came in at EGP 26 million for the year, compared to
adjusted EBITDA losses of EGP 25 million last year.
Further down the income statement, Eco-Lab’s net loss
came in at EGP 29 million versus a net loss of EGP 73
million last year.
Echo-lab’s branch network remained stable at 12
branches throughout 2024. During the year, tests
performed recorded 230 thousand versus the 266
thousand performed in 2023. Similarly, patients served
declined to 116 thousand in 2024 from 132 thousand in
the previous twelve-month period.
Operationally, during 2024 IDH continued to invest
to enhance Echo-Lab’s operations and improve their
efficiency and resilience. More specifically, across the
company’s smaller branches, large, legacy generators
were replaced with new, smaller generators. This
translated in an immediate reduction in gasoline
expenses for these branches. Similarly, IDH’s efforts
to keep a tight grip on costs saw medical equipment
maintenance contracts minimized by around 30% to
35%. These efforts will play a crucial role in helping
IDH realise its turnaround strategy in the country.
2024 Annual Report IDH 41
Saudi Arabia
2024 Key Highlights
In October 2022, IDH and Biolab, the Group’s Jordanian
subsidiary, agreed a partnership with Izhoor Medical,
a Company owned by Fawaz Alhokair, with the goal of
launching a fully-fledged diagnostic services provider
in Saudi Arabia. Ownership of the new venture, which
operates under the name Biolab KSA, and which kicked
off operations in January 2024, was first split as 51% owned
by IDH and 49% owned by Izhoor. Later in the year, IDH
completed the purchase of Izhoor’s entire 49% stake for
USD 3.2 million, taking the Group’s ownership in Biolab
KSA to 100%. As at year-end 2024, total investments in
the venture stood at USD 4.8 million. The partners plan to
inject another USD 5.2 million in 2025, taking the total to
USD 10.0 million.
Biolab KSA is led by Dr. Amid Abdelnour, Biolab’s founder
and CEO. Day-to-day operations across the two currently
operational ventures are overseen by the Biolab team,
allowing Biolab KSA to benefit from their operational
expertise and proven track record of safety and excellence.
IDH consolidates the venture’s results, with Biolab KSA
contributing to the Group’s results starting in Q1 2024.
Today, the venture operates two branches in the Kingdom’s
capital city, Riyadh. Prioritising the establishment of the
Biolab KSA brand in Riyadh is a strategic decision which
aims to capitalise on the city’s attractive growth profile
for the coming years. More specifically, as the epicentre
of the Kingdom’s transformation journey, Riyadh is set
to witness a rapid expansion of its population over the
coming decade as expatriates and locals relocate to the
city. This is set to boost the local economy and quickly
drive up demand for high-quality diagnostic services.
Meanwhile, the diagnostic sector more generally is set
for accelerated growth in the coming years supported
by the Kingdom’s favourable demographic profile and
regulatory environment. Today, Saudi Arabia is home to
a large and growing population (35.3 million in 2024 with
an annual growth rate of 4.7%) with a strong prevalence of
non-communicable diseases (diabetes prevalence stands
at 18.5%, while 73.0% of all deaths in the Kingdom were
attributable to non-communicable diseases). Meanwhile,
per capita spending on healthcare in the country still lags
behind peers, coming in at SAR 6,380 in 2023. The Saudi
2
branches as at year-end 2024
18 EGP MN
revenues in 2024
6 K
patients served in 2024
0.3%
Contribution to
CONSOLIDATED
REVENUE
in 2024
Strategic Report | Our Markets
42 IDH 2024 Annual Report
government plans to boost per capita healthcare spending
to over SAR 9,000 by 2030 as it continues to invest directly
into the healthcare sector while simultaneously working
to boost private sector participation.
In its first year of operation, Biolab KSA achieved
significant results, in line with IDH’s targets for the
new venture, which the Group sees becoming a key
driver of future growth and profitability in the long-
term. Beyond providing world-class quality to its
patients, the venture’s priority over the past year has
been building its profile in the market. On this front,
since the launch of its first branch back in January
2024, Biolab KSA has adopted a comprehensive
brand awareness and marketing strategy, which
has included outdoor advertising, social media
campaigns, community event sponsorships, and
partnerships with local healthcare providers, and
which has thus far yielded the desired results.
The launch of its Saudi venture is in line with the Company’s
long-term growth strategy, penetrating attractive markets
in the region with solid macroeconomic fundamentals,
robust demographic characteristics, and supportive
regulatory environments. Ultimately, the Group is looking
to develop a fully-fledged pathology diagnostic services
provider offering a wide array of diagnostics services across
a far-reaching branch network in the Kingdom.
Macroeconomic Developments
Throughout 2024, Saudi Arabia pressed forward
with its diversification strategy, despite continuing
oil production cuts and escalating regional tension
weighing on overall economic activity. The Kingdom’s
GDP grew 1.3% in 2024. Most impressively, the
Kingdom’s non-oil GDP expanded 4.3% versus the
previous year, highlighting the effectiveness of the
government’s ambitious Vision 2030 strategy. In fact,
S&P Global sees the oil sector’s contribution to Saudi’s
GDP steadily declining over the coming years to reach
24%-26% in 2030 versus 50% in 2023.
S&P Global sees the government’s reform programme
continuing to support non-oil GDP in the coming years
despite the recently announced downsizing of some of
its mega- and giga-projects. More specifically, over the
coming period, reforms and investments are set to continue
boosting domestic demand indicators, particularly ones
related to household spending and tourism. In terms of
domestic demand metrics, the country continues to lag
behind most of its peers but given the scale and extent of
Vision 2030-related initiatives, there is significant catch-up
potential on the horizon.
Looking at 2025, the IMF currently expects the Kingdom’s
economy to grow at 3.3% buoyed by a rapidly expanding
non-oil sector and a recovery in oil’s contribution to the
economy as voluntary supply cuts as part of Saudi Arabia’s
participation in OPEC are phased out. On this latter front,
supply cuts, which were supposed to be eased starting in
October 2024 were extended to at least April 2025 in light
of lingering concerns around global demand and a glut in
supply. Finally, the IMF sees inflation remaining largely
stable at 1.9% in 2025.
Financial and Operational Highlights
Biolab KSA began operations in Q1 2024 with one branch
opening in January and another in March. In its first year
of operations, the venture reported revenue of SAR 1.4
million (EGP 18 million). Since inception, Biolab KSA has
performed 45 thousand tests with average revenue per test
recording SAR 31. Operations in the market are continuing
to ramp up with revenue in Q4 2024 standing at SAR 625
thousand, up 39% from the revenue recorded in Q3 2024.
Adjusted EBITDA losses amounted to SAR 9 million (EGP
113 million) as the business remains in its early ramp up
phase. Similarly, bottom-line losses at the venture recorded
EGP 146 million in 2024.
In the coming year, IDH is looking to roll out an
additional four branches in the Kingdom, taking the
total network to six.
2024 Annual Report IDH 43
Sudan
2024 Key Highlights
IDH operates under two brand names in Sudan, Ultralab
and Al Mokhtabar Sudan. IDH’s Egyptian subsidiary
Al-Borg acquired majority interest in Ultralab in 2011,
while Al Mokhtabar Sudan was established in 2010,
before IDH’s acquisition of Al Mokhtabar in Egypt.
Sudan’s economy and business environment has
been heavily impacted by political and social turmoil
over the past decade. Challenges first arose with the
secession of South Sudan in 2011 and the subsequent
loss of the majority of the country’s oil production.
This unrest continued throughout the remainder of the
decade, culminating in the removal of the country’s
president, President Al-Bashir, in 2019 and resulting
in a subsequent military coup, seeing the military take
effective control of the government. While tensions
temporarily eased in 2022, a violent civil conflict
erupted in April 2023 between two rival groups; the
Sudanese Armed Forces (SAF) and the Rapid Support
Forces (RSF). The civil war has been ongoing ever since
with estimates of the casualties varying greatly. As of
year-end 2024, medics on the ground place the total
dead at between 20 thousand and 150 thousand, with
more than 10 million said to have been displaced as a
result of the fighting.
Due to the conflict, throughout most of 2024, IDH
opted to shut down all 18 of its branches in the
country. This decision was taken to guarantee the
safety of its staff and patients. During Q3 2024, the
Company reopened one branch with the 17 others
remaining shut indefinitely.
18
branches
6
as at year-end 2024
only one is currently operational
3 EGP MN
revenues in 2024, down
77% y-o-y
0.05%
Contribution to
CONSOLIDATED
REVENUE
in 2024
6
17 of IDH’s branches in Sudan remain closed due to ongoing conflict in the country.
Strategic Report | Our Markets
44 IDH 2024 Annual Report
Macroeconomic Developments
Before the start of this latest conflict, the country’s
economy had been on a positive track, enjoying an
optimistic economic outlook for the coming years. In
December 2020, the US government officially removed
Sudan from its States Sponsors of Terrorism list,
opening up the door for access to international funds
and investment, including from the IMF. The removal
of sanctions had also paved the way for substantial
growth opportunities for private players like IDH,
with the country re-welcoming international suppliers
and allowing the Company to leverage its supplier
relationships to import test kits directly and improve
efficiency and profitability.
Due to the ongoing internal conflict, the Sudanese
economy has suffered significantly. The IMF expects
the country’s GDP to shrink by 20.3% in 2024.
Meanwhile, inflation in the country remains high with
the Fund forecasting it to average 200.1% for the past
year. Challenging operating and financial conditions
are expected to persist as long as the conflict continues.
Financial and Operational Highlights
In Q3 2024, IDH reopened one branch in Sudan after
temporarily shutting down all branches earlier this
year. It is worth noting that the remaining 17 branches
remain closed indefinitely as the civil conflict in the
country continues. During 2024, IDH’s Sudanese
operations generated revenue of EGP 2.6 million,
down 77% year-on-year. Profitability also declined
significantly in 2024, with the venture reporting a
loss of EGP 10 thousand at the adjusted EBITDA level
versus an EGP 1.1 million profit last year. IDH’s net
losses in Sudan came in at EGP 422 thousand in 2024
versus a net loss of EGP 2 million in 2023.
2024 Annual Report IDH 45
IDH operates multiple core brands across its five markets,
including Al Mokhtabar, Al-Borg and Al-Borg Scan in
Egypt, Biolab in Jordan, Echo-Lab in Nigeria, Biolab KSA
in Saudi Arabia, and Ultralab and Al Mokhtabar Sudan
Al Mokhtabar began its journey in 1979, founded by
Dr. Moamena Kamel, a Professor of Immunology at
Cairo University. Initially known as MK Lab, it was
later rebranded to Al Mokhtabar. Over the years, it
has become a leading provider of top-tier healthcare
in Sudan. Moreover, in 2019 the Group introduced its
Egypt-based data analytics venture, Wayak, which uses a
proprietary tool to offer healthcare management services
and compile electronic medical records.
Our Brands
Al Mokhtabar – Egypt
Al Mokhtabar Key Highlights
331
operational branches as at
31 December 2024
5.0
million patients served
in 2024
22.0
million tests performed
in 2024
services, offering over 2,500 clinical tests in fields such
as immunology, haematology/coagulation, clinical
chemistry, parasitology, microbiology/infectious
diseases, toxicology, cytology, surgical pathology, flow
cytometry, molecular biology, and cytogenetics.
Established in 1991, Al Borg Laboratories was the
first medical lab to successfully implement the Hub,
Spoke, and Spike business model. Today, Al Borg
offers a comprehensive portfolio of over 2,000 tests,
Al Borg Laboratories – Egypt
Al Borg Laboratories Key Highlights
249
operational branches as at
31 December 2024
3.3
million patients served in
2024
14.1
million tests performed in
2024
spanning both conventional and non-conventional
medical testing. The company serves a diverse clientele,
including walk-in patients, corporate clients, insurance
companies, and other laboratories.
Strategic Report | Our Brands
46 IDH 2024 Annual Report
Founded by IDH to leverage the significant opportunities
present in the high-value, underserved, and fragmented
radiology sector, Al-Borg Scan provides a comprehensive
range of radiology services through its expanding network
in Greater Cairo. By utilizing the strong brand equity and
excellent reputation of Al-Borg, Al-Borg Scan has attracted a
Al-Borg Scan – Egypt
Al-Borg Scan Key Highlights
7
operational branches as at
31 December 2024
198
thousand patients served
in 2024
263
thousand tests performed
in 2024
broad customer base and established itself as a leading medical
imaging provider. Since its inception, the venture has shown
impressive growth, validating IDH’s investment strategy. Today,
the venture operates seven branches across which it employs
the latest medical technology to deliver top-quality MRI, CT,
ultrasound, x-ray, mammogram, and cath lab services.
Inaugurated in 2019, Wayak leverages the Group’s extensive
and expanding patient database and broad geographic
presence to create electronic medical records and offer
personalized patient services. Through Wayak’s advanced
Wayak – Egypt
Al-Borg Scan Key Highlights
218
thousand orders completed in 2024
6.6 EGP MN
adjusted EBITDA in 2024 (vs. EGP (28)
thousand in 2023)
operations, IDH provides comprehensive support to
chronic patients, including medication home delivery,
diagnostic testing reminders, referrals to network service
providers at discounted rates, and follow-up services.
2024 Annual Report IDH 47
Biolab was originally launched in 2001 with a vision of
becoming a leader in Jordan’s private medical laboratory
sector. Today, Biolab stands as the number one lab in the
Jordanian private sector, not only in terms of profitability
but also in innovation, patient satisfaction, and the
breadth of diagnostic services. Offering patients access
to a portfolio of nearly 1,400 diagnostic tests through a
network of 26 branches nationwide, Biolab continues to
set the standard for excellence in medical diagnostics.
Biolab – Jordan
Biolab Key Highlights
26
operational branches as at
31 December 2024
368
thousand patients served
in 2024
2.5
million tests performed
in 2024
Furthermore, all Biolab branches are licensed by the
Jordanian Ministry of Health (“MoH”). Biolab boasts
accreditations from the Health Care Accreditation
Council (“HCAC”) and the Jordanian Food and Drug
Administration (“JFDA”), with two branches accredited
with ISO 15189 and Joint Commission International
(JCI) and one branch boasting CAP accreditation since
2016. Additionally, in 2023 Biolab was awarded the ISO/
IEC 27001 accreditation for information security.
In 2018, IDH acquired the Nigerian medical diagnostics
firm Echo-Lab (formerly Echo-Scan) to further
its expansion efforts and capitalise on Nigeria’s
favourable demographics and growth potential. This
acquisition allowed the Company to increase its market
Echo-Lab – Nigeria
Echo-Lab Key Highlights
12
operational branches as at
31 December 2024
116
thousand patients served
in 2024
230
thousand tests performed
in 2024
presence and enter a fragmented market with similar
characteristics to those present in other IDH regions.
Echo-Lab offers a comprehensive range of pathology
and radiology diagnostic tests, uniting various test
categories under a single, reputable brand.
7
The sole operating branch at Al Mokhtabar Sudan was reopened in Q3 2024 after having been shut due to the ongoing conflict during the first part of the year.
Strategic Report | Our Brands
48 IDH 2024 Annual Report
Biolab KSA is the latest addition to the IDH portfolio
having kicked off operations in January 2024. Today, the
Group operates two branches in Saudi Arabia’s capital
city, Riyadh. Through its newest venture, IDH is looking to
capitalise on the attractive opportunity presented by one
of the region’s fastest-growing economies characterized by
Biolab KSA – Saudi Arabia
Biolab Key Highlights
2
operational branches as at
31 December 2024
6
thousand patients served
in 2024
45
thousand tests performed
in 2024
a growing and increasingly health-conscious population
demanding access to high-quality pathology diagnostic
services. In the first year of operations, the venture has
shown positive signs, as a rapidly growing number of
patients visit Biolab KSA’s two locations to enjoy the super
experience and quality offered by the brand
UltraLab was founded in 2008, and quickly established
itself as Sudan’s largest and most reputable laboratory
chain. Since the eruption of political conflict in Sudan
Al Mokhtabar Sudan was inaugurated in 2010, prior to IDH’s
acquisition of Al Mokhtabar in Egypt. Al Mokhtabar Sudan
offers patients a comparable diagnostic service offering
UltraLab – Sudan
Al Mokhtabar Sudan – Sudan
UltraLab Key Highlights
Al Mokhtabar Sudan Key Highlights
0
operational branches throughout all of 2024 (of 11 in the country)
1
operational branch as at 31 December 2024
7
(of 7 in the country)
in April 2023, the company’s operations have come to a
halt as IDH looks to safeguard the health and safety of
its staff and patients.
to that of UltraLab, with both companies following IDH’s
efficient Hub, Spoke and Spike model.
2024 Annual Report IDH 49
Pathology
Radiology
Across its growing footprint, the Group provides patients
with access to more than 3,000 internationally accredited
pathology tests ranging from basic blood glucose tests
for diabetes to advanced molecular testing for genetic
disorders. To supplement its traditional offering, the
Group also offers a full portfolio of radiology services
IDH’s extensive suite of pathology tests covers immunology, haematology, endocrinology, clinical chemistry,
molecular biology, parasitology, histopathology and microbiology.
Through Al-Borg Scan (Egypt) and Echo-Lab (Nigeria), IDH’s comprehensive radiology services include, but are
not limited to, magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, x-ray, mammograms,
and cath lab facilities.
through its radiology venture, Al-Borg Scan, in Egypt and
Echo-Lab in Nigeria. Finally, through its Egypt-based
subsidiary, Wayak, the Company capitalises on its vast and
growing patient database to bring its patients customised
services including medication home-delivery, diagnostic
testing reminders, as well as referrals to service providers.
Immunology Microbiology Haematology Endocrinology
Clinical Chemistry Molecular Biology Parasitology Histopathology
Genetics Cytogenetics
Our Services
Strategic Report | Our Services
50 IDH 2024 Annual Report
Internationally Accredited Test Portfolio
The Group holds numerous prestigious international accreditations and employs a strong internal audit system
to ensure it consistently provides world-class services to its patients, while upholding the esteemed reputations
of its brands.
ISO
ISO 9001, 45001, 14001, and 17025 accreditations involve an initial inspection of
laboratory practices, calibration, and medical analysis by a respected international
accreditation body. For Al Mokhtabar and Al Borg, this was conducted by URS
certification, accredited by the United Kingdom Accreditation Service. Biolab’s
inspection was carried out by the Jordanian Accreditation System (JAS). The inspection
thoroughly examines the clinical chemistry area, virology unit, haematology unit, and
general laboratory management practices. The Company’s ISO 9001 accreditations for
Al Mokhtabar and Al Borg were successfully reviewed in December 2022 and are valid
for three years. Additionally, in 2022, the Company received ISO 45001 for occupational
health and safety, and ISO 14001 for environmental safety, for its operations in Al
Mokhtabar and Al Borg. Finally, in November 2020, IDH’s Mega Lab obtained the ISO
17025 accreditation for food safety. The accreditation was successfully renewed in
November 2024 for an additional four years. Finally, the Group is currently in the final
stages to obtain the ISO 21001:2018.
College of American Pathologists (CAP)
Unlike ISO accreditation, CAP certification is granted to individual laboratories
rather than the Group’s entire operations and is recognized globally as a leader in
laboratory quality assurance. The Group’s central Mega Lab in Cairo, inaugurated in
2015, first received CAP certification in October 2017, with renewals every two years.
This Mega Lab replaced two smaller, independent “A-labs,” one of which was also
CAP certified. IDH operates the first laboratory in Egypt to receive this prestigious
certification, which was renewed in October 2023.
European Molecular Genetics Quality Network (EMQN)
EMQN is a leading global provider of quality assurance tools and knowledge to
the human molecular pathology and genomics testing community. EMQN offers
External Quality Assessment (EQA) schemes, also referred to as proficiency tests
(PT), which are designed and developed to test the whole analytical process of a
molecular diagnostics laboratory, from sample, through testing and interpretation,
to the final report. Mega Lab first obtained EMQN accreditation in 2023, and will be
renewing the accreditation at the end of 2024.
2024 Annual Report IDH 51
American College of Radiology (ACR)
In 2022, Al-Borg Scan’s nuclear medicine (NucMed) and ultrasound units achieved
the prestigious ACR accreditation, making it the first laboratory in Africa to do so. ACR
accreditation is highly regarded as one of the top certifications for radiology service
providers globally. It involves a comprehensive review of a facility’s equipment,
medical staff, and quality assurance processes to ensure patients receive the highest
quality and safety in imaging. To earn this certification, Al-Borg Scan underwent a
thorough examination of its facilities and operational practices. Over the past two
years, IFC healthcare quality experts collaborated with Al-Borg Scan to assess the
baseline implementation of quality standards and provided guidance on necessary
improvements in infrastructure, policies, and processes to maintain full compliance
with ACR standards and requirements.
General Authority for Healthcare Accreditation and Regulation
(GAHAR)
GAHAR accreditation standards are designed with a patient-centric approach,
aligning with top international standards while considering Egyptian laws and
culture. GAHAR was established to support the Egyptian government’s goal of
providing quality healthcare for its citizens, in line with Egypt’s 2030 vision. So far,
IDH has obtained GAHAR accreditation for 13 of its labs, including the Mega Lab.
Gulf Health Council (GHC)
Today, two of IDH’s diagnostic branches in Egypt are accredited by the Gulf Health
Council to provide diagnostic services to international travellers. This is testament to
the high-quality testing performed at the Group’s branches and to IDH’s continued
adherence to international standards and best practices.
52 IDH 2024 Annual Report
Quality Assurance
IDH’s quality assurance programme ensures the accuracy of all internal diagnostic processes,
lab testing procedures, and results analyses. It also ensures that the Group’s ISO and CAP
accreditation standards are upheld through regular inspections of hardware and equipment,
adherence to procedure manuals, accuracy checks of results, and competency assessments for
staff. The programme guarantees timely renewal of all accreditations. Additionally, the internal
audit team uses a specific checklist for basic and routine tests in the Group’s C-labs, including
process conformity, employee competency tests (oral, observational, practical, and written),
and managerial audits to evaluate the labs’ management and administrative efficiency.
Employee Training
The Group prioritises education as a key factor in maintaining quality across its laboratories
and branches. To support this, IDH runs a dedicated training facility in Cairo, equipped with
four training laboratories to enhance employee skills. In 2024, the training team included two
managers, two medical consultants, two supervisors, and three learning and development
specialists. The centre provided training to approximately 5,268 employees throughout the
year, including doctors, chemists, receptionists, branch and area managers, sales staff, and
administrators. The training curriculum is based on performance KPIs, internal audit reports,
management reviews, competency assessments, and feedback from customers. IDH’s
employee training is organized into seven modules covering both technical and non-technical
skills: new employee training, competency-based training, need-based training, practical
re-training, as well as specific training for interns.
2024 Annual Report IDH 53
Despite the economic and political headwinds affecting
several of its chosen markets, IDH continues to leverage its
market-leading position, flexible business model, proven
growth and mitigation strategies, scalable platform, and
seasoned management to deliver on its short-term targets
while progressing on its longer-term growth strategy.
Competitive Strengths &
Growth Strategy
Exposure to resilient markets with favourable dynamics
The Group is present in markets boasting sound structural growth drivers and home to
typically underserved and highly fragmented diagnostic services sectors. Meanwhile, the
counter-cyclical nature of the diagnostic and healthcare industries enables IDH to remain
resilient and maintain the growth of its business, irrespective of the economic and political
challenges which the Company may face in its markets. This has been displayed over the last
two years with the Group continuing to drive robust top- and bottom-line expansions despite
several of its markets, including Egypt, facing unprecedented challenges.
Scalable asset-light business model
In its home and largest market of Egypt, IDH deploys a Hub, Spoke and Spike business model
which facilitates a capital-efficient expansion of the Group’s footprint. The Group operates a
centralised Mega Lab fitted with best-in-class, high-capacity equipment. The facility enjoys
ample throughput and supports the rapid rollout of asset-light, plug-and-play C-labs for
sample collection and simple testing across its market. In just 2024 alone, IDH rolled out 43
new branches in Egypt, helping it penetrate new segments while cementing its leadership in
more mature locations. At IDH’s Mega Lab, safety continues to be the number one priority,
with testing procedures constantly assessed and improved. This large-scale operation ensures
that IDH can capture the benefits of economies of scale, providing the Company with a unique
competitive advantage over its peers.
Strong market position with over four decades of industry
experience
IDH’s markets of operation are characterised by rigid barriers to entry (as detailed in Our
Markets on page 31). Such barriers provide a notable operating advantage for established
players like IDH, who are able to leverage stellar brand reputations and patient loyalty to
maintain and expand their business. With a track record of operational excellence dating back
more than 40 years, IDH’s subsidiaries today stand as cemented brands in their local markets.
Moreover, the Company’s internationally accredited facilities, scalable business model, and
key relationships with suppliers have continually enabled the Group’s cost-effective and rapid
expansion across its markets of operation.
Competitive Strengths
Strategic Report | Competitive Strengths & Growth Strategy
54 IDH 2024 Annual Report
Strong balance sheet and cash generation capacity
Leveraging the Group’s asset-light model, which allows for minimal borrowing and significant
strategic flexibility, IDH maintains a solid financial position and keeps low amounts of
leverage to fund its expansion. In parallel, core profitability remains robust, with the Company
reporting high EBITDA margins and sustaining healthy cash balances despite the challenging
operating conditions currently faced across several of its markets.
Experienced and entrepreneurial management
IDH is led by a highly experienced and dedicated management team boasting decades of
experience in their respective fields. Meanwhile, its experienced Board of Directors brings a
wealth of healthcare, MENA region, and investment experience to the table, effectively advising
the Company as it navigates challenges and drives long-term value creation and growth.
2024 Annual Report IDH 55
The Company takes full advantage of the competitive
strengths and growth opportunities offered by its
markets of operation to deliver on a four-pillar growth
strategy focused on (1) maintained expansion of its
patient base; (2) widened service portfolio to boost
average tests per patient; (3) strategic penetration
of new geographic markets through specific, value-
accretive acquisitions; and (4) introduction of new
medical services achieved by leveraging the Group’s
reputable brand position.
Expand Customer Reach
Increase Tests per Patient
Long-Term Growth Strategy
To increase the average number of tests per
patient performed and boost patient loyalty, the
Group employs a multi-pronged approach. First,
it is important to note that the Company’s Mega
Lab is capable of conducting several complex tests
which are not available anywhere else in Egypt.
IDH also bundles testing services into discounted
packages offered to repeat customers, driving
volume growth and average revenue per patient,
both of which are significant drivers of growth
particularly in times of high inflation. Building on
this, in 2021 IDH rolled out its dedicated loyalty
programme, devised to simultaneously drive-up
patient loyalty and average tests per patient.
Since inception, the programme has delivered
IDH is constantly on the lookout for opportunities
to boost customer reach, grow its patient base,
and penetrate underserved geographies. The
Group’s branch network grows at a pace of 40 to 50
branches per year (excluding branch closures due
to Sudan civil war), cementing IDH’s leadership
position in Egypt while establishing the brand
as a market leader across its other geographies.
IDH’s scalable, asset-light business model sustains
the rapid and efficient inauguration of new labs
and further widens its footprint across both the
Middle East and Africa. Moreover, the Company’s
wide range of complementary services, including
house calls, e-services, and results delivery
solutions create a world-class patient experience,
outstanding results, with the Group reporting
a steady rise in average tests per patient. More
specifically, average tests per patient reached a
record high of 4.4 in 2024, up compared to 4.2 in
2023 and 3.7 in 2022. Meanwhile, the Company
also participates in awareness campaigns focused
on particular illnesses and promotes healthy
lifestyle choices as preventative measures against
lifestyle diseases, while drawing attention to the
importance of regular testing. These efforts, and
their associated community engagement, have
successfully accelerated IDH’s volume growth and
increased average test and revenue per patient,
while also enhancing the Company’s brand
reputation and awareness across its markets.
enhancing customer satisfaction and loyalty. In
particular, the Group’s house call services have
been enjoying steadily growing momentum, with
their contributions to IDH’s 2024 revenue standing
at 16%, well above the service’s pre-Covid-19
contribution of 9%. The Group also aims to expand
its business by appealing to the growing corporate
segment through attractive deals with institutions,
ranging from public entities such as ministries
and syndicates, to private companies. Finally, the
Company actively participates in governmental
campaigns, allowing it to tap into segments of the
population it would not normally access while also
delivering on its wider responsibility as a leading
healthcare provider in its chosen markets.
Strategic Report | Competitive Strengths & Growth Strategy
56 IDH 2024 Annual Report
IDH looks for strategic acquisition
opportunities within the Middle East and
Africa where markets are highly fragmented,
underpenetrated, and home to supportive
demographic factors. IDH’s tried and tested
business model is well-placed to capitalise on
the prevailing consumer trends in this region,
allowing for rapid footprint expansion. The
Group also relies on the strength of its balance
sheet to secure value-accretive acquisitions
and partnerships which are aligned to its
long-term growth ambitions. Most recently,
the Company ventured into the Saudi Arabian
market through a strategic partnership with
Biolab, the Group’s Jordanian subsidiary.
In the long run, the venture will establish
itself as a fully-fledged, pathology diagnostic
service provider in the Kingdom. Saudi Arabia
represents a unique investment opportunity for
IDH. The diagnostics sector’s attractive growth
profile over the coming years is supported by
a fast-growing and increasingly diversified
economy, a large, young, and increasingly-
health-conscious population, as well as an
expanding number of elderly people with
a high prevalence of non-communicable
diseases. Meanwhile, in line with the Kingdom’s
Vision 2030, the healthcare sector is poised for
accelerated growth supported by increased
investments and favourable regulations.
Geographic Expansion
Diversify into New Medical Services
+45
new branches in 2024
8
8.9 MN
patients served in 2024
8
Net new branch additions for 2024 recorded at 27 in light of the 17 branch closures in Sudan and the shuttering of one branch in Jordan.
The Group believes its strong brand equity,
proven track record, and loyal patient
base ideally position it to explore new
opportunities in adjacent markets. Acting
on this belief, the Company launched
its radiology venture in Egypt in 2018,
expanding its presence in the high-value
and underpenetrated Egyptian radiology
sector. This venture not only diversifies the
Company’s revenue streams but also brings
it closer to its vision of becoming a one-stop-
shop for diagnostic testing services, offering
a comprehensive portfolio that includes
both pathology and radiology services.
Furthermore, IDH marked its expansion into
data-driven, tailored healthcare management
services through Wayak in September 2019.
These services allow the Company to provide
an increasingly well-rounded and curated
healthcare experience for its patients,
boosting retention in the process.
2024 Annual Report IDH 57
As with all corporations, IDH is exposed to several risks
and uncertainties which may have adverse impacts on the
Company’s performance. IDH’s Chairman, Lord St John of
Bletso, systematically stresses the importance of the risk
matrix as a key driver of the Group’s long-term success,
and one which must be equally shared by the Board of
Directors and senior management.
While no system is capable of mitigating every risk, and
while some risks, at the country level, are largely without
potential mitigants, the Group has developed complex
processes, procedures, and baseline assumptions
which provide effective mitigation. The Board and
senior management agree that the principal risks and
uncertainties facing the Group include:
Principal Risks, Uncertainties, &
Their Mitigation
Specific Risk Mitigation
Country/regional risk — Economic and Forex
Egypt: IDH is directly impacted by the economic
conditions of its largest market, Egypt, and, to a lesser
extent, those of its other operating geographies. Egypt
accounted for 83% of consolidated revenues in 2024 (83%
in 2023) and 93% of adjusted EBITDA (89% in 2023).
Starting in early 2022, IDH’s home and largest market has
been directly impacted by the Russian-Ukraine war due
to the country’s reliance on wheat imports and tourism
revenue from both countries and its exposure to capital
outflows at times of global or regional economic uncertainty.
The latter was further exacerbated by a global tightening
of monetary conditions to combat record-high inflation
during the post-Covid-19 recovery and widespread outflow
of capital from emerging markets. Meanwhile, in the final
months of 2023 and throughout all of 2024, the country
was also directly impacted by the ongoing war in Gaza. In
particular, the most recent escalation has weighed on the
country’s tourism and Suez Canal revenues, both of which
represent an important source of foreign currency for the
Egyptian government. Moreover, due to Egypt’s reliance
on Israeli natural gas imports, the conflict (which came
to a temporary halt in January 2025 before restarting on
18 March 2025) led to a worsening of an already ongoing
electricity crisis, which saw the government impose multi-
hour blackouts throughout the summer and fall months of
2023. While these blackouts were temporarily reintroduced
in the spring months of 2024, they were officially ceased in
the summer and fall months following the announcement
of a new energy import programme from the Egyptian
government.
Overall, management reiterates that IDH employs
a robust and resilient business model which has
helped the Company navigate several economic and
political downturns, including two revolutions, while
allowing the business to expand its offering and
record positive growth across key operational and
financial performance indicators. Moreover, as part
of IDH’s long-term growth strategy, the Company
is working to diversify its geographic exposure by
decreasing its exposure to any single country. To
this end in January 2024, the Company launched its
Saudi Arabian venture under the name Biolab KSA.
Once fully ramped up, the venture will offer a full
suite of diagnostic testing services.
IDH has maintained an active approach in shielding
the business from exchange rate fluctuations in
its markets. As part of its mitigation efforts, IDH
negotiates contracts with tenures ranging from 5
to 7 years (at fixed FX rates, which only get revised
once the currency surpasses an agreed upon value)
and purchases laboratory test kits on contract with
volume-linked prices. Meanwhile, thanks to its
large scale and longstanding supplier relationships,
the Company is able to secure favourable test kit
prices with all its major suppliers. Additionally, the
Company takes proactive steps to hedge against
foreign currency risks on a case-by-case basis
whenever applicable.
Strategic Report | Principal Risks, Uncertainties & their Mitigation
58 IDH 2024 Annual Report
Specific Risk Mitigation
It is worth noting that while Egypt’s situation remains
uncertain, starting in late February 2024, conditions
on the ground have gradually improved thanks to the
government’s efforts to tackle the shortage of foreign
reserves (FX) and implement lasting reforms to strengthen
the economy’s resilience. Key efforts included the historic
decision to float the Egyptian Pound (EGP) in March 2024
and raise interest rates by a cumulative 800 basis points
since the start of the year. Throughout the spring months
of 2024, Egypt also secured investments and funding/loan
packages from Abu Dhabi’s ADQ fund, the IMF, and the
EU. The country has also eliminated the parallel foreign
exchange market helping to redirect remittances to official
channels and attract FDI back to the country. Finally, the
government has also revitalized its privatization and fiscal
reform programme, aiming to alleviate the public sector’s
burden by shifting activities to the private sector. As a result
of its efforts, Egypt has seen the EGP settle in the range of
47 to 50 to the US Dollar since its floatation in early March
2024.
A weaker EGP coupled with the widespread removal of
subsidies has weighed on inflation which remains well
above the Egyptian Central Bank’s targets. Headline
inflation peaked at 35.7% in February 2024, and averaged
28.5% for 2024. Meanwhile, the Egyptian Central Bank’s
(CBE) main operations and discount rates stood at 27.25%
in early March 2024, up 800 basis points from January 2023
and from 9.75% in March 2022 before the start of the latest
economic crisis.
Egypt held presidential elections in December 2023,
which saw President Abdelfattah El Sisi win a new six-year
mandate. The new cabinet was sworn in at the start of the
new fiscal year in July 2024.
Meanwhile, the Group’s asset-light model allows for
minimal borrowing and significant strategic flexibility,
providing it with ample leeway to navigate challenging
times while supporting its expansion plans even in high
interest rate environments.
2024 Annual Report IDH 59
Specific Risk Mitigation
Foreign currency risk: IDH is exposed to foreign
currency risk, placing potential pressure on the cost side
of the business. Despite the majority of the Company’s
suppliers receiving payments in EGP, due to the fact
that materials are imported, prices vary based on the
exchange rate between EGP and foreign currencies.
Moreover, a small portion of suppliers are priced in
foreign currency and paid in EGP based on the prevalent
exchange rate at the time of purchase. It is important
to note that starting in spring 2024, FX availability for
importers significantly improved with priority sectors
able to access the needed capital to fulfil obligations and
resume normal business operations.
Nigeria: following the election of Bola Ahmed Tinubu in
February 2023, the Nigerian Naira (NGN) was allowed
to float. Within the first day, the Naira lost approximately
29% of its value, with its long-term value expected to
stabilise at NGN 650-700 to the US Dollar. Throughout
2024, the Naira continued to weaken having started the
year at around NGN 900 to the US Dollar and having
ended it at NGN 1,544 to the US Dollar. Despite this
strategic importance of the floatation, experts believe
that more policy reforms are required to affect tangible
economic change in the country.
As a result of the devaluation and foreign currency
shortages, Nigerian inflation has maintained an
upward trend, with inflation rates averaging 33.2%
throughout 2024 (24.7% in 2023) and diesel prices
continuing to soar. It is important to note that analyst s
at Fitch Solutions sees the Naira depreciating a further
21% over the course of 2025, to average NGN 1,785 to
the US Dollar.
During 2024, none of the Company’s cost of supplies were
payable in US Dollars, minimizing exposure to foreign
currency risk. Furthermore, the Company’s proactive
inventory and supplier management strategy has seen
it able to contain the impacts of a weaker EGP and rising
inflation on its raw material expenses with its raw material
to sales ratio remaining largely unchanged year-on-year in
2024 at 22.0% (versus 22.2% in 2023 and 20.4% in 2022). The
Company will continue to capitalise on its established
reputation and position as a leading diagnostic services
provider in the region to negotiate favourable prices
and mitigate the impact of foreign currency fluctuations
whenever possible.
It is important to highlight that starting January 2024, IDH
has renegotiated the terms of its contracts with its major
suppliers to pay for its supplies in EGP. Some contracts
with major suppliers, however, are fixed at USD prices,
with payments made in EGP at the official exchange rate
at the time of payment. As such, there have been no USD
payments for supplies since the beginning of 2024.
In response to the high inflationary pressures in
Nigeria, management is methodically implementing
cost optimisation strategies, while implementing price
increases across its service portfolio. In 2024, average
revenue per test in Nigeria rose 60% year-on-year in
local currency terms, signalling the effectiveness of
management’s pricing strategies.
It is worth noting that Nigerian operations are naturally
shielded from foreign currency risk and inflation, due to
IDH’s asset base in the country which can be sold in US
Dollars.
Strategic Report | Principal Risks, Uncertainties & their Mitigation
60 IDH 2024 Annual Report
Specific Risk Mitigation
Country/regional risk — Political & Security
Sudan: Sudan’s economic progress continues to be
affected by economic and political turmoil, starting with
the secession of South Sudan in 2011 and the associated
loss of the majority of the country’s oil production. This
unrest continued throughout the remainder of the decade,
eventually culminating in the removal of the country’s
president, President Al-Bashir, in 2019 via a military coup.
Despite a significant easing of tensions in 2022, a violent
conflict erupted in April 2023 between two rival groups; the
Sudanese Armed Forces (SAF) and the Rapid Support Forces
(RSF). The conflict is currently ongoing and as of year-end
2024, medics on the ground place the total dead at between
20 thousand and 150 thousand, with more than 10 million
said to have been displaced as a result of the fighting. The
conflict has resulted in the indefinite closure of nearly all
of IDH’s branches in the country, with currently only one
operational branch remaining (which was also temporarily
closed throughout spring and summer of 2024).
Nigeria: the country faces security challenges on several
fronts, including re-emerging ethnic tensions and resurgent
attacks by Islamist militants in the northeast. Political
instability is further magnified by economic pressures, with
several currency devaluations, the emergence of a parallel
foreign currency market, increased inflation, and spiking
diesel prices following subsidy removal. Economic pressures
culminated in a Nigerian Union strike in September 2023 to
protest subsidy removal and its subsequent effects. Strike
action continued throughout 2024 as Nigerians face quickly
eroding purchasing power due to inflation remaining high
and salary increases lagging.
It is worth highlighting that in 2024 Sudan only constituted
0.05% of consolidated revenues. With regards to the ongoing
conflict, management continues to actively monitor the
evolving situation on the ground, taking all necessary
measures to safeguard its operations and guarantee the
health and safety of its personnel and patients. This included
the temporary suspension of all commercial activities at the
start of the conflict at 17 of its 18 branches. IDH is also taking
steps to keep its stakeholders updated on the developing
situation.
In 2024 Nigeria comprised just 1.4% of IDH’s consolidated
revenues. Additionally, while security and political
challenges do impact operations in the country, IDH’s
industry continued to be largely inelastic by nature, with
patient and test volumes remaining relatively resilient
throughout economic cycles. This is particularly apparent
given the consistent growth in operational KPIs, with test
and patient volumes recording a compound annual growth
rate of 5.2% and 1.2%, respectively, between 2019 and 2024.
It is important to mention, however, that recent economic
downturns in Nigeria have weighed on IDH’s financial and
operational performance in the country, with the Group
recording a 13% year-on-year decline in test volumes in 2024
while booking adjusted EBITDA losses of NGN 846 million
(EGP 26 million) during the year.
While these political challenges are particularly difficult
to mitigate, IDH continued to take all necessary steps to
safeguard its employees and operations. The Group employs
rigorous standards to evaluate the country’s political climate,
ensuring it is well-equipped to deal with any developments
as they unfold.
2024 Annual Report IDH 61
Specific Risk Mitigation
Middle East Conflicts
The latest escalation of the long-lasting Israeli Palestinian
conflict erupted on 7 October 2023 following an attack by
Gaza-based group, Hamas. Israel responded by launching
a retaliation campaign on Gaza, enacting a 15-month-long
total siege on the territory. As of the end of February 2025,
the conflict has resulted in the death of over 63,000 people
and the injury of an additional 100,000. The conflict also
expanded into Lebanon with Israel launching a ground
invasion into the country in September 2024. It is worth
noting that Israel’s attacks on Gaza and Lebanon were
temporarily halted after the parties involved agreed to
cease fire agreements and the gradual release of hostages
held by both sides. Fighting in Gaza has since restarted,
with a new Israeli campaign commencing on 18 March
2025.
With the Gaza Strip bordering IDH’s home and largest
market, Egypt, and with several other of the Company’s
geographies situated within the region, namely Jordan and
Saudi Arabia, the continued conflict between Israel and
Palestine creates the potential for significant economic
and political headwinds. The conflict has the potential to
affect tourism revenues in neighbouring countries, while
shaking investor confidence and potentially leading to an
outflow of foreign investment.
Since the beginning of the conflict, Egypt has been
adversely affected due to natural gas import cuts from
Israel, resulting in shortages and necessitating the
introduction of scheduled electricity cuts nationwide
to cope for the lack of supply. Meanwhile, tourism has
remained resilient with the country recording record-high
volumes in 2023 and 2024. Finally, due to ongoing attacks
by Houthi rebels on ships transiting through the Red Sea,
Egypt recorded a decline of 61% year-on-year in revenues
from the Suez Canal throughout 2024 as major shipping
companies redirected traffic to other trade routes.
While this specific conflict has no direct mitigations from
the Company’s side, IDH continues to actively monitor the
situation, placing an emphasis on remaining updated on
the impacts of the war on IDH’s markets of operation and
the subsequent repercussions on IDH’s business.
However, it is worth noting that IDH’s business is inherently
resilient to macroeconomic and political difficulties, due to
its inelastic nature of healthcare and diagnostics demand.
While the Company does not expect any major direct
impact from this war on its operations, it will continue
monitoring events and update the market, as necessary.
Strategic Report | Principal Risks, Uncertainties & their Mitigation
62 IDH 2024 Annual Report
Specific Risk Mitigation
Global Supply Chain Disruptions
While disruptions to global supply chains, which
negatively impacted businesses and consumers all
over the world during the post-Covid-19 recovery have
partially eased, they remain well below optimal levels
of efficiency. Throughout 2024, the main challenges
weighing on global supply chains globally included
missile attacks on commercial shipping in the Red
Sea, automotive production delays following floods in
Europe, and trade tensions slowing the movement of
semiconductor products, manufacturing equipment,
and critical materials. Despite this, global supply
chain disruptions have had limited impacts on IDH’s
operations throughout 2024 and earlier years.
IDH’s management team continually monitors the
evolving situation and have taken proactive steps to build
up its inventory to shield the Group from any potential
future disruptions. IDH is in continual dialogue with key
suppliers to gauge the risk associated with a shortage of
materials and is yet to identify a weakness. Throughout
2024, thanks to IDH’s proactive inventory build-up
and sourcing strategy, the Group continued to face no
problems acquiring raw materials.
Supplier Risk
IDH faces the risk of suppliers re-opening price
negotiations in the face of increased inflationary pressures
and/or a possible, albeit limited, devaluation risk.
IDH’s supplier risk is concentrated amongst its three
largest suppliers – Siemens, Roche, and Sysmex – who
provide the Company with kits constituting 48% of the
total value of raw materials in 2024 (46% in 2023).
IDH boasts strong, longstanding relationships with its key
suppliers, to whom IDH remains a large regional client. Due
to the sheer volume of kits the Group purchases on a regular
basis, the Company is able to successfully secure favourable
pricing conditions and mitigate the impacts of inflationary
pressures to maintain relatively stable raw material costs as a
percentage of revenues.
Total raw material costs as a percentage of sales stood at
22.0% in 2024, compared to 22.2% in 2023 and 20.4% in 2022.
Remittance of dividend regulations and repatriation of
profit risk
The Group’s ability to remit dividends abroad may be
adversely affected by the imposition of remittance
restrictions. Specifically, under Egyptian law, companies
seeking to transfer dividends overseas are required to
obtain necessary government clearance and are subject
to higher taxation on payment of dividends. It is worth
noting that following challenges in 2022 and 2023 related
to the sourcing of foreign currency, the situation in Egypt
has improved significantly despite limitations on non-
essential transactions remaining.
As a foreign investor in Egypt, IDH currently does
not face issues in the repatriation of dividends.
However, due to prevailing market volatility and as
a precautionary measure, the Company decided to
suspend dividend distributions for 2022 and 2023.
Meanwhile, the declaration of a dividend for the year
ended 31 December 2024 has been deferred until after
the release of the Company’s half-year results. This will
allow management and the Board to better assess the
Company’s capital needs in light of potential expansion
opportunities and the prevailing market conditions.
2024 Annual Report IDH 63
Specific Risk Mitigation
Legal and regulatory risk to the business
The Group’s business is subject to, and thus affected
by, extensive, rigid, and constantly evolving laws and
regulations, in addition to changing enforcement
regimes in each of its operating geographies. Further,
the Group’s position as a major player in the Egyptian
private clinical laboratory market subjects IDH to
antitrust and competition-related restrictions, as
well as the chance of investigation by the Egyptian
Competition Authority.
The Group’s legal and the quality assurance teams work
together to keep IDH fully informed, and in compliance
with, both legislative and regulatory updates.
On the antitrust front, the private laboratory segment (of
which IDH is part) accounts for only a small proportion
of the total market, which consists of small private labs,
private chain labs, and large governmental and quasi-
governmental institutions.
Pricing pressure in a competitive, regulated
environment
The Group may face pricing pressures from several
third-party payers, including national health insurance,
syndicates, other governmental bodies, which are
potentially capable of adversely impacting Group
revenue. Pricing may also be restricted in cases by
recommended or mandatory fees set by government
ministries and other authorities.
The risk may be more apparent in cases of increased
inflationary pressures, particularly following the
devaluation of the Egyptian Pound and its subsequent
effects.
The Group may also face pricing pressure from existing
competitors and new market entrants.
This is an external risk for which few mitigants exist.
In the case of price competition escalation between
market players, the Group relies on its wide national
footprint as a mitigant. More specifically, IDH is able
to leverage its nationwide network to attract contract
clients to the Group (65% of the Company’s revenues in
2024 were generated through its contract segment), who
prefer IDH’s national reach and established position
over patchworks of local players.
IDH enjoys limited ability to influence changes to
mandatory pricing policies set forth by government
agencies, as with those in Jordan, where basis tests
account for the majority of IDH’s business in that nation
are subject to price controls. Instead, IDH’s operations
in Jordan are focused on driving volume growth as a
catalyst for expanding revenues.
IDH banks on its strong brand equity in its markets of
operation to enjoy a solid positioning. As such, IDH
is a price maker, especially in Egypt where the Group
currently controls the largest network of branches
amongst all private sector players. Moreover, the Group
faces no potential risk of governmental price regulations
in its home and largest market, Egypt, which made up
83% of revenues in 2024.
Strategic Report | Principal Risks, Uncertainties & their Mitigation
64 IDH 2024 Annual Report
Specific Risk Mitigation
Cybersecurity risks
IDH controls a vast and growing database of confidential
data for its patient records; to this end, there is a
cybersecurity risk for both data confidentiality and security.
The Company places top priority on its data security,
regularly conducting stress tests of its IT infrastructure
to confirm the effectiveness of its internal controls.
Additionally, its cybersecurity controls and protocols are
regularly updated to address potential shortcomings and
remain up-to-date and in full adherence with data security
regulations in its markets. In response to a cybersecurity
incident in 2023, IDH took immediate steps to assess and
contain the incident, launch an incident response plan,
and engage specialist support services. While the incident
did not involve patient data nor directly impact IDH’s
operations, all appropriate regulatory authorities were
informed of the incident, and the Company continues to
conduct regular tests of its systems to ensure their security,
prioritising the security of its patients’ data. It is important to
note that no cybersecurity incidents occurred during 2024.
Business continuity risks
Management concentration risk: IDH is dependent on a
highly experienced management team boasting decades of
experience in their respective fields. The loss of key members
of IDH’s team could materially affect the Company’s
operations and business.
Business interruption: Virtually all aspects of the Group’s
business use IT systems extensively. This includes test and
exam results reporting, billing, customer service, logistics,
and management of medical data. Similarly, business
interruption at one of the Group’s larger facilities could result
in significant material losses and reputational damage to
IDH’s business. This could be a result of natural disasters,
fire, riots, or extended power failures. The Group, therefore,
depends on the continued and uninterrupted performance
of its systems.
IDH comprehends the importance of strengthening its
human capital to support its future growth plans. The
Company is therefore committed to expanding its senior
management team, under the experienced leadership of its
CEO, Dr. Hend El Sherbini, to add and maintain the talent
needed for the expansion of its footprint. In January 2024,
the Group welcomed on board Sherif El Zeiny as Board
Member, Vice President and Group Chief Financial Officer.
The Group has constituted an Executive Committee, led by
Dr. El Sherbini, and composed of head of departments. The
Executive Committee meets every second week.
The Group has in place a full disaster recovery plan,
with procedures and provisions for spares, redundant
power systems, and the use of mobile data systems as
alternatives to landlines, among multiple other factors.
To ensure its readiness, IDH performs disaster recovery
plan tests on a regular basis, with updates as well as
internal and external audits.
In Egypt and Jordan, to mitigate the impact of potential
branch closures on operations, the Group has been ramping
up its house call services which in 2024 contributed to
16% of total revenue versus a pre-pandemic average of
9%. Moreover, the Group’s important role in conducting
key testing in both Egypt and Jordan makes it unlikely that
branches would be closed even if new restrictive measures
were introduced.
2024 Annual Report IDH 65
Specific Risk Mitigation
Climate-related risks
IDH’s operations currently face low physical and
transitional risks related to climate change.
In 2022, the Company decided to begin reporting based on
the Task Force on Climate-Related Financial Disclosures
(TCFD) programme to provide stakeholders with a
clear framework to access its climate-related risks and
opportunities. Despite this, overall risks and opportunities
related to climate change are considered immaterial,
specifically in the short to medium term. IDH’s TCFD
disclosures related to 2024 are available starting on page 82
of this report.
Strategic Report | Principal Risks, Uncertainties & their Mitigation
66 IDH 2024 Annual Report
2024 Annual Report IDH 67
5.7
BN
EGP
Revenue in 2024
1.0
BN
EGP
Net profit in 2024
1.7
BN
EGP
Adjusted EBITDA in 2024
PERFORMANCE
Performance
EGP mn FY 2023 FY 2024 Change
Revenues 4,123 5,720 39%
Cost of Sales (2,598) (3,538) 36%
Gross Profit 1,524 2,182 43%
Gross Profit Margin 37.0% 38.1% 1.2 pts.
Operating Profit 738 1,214 65%
Adjusted EBITDA
9
1,192 1,731 45%
Adjusted EBITDA Margin 28.9% 30.3% 1.3 pts.
Net Profit 468 1,008 115%
Net Profit Margin 11.4% 17.6% 6.2 pts.
Cash Balance
10
835 1,716 105%
FY 2023 FY 2024 Change
Revenue (EGP mn) 4,123 5,720 39%
Tests performed (mn) 36.1 39.2 9%
Revenue per test (EGP) 114 146 28%
Financial Results (IFRS)
Revenue
Consolidated Revenue
IDH ended 2024 on a high note, reporting strong
fourth quarter and full-year revenue growth. In
FY 2024, the Company recorded consolidated
revenue of EGP 5,720 million, an increase of 39%
from FY 2023. In line with trends seen throughout
the past twelve months, top-line growth was dual-
driven as IDH performed 9% more tests than the
previous year and recorded a 28% year-on-year rise
in average revenue per test. Test volumes grew in
IDH’s two largest markets of Egypt and Jordan, with
the Group’s newest market of Saudi Arabia also
making a growing contribution. Meanwhile, higher
average revenue per test is primarily attributable to
Egypt, where IDH continues to increase prices in
step with inflation.
9
Adjusted EBITDA is calculated as operating profit plus depreciation and amortization. Adjusted EBITDA also removes one-off expenses for both reporting
periods.
10
Cash balance includes time deposits, treasury bills, current accounts, and cash on hand.
Performance | Financial and Operational Review
70 IDH 2024 Annual Report
Financial and Operational Review
Revenue Analysis: Contribution by
Patient Segment
Contract Segment (65% of Group revenue in FY 2024)
At IDH’s contract segment, revenue recorded EGP
3,714 million in FY 2024, a rise of 41% from the previous
year. In line with trends recorded at the consolidated
level, test volumes increased by 11% year-on-year to
32.8 million tests with average revenue per test also
rising 28% to EGP 113 in FY 2024.
Average tests per patient reached a record 4.6 tests per
patient in FY 2024, up from 4.4 in FY 2023 and 4.1 in
FY 2022. This steady rise has been supported by IDH’s
loyalty program, which was introduced back in 2021,
and which has, since then, successfully increased
tests demanded by patients visiting IDH’s branches.
Walk-in Segment (35% of Group revenue in FY 2024)
At IDH’s walk-in segment, revenue recorded EGP
2,005 million in FY 2024, a year-on-year increase of
34%. During the twelve-month period, IDH recorded
largely stable test volumes as rising inflation weighed
on patients’ purchasing power at the segment. More
specifically, during FY 2024, IDH performed 6.4
million walk-in tests, down 1% from the previous
year. On the other hand, the Company’s efforts to
raise average prices in line with inflation saw average
revenue per walk-in test climb 35% year-on-year
to reach EGP 313 in FY 2024. Finally, average tests
per patient at the segment recorded 3.6 in FY 2024,
unchanged from last year’s figure.
Walk-in Segment Contract Segment Total
FY23 FY24 Change FY23 FY24 Change FY23 FY24 Change
Revenue (EGP mn)
1,495 2,005 34% 2,627 3,714 41% 4,123 5,720 39%
Patients ('000)
1,788 1,791 0.1% 6,724 7,156 6% 8,512 8,947 5%
% of patients
21% 20% 79% 80% - -
Revenue per Patient (EGP)
836 1,120 34% 391 519 33% 484 639 32%
Tests (‘000)
6,473 6,414 -1% 29,629 32,778 11% 36,102 39,192 9%
% of Tests
18% 16% 82% 84% - -
Revenue per Test (EGP)
231 313 35% 89 113 28% 114 146 28%
Test per Patient
3.6 3.6 -1% 4.4 4.6 4% 4.2 4.4 3%
2024 Annual Report IDH 71
Detailed Segment Performance Breakdown
Detailed Egypt Performance Breakdown
EGP mn FY 2023 FY 2024 Change
Revenue (EGP mn) 3,411 4,718 38%
Pathology Revenue (contribution to Egypt’s results) 3,256 (95.5%) 4,494 (95.2%) 38%
Radiology Revenue (contribution to Egypt’s results) 155 (4.5%) 224 (4.8%) 45%
Tests performed (mn) 33.4 36.4 9%
Revenue per test (EGP) 102 130 27%
Detailed Jordan Performance Breakdown
EGP mn FY 2023 FY 2024 Change
Revenue (EGP mn) 604 899 49%
Revenue (JOD mn) 14.0 13.9 -0.4%
Tests performed (mn) 2.4 2.5 3%
Revenue per test (EGP) 249 358 44%
Performance | Financial and Operational Review
72 IDH 2024 Annual Report
Egypt (82.5% of Group revenue in 2024)
IDH’s home and largest market, Egypt, maintained its
strong growth momentum, delivering revenue of EGP
4,718 million in FY 2024, up 38% compared to FY 2023.
Revenue growth was supported by a 9% year-on-year
rise in test volumes coupled with a 27% year-on-year
expansion in average revenue per test.
Al-Borg Scan
IDH’s rapidly growing radiology venture, Al-Borg Scan,
reported revenue growth for the year of 45% with revenue
reaching EGP 224 million in 2024. During the year, IDH
performed 263 thousand scans, an increase of 22% from
the previous year. Meanwhile, average revenue per scan
climbed 19% year-on-year in FY 2024 to reach EGP 854.
Throughout the year, Al-Borg Scan’s branch network
remained unchanged at seven branches, all strategically
located across Greater Cairo. The growing traction enjoyed
by the venture is allowing IDH to position itself as the go-to
provider in the fragmented Egyptian radiology market.
Jordan (15.7% of Group revenue in 2024)
In IDH’s second largest market, Jordan, Biolab recorded
revenue in local currency terms of JOD 13.9 million in
FY 2024, largely unchanged from last year’s top-line.
During the year, Biolab recorded a 3% year-on-year
rise in tests performed, reaching 2.5 million tests.
House Calls
During FY 2024, IDH’s house call services continued to
make remarkable contributions to IDH’s consolidated
revenue. More specifically, business generated by the
service in Egypt made up 18% of the country’s top-line
in FY 2024, well above the service’s contribution prior
to the Covid-19 pandemic. The robust contribution
continues to display the segment’s growth potential and
the effectiveness of the Group’s post-pandemic strategy.
Wayak
Finally, Wayak, which capitalises on the Company’s
expanding patient database to develop electronic
medical records and provide personalized
services, achieved revenue of EGP 22 million for
the year, marking a 107% year-on-year increase.
Revenue growth was driven by the 24% year-on-
year growth in orders fulfilled, which reach 218
thousand in FY 2024.
Meanwhile, the stringent pricing regulations imposed
on Jordan’s health sector, saw average revenue per
test decline 4% for the year. In EGP terms, operations
in Jordan reported revenues of EGP 899 million in FY
2024 representing year-on-year rises of 49% due to the
translation effect from a weakened EGP.
Revenue Analysis: Contribution by Geography
Revenue Contribution by Country
FY 2023 FY 2024 Change
Egypt Revenue (EGP mn) 3,411 4,718 38%
Pathology Revenue (EGP mn) 3,256 4,494 38%
Radiology Revenue (EGP mn) 155 224 45%
Egypt Contribution to IDH Revenue 82.7% 82.5%
Jordan Revenue (EGP mn) 604 899 49%
Jordan Revenues (JOD mn) 14.0 13.9 -0.4%
Jordan Revenue Contribution to IDH Revenue 14.7% 15.7%
Nigeria Revenue (EGP mn) 96 82 -15%
Nigeria Revenue (NGN mn) 1,961 2,716 39%
Nigeria Contribution to IDH Revenue 2.3% 1.4%
Saudi Arabia Revenue (EGP mn) - 18 -
Saudi Arabia Revenue (SAR mn) - 1.4 -
Saudi Arabia Contribution to IDH Revenue - 0.3%
Sudan Revenue (EGP mn) 11 3 -77%
Sudan Revenue (SDG mn) 220 85 -61%
Sudan Contribution to IDH Revenue 0.3% 0.05%
Average Exchange Rate
FY 2023 FY 2024 Change
USD/EGP 30.8 45.5 48%
JOD/EGP 43.1 64.1 49%
NGN/EGP 0.05 0.03 -40%
SAR/EGP 8.2 12.2 49%
SDG/EGP 0.05 0.06 14%
2024 Annual Report IDH 73
Nigeria (1.4% of Group revenue in 2024)
Echo-Lab, IDH’s Nigerian subsidiary, saw revenue come in at
NGN 2,716 million in FY 2024, an increase of 39% compared
to revenue in FY 2023. Higher revenue was supported by a
60% year-on-year increase in average revenue per test as
Echo-Lab continued to increase prices in line with inflation
in the country. However, rising inflation weighed on patients
purchasing power with test and patient volumes for the year
down 13% and 12%, respectively, compared to the previous
year. In EGP-terms, revenue in Nigeria decline 15% year-on-
year to EGP 82 million in FY 2024 reflecting a weaker Naira
during the period.
Saudi Arabia (0.3% of Group revenue in 2024)
Biolab KSA, IDH’s newest venture in Saudi Arabia, which
began operations in Q1 2024 with one branch opening in
January and another in March, reported revenue of SAR
1.4 million in FY 2024 (EGP 18 million). Since inception,
Biolab KSA has performed 45 thousand tests with average
revenue per test recording SAR 31. Operations in the
Group’s fifth and newest market are continuing to ramp up
with revenue in Q4 2024 standing at SAR 625 thousand, up
39% from the revenue recorded in Q3 2024.
Sudan
In Q3 2024, IDH reopened one branch in Sudan after
temporarily shutting down all branches earlier this year. It is
worth noting that the remaining 17 branches remain closed
indefinitely as the civil conflict in the country continues.
During FY 2024, IDH’s Sudanese operations generated
revenue of EGP 2.6 million, down 77% year-on-year.
Patients Served and Tests Performed by Country
FY 2023 FY 2024 Change
Egypt Patients Served (mn) 8.0 8.5 6%
Egypt Tests Performed (mn) 33.4 36.4 9%
Jordan Patients Served (k) 372 368 -1%
Jordan Tests Performed (k) 2,424 2,507 3%
Nigeria Patients Served (k) 132 116 -12%
Nigeria Tests Performed (k) 266 230 -13%
Saudi Arabia Patients Served (k) - 6.0 -
Saudi Arabia Tests Performed (k) - 45 -
Sudan Patients Served (k) 14 0.0 N/A
Sudan Tests Performed (k) 40 0.0 N/A
Total Patients Served (mn) 8.5 8.9 5%
Total Tests Performed (mn) 36.1 39.2 9%
Operational Branches by Country
31 December
2023
31 December
2024
Change
Egypt 544 587 +43
Jordan 27 26 -1
Nigeria 12 12 -
KSA - 2 +2
Sudan 18 1 -17
Total 601 628 +27
COGS Breakdown as a Percentage of Revenue
FY 2023 FY 2024
Raw Materials 22.2% 22.0%
Wages & Salaries 18.8% 18.6%
Depreciation & Amortisation 8.8% 7.7%
Other Expenses 13.3% 13.6%
Total 63.0% 61.9%
Performance | Financial and Operational Review
74 IDH 2024 Annual Report
IDH’s COGS for the year recorded EGP 3,538 million,
up 36% from FY 2023. As a percentage of consolidated
revenue, COGS accounted for 62%, just below last year’s
63% figure. The year-on-year reduction was driven by
lower direct wages and salary expenses, lower raw material
outlays, and lower depreciation as a share of revenue.
Cost of Goods Sold (COGS)
Direct Wages and Salaries by Region
FY 2023 FY 2024 Change
Egypt (EGP mn) 589 774 31%
Jordan (EGP mn) 155 242 56%
Jordan (JOD mn) 3.6 3.8 5%
Nigeria (EGP mn) 27 22 -19%
Nigeria (NGN mn) 576 726 26%
Saudi Arabia (EGP mn) 25 N/A
Saudi Arabia (SAR k) - 2 N/A
Sudan (EGP mn) 3 0.6 -79%
Sudan (SDG mn) 53 10 -81%
2024 Annual Report IDH 75
Raw material costs (36% of consolidated COGS in
FY 2024) was the largest contributor to COGS for the
year, having increased 38% year-on-year to reach EGP
1,257 million. However, as a share of revenue, raw
materials declined marginally to 22.0% in FY 2024
from 22.2% in the previous year. The decline is directly
attributable to the Company’s proactive inventory
management and strong supplier relationships, which
continue to shield its cost base from inflationary
pressures and a weaker EGP.
Direct depreciation and amortization costs (12%
of consolidated COGS in FY 2024) rose 22% year-
on-year to EGP 442 million in FY 2024. The rise in
depreciation expenses is attributed to the expansion
of IDH’s branch network, which saw the addition
of 43 new branches in Egypt and two in Saudi
Arabia compared to this time last year. However,
as a percentage of revenue, direct depreciation and
amortization declined to 7.7% in FY 2024 from 8.8%
in the previous year.
Wages and salaries, which include employee share
of profits (30% share of consolidated COGS in FY
2024), remained the second largest contributor to
IDH’s total COGS during FY 2024, recording EGP
1,063 million, up 37% year-on-year. As a percentage
of revenue, direct wages and salaries declined to
18.6% in FY 2024, down from 18.8 % in FY 2023. This
decline reflects IDH’s efforts since the start of the
year to optimise headcount.
Other expenses (22% of consolidated COGS in
FY 2024) recorded EGP 777 million in FY 2024,
representing a growth versus the previous year of
42%. Other expenses as a percentage of revenues
stood at 13.6% largely unchanged from FY 2023. The
main components making up other expenses during
the past year were repair and maintenance fees,
hospital contracts, cleaning costs, transportation,
and license expenses.
Selling, General, and Administrative Expenses
EGP mn FY 2023 FY 2024 Change
Wages & Salaries 282 389 38%
Accounting and Professional Fees 134 175 31%
Market – Advertisement expenses 98 151 54%
Other Expenses – Operation 143 170 19%
Depreciation & Amortisation 39 41 5%
Impairment Loss on Trade and Other Receivable 51 48 -6%
Travelling and Transportation Expenses 27 39 44%
Impairment in Assets 7 - N/A
Impairment in Goodwill 11 - ““
Provision for End of Service - 2 ““
Provision for Legal Claims 3 6 100%
Provision for Egyptian Government Training Fund for Employees 12 1 -92%
Other Income (20) (55) 175%
Total 787 967 23%
Performance | Financial and Operational Review
76 IDH 2024 Annual Report
IDH reported a gross profit of EGP 2,182 million in
FY 2024, up 43% year-on-year. Gross profit margin
(GPM) also improved to 38%, as IDH’s COGS as a
percentage of revenue declined reflecting lower
depreciation as a percentage of revenue thanks to
enhanced fixed asset utilization, decreased direct
SG&A outlays for the year came in at EGP 967 million in
FY 2024, an increase of 23% from FY 2023. However, as a
percentage of revenues, SG&A accounted for 17%, down
from 19% in the previous year. The rise in SG&A expenses
was mainly due to:
• Indirect wages and salaries reached EGP 389 million,
a 38% increase compared to the previous year. The
increase from FY 2023 was driven by annual wage
increases and the translation effect from Jordanian
salaries as well as Saudi Arabian salaries due to a
weakened EGP. However, indirect salaries and wages
as a percentage of revenue remained largely stable at
6.8% owing to IDH’s headcount optimisation strategy.
• Other G&A expenses increased by 27% year-
on-year to EGP 324 million, primarily due
salary expenses relative to revenue as a result of IDH’s
efforts to optimise headcount over the past year, as
well as lower raw materials to sales as the Group
continued to leverage its supplier relationships to
secure advantageous prices for its inventory.
to increased consulting and accounting fees
(which are quoted in foreign currency), traveling
expenses, and stamp duty expenses.
• Advertising expenses rose by 54% year-on-year
as the Company invested in the ramp-up of its
operations in Saudi Arabia, which kicked off
in Q1 2024. More specifically, advertisement
costs booked in Saudi Arabia throughout FY
2024 represented 27% of the Company's total
advertising costs for the year.
Gross Profit
Selling, General, and Administrative (SG&A) Expenses
Adjusted EBITDA Calculation
EGP mn FY 2023 FY 2024 Change
Profit from Operations 738 1,214 65%
Property, Plant and Equipment and Right of Use Depreciation 393 474 20%
Amortization of Intangible Assets 8 9 17%
EBITDA 1,139 1,697 49%
Non-recurring Items 53 34 -36%
Adjusted EBITDA 1,192 1,731 45%
Adjusted EBITDA Margin 28.9% 30.3% 1.3 pts.
Regional Adjusted EBITDA in Local Currency
FY 2023 FY 2024 Change
Egypt Adjusted EBITDA (EGP mn) 1,058 1,617 53%
Margin 31.0% 34.3% 3.3 pts.
Jordan Adjusted EBITDA (JOD mn) 3.6 3.9 6%
Margin 26.0% 27.7% 1.7 pts.
Nigeria Adjusted EBITDA (NGN mn) (498) (846) 70%
Margin -25.4% -31.1% -5.7 pts.
Saudi Arabia Adjusted EBITDA (SAR mn) - (9) -
Margin - - -
Sudan Adjusted EBITDA (SDG mn) 21 2 -91%
Margin 9.7% 2.0% -7.7 pts.
2024 Annual Report IDH 77
IDH reported an EBITDA of EGP 1,697 million in FY
2024, a year-on-year improvement of 49% supported by
strong revenue growth and effective cost optimisation
efforts at the COGS and SG&A levels throughout the
year. This translated to an EBITDA margin expansion to
30% for FY 2024 compared to 29% in the previous year.
It is worth noting that EBITDA in FY 2024 was impacted
by EGX delisting fees of EGP 34 million. Adjusting for
non-recurring items, IDH’s EBITDA for the period would
stand at EGP 1,731 million.
EBITDA
Adjusted EBITDA by Country
In Egypt, IDH recorded an adjusted EBITDA of EGP
1,617 million, up 53% year-on-year and with a margin
of 34% in FY 2024 versus 31% in FY 2023. Improved
EBITDA profitability was a result of both enhanced gross
profitability in the country combined with optimised
SG&A expenses for the year (16% of revenue in FY
2024 versus 18% of revenue in FY 2023), with notable
improvements in indirect salary and wage outlays for
the twelve-month period.
In Jordan, Biolab’s adjusted EBITDA grew 6% year-
on-year to reach JOD 3.9 million in FY 2024. Adjusted
EBITDA margin for the year recorded 28%, up from
last year’s 26% margin. In EGP terms, adjusted EBITDA
recorded EGP 253 million, up a solid 61% year-on-year,
largely due to the translation effect from a weaker EGP
over the past twelve months.
In Nigeria, a weakening Naira and high inflation weighed
on Echo-Lab’s profitability for the year. More specifically,
adjusted EBITDA losses expanded to NGN 846 million in
FY 2024 from last year’s adjusted EBITDA losses of NGN
498 million. In EGP terms, adjusted EBITDA losses came
in at EGP 26 million for the year, compared to adjusted
EBITDA losses of EGP 25 million last year.
In Saudi Arabia, adjusted EBITDA losses amounted to
SAR 9 million (EGP 113 million) as the business remains
in its early ramp up phase.
Interest Expense Breakdown
EGP mn FY 2023 FY 2024 Change
Interest on Financial Obligations 93 113 21%
Interest Expenses on Leases 25 34 34%
Interest Expenses on Borrowings
13
23 24 5%
Bank Charges 12 17 43%
Fast Track Payment 7 9 25%
Total Interest Expense 161 197 22%
11
Interest expenses on medium-term loans include EGP 21 million (EGP 23 million in 2023) related to the Group’s facility with Ahli United Bank Egypt (AUBE).
12
IDH’s interest bearing debt as at 31 December 2024 included EGP 85 million (EGP 108 million as at 31 December 2023) related to its facility with Ahli United Bank
Egypt (AUBE) (outstanding loan balances are excluding accrued interest for the period).
13
Interest expenses on medium-term loans include EGP 21 million (EGP 23 million in 2023) related to the Group’s facility with Ahli United Bank Egypt (AUBE).
Performance | Financial and Operational Review
78 IDH 2024 Annual Report
IDH’s interest income came in at EGP 145 million in FY
2024, increasing 99% year-on-year. Higher interest income
during the past year reflects higher interest rates in Egypt,
where the Central Bank of Egypt (CBE) raised rates by a
cumulative 800 basis points in the first quarter of the year.
Interest expense
11
recorded EGP 197 million in FY 2024,
up 22% year-on-year. The rise in interest expenses was
mainly driven by:
• Higher interest on lease liabilities related to IFRS 16 due
to the addition of new branches to IDH’s network.
• Higher bank charges which increased to EGP 17 million
in FY 2024 from EGP 12 million in FY 2023 reflecting
higher revenue for the year.
• Higher interest expenses following the CBE decision
to increase rates in February and March 2024. It is
important to note that IDH’s interest bearing debt
12
(excluding accrued interest) increased during FY
2024 to reach EGP 265 million as at 31 December
2024, from EGP 111 million at year-end 2023. The
increase comes as the Group secured an EGP 162
million loan to finance its acquisition of Izhoor’s stake
in Biolab KSA. It is also worth highlighting that in the
previous year (FY 2023), as part of IDH’s strategy to
reduce foreign currency risk, the Company agreed
with General Electric (GE) for the early repayment of
its contractual obligation of USD 5.7 million. Half the
settlement was financed utilising internal funds, while
the remaining amount (EGP 55 million) was financed
through a bridge loan by Ahly United Bank– Egypt
(AUBE). Interest expenses related to the AUBE facility
recorded EGP 21 million in 2024. The bridge loan was
fully settled in Q2 2023.
• Fast track payments worth EGP 9 million, which
encompass discounts provided for the rapid payment
of receivables in FY 2024.
Interest Income / Expense
14
Foreign exchange gains/losses are included within finance income/costs for both periods.
Taxation Breakdown by Region
EGP mn FY 2023 FY 2024 Change
Egypt 252 397 58%
Jordan 17 31 82%
Nigeria (0.1) 0.2 N/A
KSA - 3 N/A
Sudan 0.5 (0.01) N/A
Total Tax Expenses 269 431 60%
2024 Annual Report IDH 79
IDH booked a foreign exchange gain of EGP 303 million
in FY 2024, up from EGP 88 million during the previous
year. The foreign exchange gain was due to intercompany
balances revaluation in entities where the balance was
in a currency different to the functional currency.
Taxation
Tax expenses, including income and deferred tax,
IDH recorded net profit of EGP 1,008 million in FY
2024, more than doubling the previous year’s net
profit of EGP 468 million. The remarkable year-on-
year increase was boosted by the increase in foreign
exchange gain from intercompany transactions.
Meanwhile, the Company’s NPM came in at 18% in FY
2024 compared to 11% in FY 2023.
When controlling for contributions from foreign
exchange gains during both years, IDH booked an
adjusted net profit of EGP 705 million in FY 2024,
growing 85% year-on-year from EGP 381 million during
FY 2023. The Company’s adjusted net profit margin
stood at 12% during the past year, up from 9% in FY 2023.
Assets
Property, Plant and Equipment (PPE)
IDH recorded PPE cost of EGP 3,111 million as at
year-end 2024, up from EGP 2,565 million at the end
of 2023. The rise in CAPEX as a share of revenue in
the year that just ended largely reflects the addition
of new branches, renovation of existing branches,
improvements of IDH’s headquarters (constituting
3.7% of revenues), in addition to the translation
effect related to Jordan, Nigeria, Saudi Arabia, and
Sudan (comprising 6.2% of revenues).
stood at EGP 431 million in FY 2024, 60% above last
year’s figure. IDH’s effective tax rate declined to
30% in FY 2024 from 36% in FY 2023. The decline
in the effective tax rate was primarily due to the
increase in foreign exchange gain recorded during
the years as a result of intercompany transactions. It
is important to highlight that there is no tax payable
for IDH’s two holding-level companies.
Foreign Exchange
14
Net Profit Balance Sheet Analysis
Total CAPEX Addition Breakdown – FY 2024
EGP mn FY 2024 % of Revenue
Leasehold Improvements/new branches 168 2.9%
Al-Borg Scan Expansion 41 0.7%
CAPEX Additions 209 3.7%
Translation Effect 357 6.2%
Disposals (20) -0.3%
Total Increase in PPE Cost 546 9.5%
EGP mn
31 December
2023
31 December
2024
Treasury Bills 133 74
Time Deposits 289 1,126
Current Accounts 392 494
Cash on Hand 21 23
Total 835 1,716
15
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.
16
As outlined in Note 18 of IDH’s Consolidated Financial Statements, 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 468 million at 31 December 2024 (2023: EGP 49 million). Meanwhile,
treasury bills not accessible for over three months stood at EGP 60 million (2023: EGP 112 million).
EGP mn
31 December
2023
31 December
2024
Cash and Financial Assets at Amortised Cost
16
835 1,716
Lease Liabilities Property* (828) (943)
Total Financial Liabilities (Short-term and Long-term) (240) (264)
Interest Bearing Debt (“Medium Term Loans”)** (125) (283)
Net Cash/(Debt) Balance (358) 226
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 1,169 million.
** Includes accrued finance cost included in note 22 and amounts owed to shareholder in note 26 of the Company’s FY 2024 financial statements.
Performance | Financial and Operational Review
80 IDH 2024 Annual Report
Trade Receivables and Provisions
Net trade receivables at 31 December 2024 amounted
to EGP 804 million, up 41% versus the balance at
year-end 2023. Meanwhile, IDH’s net receivables’
Days on Hand booked 140 days, up from 134 days at
the end of 2023.
Provision charges for doubtful accounts in FY 2024 stood
at EGP 48 million, compared to EGP 51 million in FY
2023. It is worth noting that provisions as a percentage of
both accounts receivable and revenue decreased versus
the previous year reflecting an improvement in overall
economic conditions, increased stability, and reduced
inflation across IDH’s markets of operation.
Inventory
At 31 December 2024, IDH booked an inventory balance
of EGP 318 million, down 15% compared to inventory
booked at year-end 2023. Meanwhile, Days Inventory
Outstanding (DIO) decreased to 105 days, from 133 days at
31 December 2023. With improvements in the economic
situation and a continued positive outlook, the Company
has been reducing DIO as the previous stockpiling is no
longer necessary.
Cash and Net Debt
Cash balances and financial assets at amortised cost at 31
December 2024 reached EGP 1,716 million, up from EGP
835 million at year-end 2023.
IDH’s net cash
15
balance recorded EGP 226 million as at 31 December 2024, compared to a net debt of EGP 358 million
as at year-end 2023.
17
IDH’s interest bearing debt as at 31 December 2024 included EGP 85 million to its facility with Ahli United Bank Egypt (AUBE) (outstanding loan balances are
excluding accrued interest for the period). It is worth noting that in order to finance the early repayment settlement with General Electric, the Company utilized a
bridge loan facility of EGP 55 million. The facility was withdrawn in Q1 2023 and settled in Q2 2023.
18
Accounts payable is calculated based on average payables at the end of each period.
2024 Annual Report IDH 81
Lease liabilities and financial obligations on property
recorded EGP 943 million at 31 December 2024, up versus
the figure recorded at year-end 2023. The rise is principally
attributable to the translation effect of JOD-denominated
liabilities in Jordan following the devaluation of the EGP
in early 2024.
Meanwhile, financial obligations related to equipment
came in at EGP 264 million as at year-end 2024, with the
rise versus the balance at the end of the previous year
reflecting a rise in USD-linked contracts with equipment
suppliers following the devaluation of the EGP.
Finally, interest bearing debt
17
(excluding accrued
interest) reached EGP 265 million at the end of FY 2024,
up from EGP 111 million at year-end 2023. The increase
comes as IDH secured a loan to finance the acquisition of
Izhoor’s stake in Biolab KSA as previously mentioned.
Liabilities
Trade Payable
18
Trade payable as of 31 December 2024 stood at EGP
320 million, up from EGP 272 million at the end of 2023.
Meanwhile, Days Payable Outstanding (DPO) came in at
90 days, down from 113 days at 31 December 2023.
Put Option
The put option current liability stood at EGP 532 million as
at year-end 2024, up from EGP 314 million at 31 December
2023, 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.
TCFD Report
This report marks IDH’s third report on the Task
Force on Climate-related Financial Disclosures
(TCFD) framework, reinforcing our commitment to
transparency and accountability in climate-related
governance, risk management, and strategy.
At IDH, we recognise that it is impossible to operate
without impacting nature, but we are dedicated to
minimising negative effects and actively contributing
to environmental restoration. Our approach to
sustainability is driven by a clear objective: to integrate
climate considerations into our business operations
while aligning with global best practices.
As part of this commitment, we have revisited our
climate risk assessment and reaffirm that climate-
related risks and opportunities remain limited in the
short to medium term (the next five years), due to
the nature of our business as a services provider in
the healthcare sector. However, we continue to take
a proactive approach to identifying and addressing
potential risks while exploring decarbonisation
opportunities across our operations.
This year’s report marks a significant milestone: we
have established our baseline Scope 1 and Scope 2
emissions inventory, covering operations across 591
branches in Egypt and 35 in Jordan. While direct data
collection was achieved for a substantial portion of
sites, some estimations were necessary due to data
gaps, in Scope 2 reporting. IDH remains committed
to enhancing data accuracy and expanding coverage
in future assessments as part of its broader carbon
management strategy.
Advancing Our Decarbonisation Strategy
IDH has undertaken a comprehensive decarbonisation
effort to identify areas for improvement and implement
strategies to reduce our carbon footprint. Our
Decarbonisation Plan outlines key focus areas:
1. Data Management – Establishing a robust system
for monitoring, recording, and managing ESG-
related data.
2. Reduction Targets – Defining clear, measurable
emissions reduction targets.
3. Energy Management – Enhancing energy efficiency
across IDH facilities.
4. Equipment Management – Improving the efficiency
of medical and operational equipment based on
international standards.
5. Sustainable Transportation – Promoting and
integrating sustainable transportation practices.
6. Waste Management – Optimising waste
management practices to minimise environmental
impact.
7. Water Management – Implementing water
conservation initiatives across IDH facilities.
8. Supply Chain Management – Integrating
sustainability considerations into supply chain
decisions.
9. Infrastructure Enhancement – Adopting
international green building guidelines to improve
the sustainability of our facilities.
10. Awareness Campaigns – Increasing awareness of
sustainability issues among employees to foster a
culture of environmental responsibility.
Performance | TCFD Report
82 IDH 2024 Annual Report
Commitment to ESG Integration
We continue to work on developing a robust data
monitoring, recording, and management system that
will allow the full integration of our ESG strategy. This
system will enhance our ability to track emissions,
measure progress, and refine our sustainability
initiatives over time.
Our TCFD-aligned disclosures reflect IDH’s ongoing
commitment to embedding climate resilience,
sustainability, and responsible business practices
into every aspect of our operations. Through our
Decarbonisation Plan and strategic initiatives, we aim
to strengthen our contribution to a more sustainable
future while ensuring business continuity and long-
term value creation.
As a third-time TCFD reporter, since last year we have
been working with our external experts to close gaps in
our data and improve its accuracy and completeness.
Nevertheless, we believe that a number of areas of non-
compliance and partial-compliance with the TCFD
requirements persist, as detailed in the following
sections.
In this context, we have considered our “comply or
explain” obligation under the Financial Conduct
Authority’s Listing Rule 9.8.6R (8) and confirm that
we have made disclosures consistent with the TCFD
Recommendations and Recommended Disclosures
in this Annual Report and Accounts, except in the
following areas
:
• Strategy – Describing the impact of climate-related
risks/opportunities on IDH's business and strategy
and describing the resilience of this under different
scenarios (e.g. a 2°C or lower scenario).
• Risk management – Describing IDH's processes for
managing climate-related risks and the process of how
these, and their identification, are integrated into IDH's
overall risk management.
• Metrics and targets – Disclosing the metrics used by
IDH to assess climate-related risks/opportunities and
disclosing the targets against which IDH assesses its
performance.
2024 Annual Report IDH 83
Recommended
Disclosures
Response Status
Pillar 1: Governance
a) Describe the
board’s oversight
of climate-related
risks and
opportunities.
Compliant
IDH has established a formal ESG governance framework whereby the board's audit committee
oversees ESG strategy. As part of the ESG governance framework, IDH has created a Sustainability
Steering Committee at the management level with oversight by the Audit Committee. Managing
ESG and climate-related issues and reporting on them daily are responsibilities of the Investment
Relations Department, under the supervision of the IR Director.
At the level of the Board of Directors, the Audit Committee oversees the aforementioned manage-
ment steering committee on climate change-related issues and obtains regular updates from it.
The main topics of discussion revolve around the progress made towards the digitalization of the
data collection process for implementing the ESG strategy and inclusion of climate-related risks
and opportunities. The full implementation was targeted to conclude by the end of 2024, but due
to delays in the procurement process for the digitalization platform, the ESG implementation is
delayed to the end of 2025.
Furthermore, IDH developed a decarbonisation plan that aligns with the climate risk assessment
results. Despite the insignificance of climate-related risks assessed by external experts for our lines
of business, IDH is monitoring any emerging transitional risks, and working toward developing an
action plan to mitigate climate change-related issues as one of the sub-pillars of our strategy. These
include:
• Building an impact/risk assessment mechanism and adopting a climate scenario
• Developing and implementing a GHG data management system
b) Describe
management’s
role in assessing
and managing
climate-related
risks and
opportunities.
Compliant
IDH has established a Sustainability Steering Committee, appointed by the CEO and Board,
to oversee the company’s ESG initiatives. Comprising members selected for their expertise in
sustainability governance, the committee is responsible for managing climate-related risks and
opportunities, guiding IDH’s sustainability strategy, and ensuring compliance with international
frameworks such as the UN Sustainable Development Goals and the Paris Agreement. Additionally,
the committee reviews and approves IDH’s annual sustainability report. IDH aims to implement an
Environmental and Social Management System (ESMS) and integrate ESG criteria into its internal
audit system by 2025.
IDH’s Investment Relations (IR) Department is responsible for managing and reporting on sustain-
ability and climate-related issues and is supervised directly by the Group’s IR Director. The Group
CFO has authorised decarbonisation plans and targets to mitigate IDH's negative impact on cli-
mate change; this aligns with our organisation’s strategy. These plans and targets include initiatives
related to energy efficiency, fleet management, and energy procurement.
Performance | TCFD Report
84 IDH 2024 Annual Report
Recommended
Disclosures
Response Status
Pillar 2: Strategy
a) Describe the
climate-related
risks and
opportunities the
organisation has
identified over the
short, medium,
and long term.
Compliant
IDH reviewed the physical and transition risks it faces in relation to climate change. Given that IDH is a
service-related business operating in the healthcare sector, our overall assessment reveals that our poten-
tial and actual climate-related risks and opportunities are of low significance in the short-to-medium term.
The long-term significance of the climate risks will be assessed in the upcoming reports.
In the medium term, reputational risks will eventually arise if appropriate actions are not taken. However,
these risks are predominantly affected by the overall ESG performance of the Group. Since IDH has already
begun to develop a strategy and an action plan in place and is planning to allocate sufficient and qualified
human resources, this impact has been also identified as one of low significance.
Moreover, as our operations were spread across more than 628 branches in four countries during 2024,
we ensure that we preserve a positive social and environmental impact by receiving our equipment from
blue-chip multinational companies' suppliers and applying our supplier code of conduct policy to all our
suppliers across every region in which we operate. This year, we took a significant step toward ensuring
the integrity and sustainability of our services by integrating minimum ESG criteria into our supplier
code of conduct policy. Accordingly, IDH expects all suppliers to uphold the principles of environmental
responsibility, human rights, and labour rights. We will not accept any instance of child labour, forced
labour, or discrimination among supplier employees. Additionally, any incidents of corruption, bribery,
or counterfeiting of supplied materials will not be tolerated. Therefore, we aim to ensure that 100% of our
expenditure on direct materials is linked to contracts that encompass social and environmental responsi-
bility requirements.
Furthermore, we are looking forward to implementing sustainable procurement guidelines and launch-
ing a Sustainable Vendor database by the end of 2025. Additionally, we will enhance our collaboration
with local diagnostic service providers by offering guidance and support to help them meet international
sustainability standards, building upon the IFC criteria screenings initiated before 2023.
We reaffirm our previous statement that climate-related risks and opportunities have a negligible impact
on our company, and thus we do not anticipate a significant change in our strategy. However, IDH
recognises that addressing long-term risks, particularly physical risks, will require new strategic actions.
Accordingly, these actions will be planned based on a climate scenario analysis, which is scheduled for
completion by 2026, with findings to be reported in 2027. This analysis aims to enhance our understanding
of the impacts of climate-related physical risks on our business, strategy, and financial performance.
2024 Annual Report IDH 85
Recommended
Disclosures
Response Status
b) Describe the
impact of climate-
related risks and
opportunities on
the organisation’s
businesses, strat-
egy, and financial
planning.
Partially
Compliant
– expected
to be
compliant
by 31 Dec
2026
The short-term risks and opportunities identified were found to be of low significance (with
negligible residual impacts after the planned mitigation measures have been applied).
The expected increase in electricity tariffs and fuel prices, and therefore the increase in expenses
associated with energy consumption, represents the most relevant potential transition risk to
IDH over the short term. Expenses associated with energy consumption and operational costs
in general are expected to increase. However, it is also expected that the tariff increase will be
gradually introduced to the Egyptian market, thus allowing sufficient time for impact mitigation to
take place. Changes in policy are the second identified short-term transition risk. Climate-related
disclosure requirements and, accordingly, requirements for performance and progress towards
climate targets, including enhanced emissions-reporting obligations, are increasing significantly.
In this regard, IDH has begun to take multiple steps, including the ESG Committee initiative,
sustainability reporting, GHG accounting, and decarbonisation. By the end of 2026, the Group will
have in place a data management and sustainability (and climate) reporting system.
At IDH, energy and water consumption represent less than 2% of our total operating costs.
Consequently, our company is less vulnerable than others to climate-related risks and impacts
related to water and energy supply. We have taken further steps to address policy and reputational
risks by developing a feasible decarbonisation plan, implementing sustainability reporting, and
quantifying GHG emissions. These steps will also support our goal to establish fully developed
reporting and climate management systems by the end of 2026. We are also aware of the long-
term risks of climate change, such as rising sea levels in vulnerable coastal cities and potential
disruptions to operations due to extreme precipitation, which require the development of
appropriate mitigation action plans.
IDH continues to follow its Sustainability Strategy for the years 2023–2030. The strategy is based on
four pillars (Sound Governance, Next Economy, Flourishing Society, and Liveable Planet). IDH is
still working on establishing a robust data monitoring, recording and management system. This will
include an advanced digital platform for sustainable management that enables real-time tracking
of the consumption of various resources such as electricity, water, generators, and more, with the
capacity to take corrective actions in the event of overuse or excessive consumption. However,
owing to a delay in the procurement process, the development of the data management system was
also delayed, postponing the full implementation of the ESG strategy until Q1, 2026.
Pillar 3: Risk Management
a) Describe the
organisation’s
processes for
identifying and
assessing climate-
related risks
Compliant
IDH has thoroughly examined its 'comply with or explain' obligation under the Financial Conduct
Authority's Listing Rule 9.8.6R (8) and confirms that the disclosures it presents in the Annual Report
align with the TCFD Recommendations and Recommended Disclosures.
Based on the 2023 impact assessment, IDH proactively identified an initial range of climate-
related risks, addressing both transition and physical risks. To assess these risks effectively, IDH
developed a tailored impact assessment methodology that evaluates both risks and potential
opportunities. A December 2024 review confirmed the relevance of these risks, but with low
significance of those risks.
Performance | TCFD Report
86 IDH 2024 Annual Report
Recommended
Disclosures
Response Status
b) Describe the
organisation’s
processes for
managing
climate-related
risks
Partially
Compliant
-expected
to be
compliant
by 31 Dec
2026
IDH has undertaken significant efforts to develop decarbonisation opportunities across its operations,
aiming to identify areas for improvement and numerous potential actions to reduce our carbon footprint.
The primary initiatives have been outlined in our decarbonisation plan, emphasising our commitment to
sustainability and environmental responsibility.
The company is implementing comprehensive sustainability practices across key environmental metrics.
For water management, in line with ISO 50001 and ISO 46001 IDH is developing a system which includes
water management procedures and water efficiency audits across facilities. Water-saving initiatives, such
as installing low-flow faucets, water-efficient toilets, and retrofitting fixtures with aerators, are prioritised to
reduce consumption and associated emissions.
In energy management, IDH is establishing an Energy Management System (EnMS) in alignment with
ISO 50001 and conducting energy audits to identify opportunities for improvements, including LED light-
ing, smart building controls, and renewable energy alternatives. For GHG emissions, IDH is conducting
a comprehensive assessment of Scope 1, 2, and 3 emissions, tracking them using an internal system to
support decarbonisation efforts.
Regarding waste management, IDH is developing a waste management system, conducting waste audits,
setting reduction targets, and implementing a lab-wide policy of minimising sample wastage. The com-
pany is implementing recycling programmes for paper, plastics, glass, and metals, promoting the use of
reusable materials such as water bottles and shopping bags, and focusing on the safe disposal of hazard-
ous waste. IDH is also exploring waste-to-energy solutions. These initiatives aim to enhance operational
efficiency, reduce environmental impacts, and advance IDH’s broader sustainability goals.
In line with its sustainability efforts, IDH is also focusing on sustainable equipment management. IDH
implements Scheduled Maintenance and Inspections for laboratory and refrigeration equipment,
ensuring optimal performance. The company explores Equipment Retrofit or Upgrade options to
replace old units with energy-efficient models and installs Leak Detection Systems to prevent refrigerant
leaks. Additionally, IDH purchases Sustainable Equipment certified as meeting leading sustainability
standards and optimises refrigerator use to reduce energy consumption.
Furthermore, IDH’s Supply Chain Management strategy emphasises sourcing laboratory supplies and
consumables from environmentally responsible and sustainable suppliers. By prioritising eco-friendly
options, the company aims to reduce its environmental impact across the entire supply chain. When mak-
ing purchasing decisions, IDH considers the life cycle of products, evaluating their environmental impact
from production to disposal to ensure that these choices align with long-term sustainability goals.
2024 Annual Report IDH 87
Recommended
Disclosures
Response Status
b) Describe the
organisation’s
processes for
managing
climate-related
risks (2/2)
Partially
Compliant
-expected
to be
compliant
by 31 Dec
2026
To reinforce its commitment to sustainability, IDH is developing a green procurement system
within its supply chain management framework. This system facilitates collaboration with suppliers
who are equally committed to sustainability. Through careful assessment of their environmental
practices, IDH ensures that their operations meet the necessary standards of responsible
environmental stewardship. Additionally, the company encourages its suppliers to evaluate and
report their environmental performance, using local or international rating platforms to track
adherence to sustainable practices. This initiative strengthens IDH’s commitment to sustainability
across the supply chain.
Currently, IDH has developed plans in the area of Sustainable Transportation. The company plans
to evaluate various Sustainable Fleet Options, including electric vehicles, through a performance
benchmarking study to identify the most feasible solutions. Additionally, IDH plans to promote
Sustainable Commuting Alternatives, such as carpooling, cycling, and public transport, by offering
incentives and conducting awareness campaigns aimed at reducing employees' carbon footprints.
In parallel, for Infrastructure Enhancement, IDH has outlined plans to develop Green Building
Guidelines, ensuring that sustainable practices will be integrated when acquiring or refurbishing
assets. The company is also planning to evaluate existing assets against green certification schemes
like EDGE and assess the feasibility of projects by considering their return on investment (ROI) and
ease of implementation. Based on these evaluations, projects will be prioritised, and action plans
for building certifications or refurbishments will be developed.
c) Describe
how processes
for identifying,
assessing, and
managing
climate-related
risks are
integrated into
the organisation’s
overall risk
management
Partially
Compliant
-expected
to be
compliant
by 31 Dec
2026
IDH is focusing on educational initiatives to raise awareness about sustainability, the impact of
individual behaviours, and the collective effort to reduce carbon emissions, fostering a culture of
environmental responsibility.
The company is also implementing skill development workshops, offering staff training in areas
such as energy conservation, waste management, and sustainable practices; this equips them
with the knowledge to contribute effectively to decarbonisation efforts.
Additionally, IDH has created a Collaborative Innovation Hub: a platform for employees
to share ideas, recommendations, and successful strategies on decarbonisation, promoting
employee engagement and a collective approach to sustainability.
Performance | TCFD Report
88 IDH 2024 Annual Report
Recommended
Disclosures
Response Status
Pillar 4: Metrics and Targets
a) Disclose the
metrics used by
the organisation
to assess climate-
related risks and
opportunities
in line with its
strategy and risk
management
process
Partially
Compliant
-expected
to be
compliant
by 31 Dec
2027
The climate risk assessment reveals that the climate risks have insignificant impact on our business,
however, our operations can have significant impact on climate. Accordingly, the carbon dioxide
equivalent footprint metric (CO2e) is the only metric for now being identified and used by the
organisation to assess the impact of our operations on the climate. This is linked to our strategy
of reducing carbon emissions. The identification process for other metrics will be finalised by 31
December 2026 and reported in December 2027. IDH will be fully compliant when we have a full
system to measure our full GHG inventory.
b) Disclose Scope
1, Scope 2, and,
if appropriate,
Scope 3 green-
house gas (GHG)
emissions, and
the related risks.
Non-
Compliant
-expected
to be
predomi-
nantly
compliant
by 31 Dec
2026
The focus for data collection for the Group has initially been on Egypt and Jordan who have the
largest number of locations with there being 591 locations in Egypt and 35 locations in Jordan.
Methodology
Scope 1: Direct Emissions
Scope 1 emissions include direct greenhouse gas (GHG) emissions from sources owned or
controlled by IDH.
The Group is currently collecting data on emissions from combustion sources, including diesel
generators used for facility operations and vehicles used for various services. Additionally, data on
refrigerant leaks and fire suppressants is being gathered; however, it is not yet fully available for all
sites. It is also important to note that IDH does not use fertilizers in its operations, and therefore, no
emissions are recorded for this activity.
Scope 2: Indirect Emissions from Purchased Electricity and chilled water.
Scope 2 emissions arise from the consumption of purchased electricity and chilled water across
IDH’s network of facilities.
In 2024, purchased electricity data was collected for the majority of locations in Egypt and Jordan,
marking a significant increase in coverage compared to the previous year. Data collection efforts are
expected to improve further in 2025 to include sites where data was unavailable in 2024.
This report provides a basis for IDH’s ongoing efforts to enhance the accuracy and completeness
of its carbon footprint calculations. Future improvements will focus on comprehensive data
collection across all IDH facilities; Additionally, as part of its commitment to enhancing GHG
reporting, IDH is implementing a data management system to facilitate the structured collection
and analysis of Scope 1, 2, and 3 emissions data. While this system will enable IDH to expand its
GHG inventory to include relevant Scope 3 categories, full compliance with reporting standards
may not be immediately achievable due to challenges in supplier engagement and data availability
that may result in gaps in reported Scope 3 emissions. Reporting is set to commence in December
2026, with IDH continuously assessing potential risks and challenges to ensure the most accurate
and comprehensive integration of Scope 3 emissions into future disclosures.
2024 Annual Report IDH 89
Recommended
Disclosures
Response Status
c) Describe the
targets used by
the organisation
to manage
climate-related
risks and
opportunities
and performance
against targets.
Partially
Compliant
-expected
to be
compliant
by 31 Dec
2026
Our next step is to adopt science-based climate targets for Scope 1, 2, and 3 GHG emissions start-
ing in 2026. Recognising the importance of setting appropriate targets and metrics, we have set a
deadline of 31 December 2026 for compliance with the TCFD. This is crucial, as reporting against
these targets will require robust data for both the current and previous years.
This is our reduction targets plan:
• Specify the Climate Scenario: Select a relevant climate scenario from among IPCC-validated
climate scenarios including the SBTi, IAE, and others.
• Develop Reduction Targets: Establishing a base year, develop intermediate and long-term
science-based targets that align with the Science-Based Targets initiative or the IEA to help
IDH achieve net-zero by 2050.
• Investigate Sustainability Opportunities: Engage with internal stakeholders and seek neces-
sary input on sustainability ambitions, challenges, and opportunities.
• Assessment of Reduction Project Feasibility: Assess the feasibility of targets and previously
defined opportunities for reductions and discuss approaches and alternatives with relevant
stakeholders.
• Project Implementation: Prioritise, adopt, and implement water saving projects.
• Measure Emissions Savings: Quantify emissions savings associated with the selected projects.
Performance | TCFD Report
90 IDH 2024 Annual Report
2024 Annual Report IDH 91
Corporate Social Responsibility
IDH remains dedicated to operating in a way that
values and sustains the connection between its
business growth and the communities it serves. In
its primary and largest market, Egypt, IDH has a
long-standing history of community involvement and
support through its Moamena Kamel Foundation.
The foundation consistently offers medical assistance
and various other services to those who cannot
afford them. Additionally, the Company provides
free or significantly discounted diagnostic services
to thousands of community members each year.
Throughout its operations, IDH collaborates with
charitable organisations nationwide to deliver medical
services, nutrition, and education to hundreds of
underprivileged families, while also aiding in the
renovation and expansion of essential medical facilities
across the country.
Across its other markets, IDH works closely with its
subsidiaries to develop and implement effective CSR
programmes aimed at furthering the development
of its communities through targeted initiatives and
donations. In Jordan, the Group’s second-largest
market, Biolab’s CSR efforts are centred around two
main pillars: giving back to the community and
philanthropy. Throughout the year, Biolab continued
to actively support programmes and initiatives
that empower and uplift local communities while
contributing to meaningful causes through donations,
sponsorships, and volunteer work. These activities
reflect the venture’s dedication to fostering well-being,
sustainability, and social responsibility, which are
integral to Biolab’s mission and values. Beyond this,
Biolab has also increasingly upped its efforts related to
environmental sustainability, with a particular focus
on promoting solar energy as a clean alternative. Biolab
and IDH will work together in the coming year to devise
and implement a CSR strategy in the Group’s newly
added Saudi market, with the aim of building on their
joint experience in the area to generate incremental
value of the Saudi community. Meanwhile, in Nigeria
Echo-Lab continues to organise social initiatives,
including health screenings in churches, local markets,
and colleges nationwide. Finally, in Sudan, community
outreach initiatives were suspended in April 2023,
following the start of the ongoing civil conflict. The
Company continues to monitor the situation and is
ready to resume its work as soon as the ongoing conflict
comes to an end.
Egypt
Moamena Kamel Foundation
Building on its guiding principle of delivering top-notch
medical assistance and services to its communities,
IDH considers corporate social responsibility (CSR)
initiatives a vital extension of its core operations.
The Moamena Kamel Foundation for Training and
Skill Development was established in 2006 by Dr.
Moamena Kamel, a Professor of Pathology at Cairo
University, founder of IDH subsidiary Al Mokhtabar
Labs, and mother of CEO Dr. Hend El Sherbini.
Reflecting its strong commitment to CSR, the Company
allocates around 1% of the net after-tax profit from its
subsidiaries, Al Borg and Al-Mokhtabar, to support the
Foundation's initiatives. In 2024, this amounted to EGP
6.0 million, based on the Group's net after-tax profits
for FY 2023, compared to EGP 6.6 million in 2023.
The Foundation primarily aims to improve the lives of
residents in Cairo's Al Duweiqa community and several
other villages across Egypt through an integrated
programme and vision that includes economic, social,
and healthcare development initiatives offering
various primary services, including:
• Women’s Empowerment
• Healthcare
• Social Development and Inclusion
Performance | Corporate Social Responsibility
92 IDH 2024 Annual Report
Women’s Empowerment
Breast Cancer Awareness
Throughout 2024, the foundation continued to
grow its awareness-building efforts around breast
cancer through a multi-pronged strategy involving
digital and in-person initiatives. The awareness
seminars focused both on educating attendees on
best-practices, while also providing clarity around
some of the most common misconceptions on the
topic. Over the course of the year, the foundation’s
social media campaigns reach tens of thousands
of people generating over 200,000 impressions.
Meanwhile, its seminars were attended by tens of
women.
International Domestic Violence Day
To mark the annual awareness day against domestic
abuse, the foundation partnered with the Egyptian
Red Crescent to organize seminars aimed at
mothers and children as well as a wide-reaching
social media campaign to build awareness and
understanding on the topic. 80 people attended
the in-person seminars, while the online campaign
recorded thousands of impressions.
Nutrition Campaign
During the International Women’s Day celebrations,
the foundation partnered with local physicians to run
seminars dedicated to boosting knowledge amongst
women in less privileged communities around Cairo
regarding proper nutrition. The four seminars were
attended by 230 women.
Healthcare
Supporting Kasr El Aini Hospital
Over the course of the last twelve months, the
foundation continued to deepen its cooperation with
Kasr El Aini Hospital, a partnership which has been
ongoing since 2019. During 2024, the foundation
focused its efforts on three main initiatives. The
first involved the continued renovation of student
classrooms with this year’s priority being the facility’s
vascular surgery classroom. In parallel, the foundation
also supplied the students with the tools needed for
their education with over 300 logbooks provided to
students over the year. Meanwhile, on the medical
front, the foundation worked with the hospital’s
dialysis unit to provide 160 patients suffering from
kidney issues with the care needed.
Cataract Surgeries
In 2024, IDH provided 49 patients with testing and
surgeries for cataracts. The treatment, which provides
immediate improvements to patients’ quality of life,
was provided free of charge. To complement its efforts
the foundation also ran awareness campaigns on social
media over the course of the year.
Other medical initiatives throughout 2024:
• Vitamin D campaign
• Support for Al Asmarat Medical Center
• Medical testing for patients from underprivileged
communities
• Support for Al Sayda Nafisa Rare Diseases Clinic
Social Development and Inclusion
Launch of Aletna Programme
I
n February 2024, the foundation officially inaugurated
its new Aletna programme aimed at supporting
families in need in Greater Cairo’s Al-Warraq Bashteel
Center. During the year, over 106 families and a total
of 523 beneficiaries were supported as part of the new
initiative. The programme operates across several
pillars: regular medical examinations, distribution
of food packages to promote proper nutrition, social
development through increased access to education,
and improving cultural awareness through seminars
and other initiatives.
2024 Annual Report IDH 93
Jordan
In line with the Group’s efforts and approach to
CSR, Biolab runs a comprehensive social support
programme encompassing a wide range of initiatives
to raise awareness, provide financial and in-kind
support, and promote healthy lifestyles amongst less
fortunate communities.
Awareness Boosting at Schools and
Businesses
Biolab participates in schools’ medical days focusing its
efforts on awareness and the importance of adopting
healthy lifestyles. This is done by distributing medical
pamphlets, conducting tests like haemoglobin, sugar,
blood pressure measurements, and body composition
analysis (BMI), as well as the distribution of free or
discounted blood testing vouchers. Similar initiatives
geared towards adult audiences are organized across
businesses in the country.
Youth Support
B
iolab is an active promoter of Little League programmes
in Jordan, where the company provides resources,
sponsorships, and volunteer hours to promote youth
sports. This initiative aligns with Biolab’s and IDH’s
values of promoting health, teamwork, and a sense of
community, translating into lasting positive impacts on
the lives of young athletes and their families. Beyond
sporting initiatives, the company also provides support
for a wider range of children-focused programmes at
schools and other locations. Finally, during the holy
month of Ramadan, Biolab organised iftars for orphaned
children in collaboration with local societies.
Financial and In-kind Donations
Biolab provides financial and in-kind support to
nonprofit organisations in Jordan. During the year,
the company provided a wide range of donations from
clothes and books to fixing playgrounds and offering
free blood tests.
Education and Training
The company plays an active role in forging the next
generation of Jordanian professionals by organising
internships, training programmes, and volunteer
opportunities aimed at up-and-coming young
professionals. On this front, Biolab works closely
with leading organisations in this field including the
Education for Employment Jordan (EFE), Injaz, Loyac,
and the Business Development Center (BDC).
Environmental Sustainability
Biolab has been increasingly involved in promoting
a transition away from fossil fuels, with a particular
focus on increasing Jordan’s solar power generating
capabilities. On this front, Biolab has been an active
player in the launch of Al Halabat solar farm located
east of the Jordanian capital, Amman. The plant, which
is being rolled out in two phases, will power Biolab’s
operations helping to directly reduce the company’s
carbon footprint.
Strategic Report
This report was reviewed and signed by order of the
Board on 16 April 2025.
By order of the Board,
Dr. Hend El Sherbini
Executive Director
16 April 2025
Performance | Corporate Social Responsibility
94 IDH 2024 Annual Report
2024 Annual Report IDH 95
7
Experienced professionals on
IDH’s Board
5
Non-Executive Board Members
CORPORATE
GOVERNANCE
96 IDH 2024 Annual Report
2024 Annual Report IDH 97
Corporate Governance
Board of Directors
As at 31 December 2024, IDH’s Board of Directors is
comprised of five non-executive members, including
the Non-Executive Chair, and two Executive Directors,
all of whom offer considerable experience in the
healthcare market, MENA region, and investment
activities. On 18 January 2024, the Board appointed
Sherif El Zeiny as an Executive Director, Group Financial
Officer, and Vice President of Finance and Strategies.
Lord St John of Blesto
Non-Executive Chair
Date of Appointment
12 January 2015
Lord St John has been an active Crossbench member of the
House of Lords, UK Parliament, since 1978. He serves on the
boards of several listed and unlisted companies, including
Yellow Cake plc, Gulf Marine Services plc, Strand Hanson
Ltd, Kneoworld UK Limited, and GMS Resources Limited.
He also holds mentoring advisory roles with Farrant Group
Ltd., BetWay Ltd., Geobear Ltd, and ROC Technologies Ltd.
Lord St John has a strong interest in the charitable sector and
serves as a trustee to several charities focused on wildlife
conservation, poverty reduction, education, and healthcare.
He graduated with a BA in Law and BSocSc in Psychology
from Cape Town University, a BProc from the University of
South Africa, and Masters of Law (LLM) from the London
School of Economics. He practised as an attorney before his
25-year career in financial services in the City of London.
Board Committees
Chair of the Nomination Committee
Prof. Dr. Hend El Sherbini
Group Chief Executive Officer
Date of Appointment
23 December 2014
Dr. Hend has been IDH Group’s Chief Executive Officer since
2012 and, prior to that, served as the CEO of Al Mokhtabar –
Egypt’s oldest brand – between 2004 and 2012. She received
her MBBCh and her Master’s degree in Clinical and Chemical
Pathology from Cairo University in the early 1990s, and she
also holds a Master’s degree in Public Health from Emory
University in Atlanta. Dr. Hend completed her PhD in
Immunology from Cairo University in 2000, where she is also
a professor of clinical pathology at the university’s Faculty
of Medicine. She sits on the Board of American Society of
Clinical Pathology (Egypt) and consults on the international
certification process. Dr. Hend completed an Executive MBA
from the London Business School in 2015 and was featured as
one of Forbes' most powerful women between 2016 and 2023.
Board Committees
None
Corporate Governance | Board of Directors
98 IDH 2024 Annual Report
Sherif El Zeiny
Group Chief Financial Officer and Executive Director
Date of Appointment
18 January 2024
Mr. El Zeiny is a certified Board Director and Executive Partner with
over three decades of experience in financial management, business
leadership, and corporate strategy. He currently serves as Vice President
and Group Chief Financial Officer at IDH. On top of his responsibilities
as Group CFO, El Zeiny works closely with the Group CEO, Dr. Hend
El Sherbini, to set the Company’s growth strategy in Egypt and across
its regional markets. El Zeiny also leads the Group’s investment and
M&A efforts and has been overseeing IDH’s KSA expansion throughout
the past twelve months. Throughout his career, he has filled several
executive positions in various leading regional and international
corporations, most recently serving as Vice President and Chief
Financial Officer at Elsewedy Electric Group. Prior to Elsewedy Electric
Group, he held several positions at Mentor Graphics MENA (currently
Motor Siemens), NCR Egypt, Siemens Egypt’s Energy and Automation
Division, and General Motors Egypt. Mr. El Zeiny holds an MBA from
the City University of Seattle, a Non-Executive Director Diploma from
the Financial Times, and a BA in Accounting from Cairo University.
Board Committees
None
Hussein Choucri
Non-Executive Director and Chair of the
Remuneration Committee
Date of Appointment
12 January 2015
Mr. Choucri is the Chair and Managing Director of HC
Securities and Investment, which he established in May
1996. He currently sits on the boards of Fawry Banking
and Payment Technology Services Ltd. (Fawry), and the
Egyptian Center for Economic Studies (ECES). Mr. Choucri
served as the Managing Director of Morgan Stanley from
1987 to 1993 and served as Advisory Director at Morgan
Stanley from 1993 to 2007. He received his Management
Diploma from The American University in Cairo in 1978.
Board Committees
Chair of the Remuneration Committee
Member of the Audit Committee and Nomination
Committee
2024 Annual Report IDH 99
Member of the Audit Committee and Nomination Committee
Yvonne Stillhart
Independent Non-Executive Director and Chair
of the Audit Committee
Date of Appointment
1 March 2022
Ms. Stillhart is an experienced board director and senior
executive with over 30 years of leadership in finance,
strategic risk management, growth acceleration, and
transformational leadership across a wide range of
industries and regions, including Europe, the USA, and
Africa. Yvonne brings a global perspective and proven
expertise to her governance roles. She holds board and
committee roles at UBS Asset Management Switzerland
Ltd, EPE Capital (South Africa), and Patria Private
Equity Trust Plc. (UK) She has co-founded and led as
a Senior Partner a specialised private equity manager
in Switzerland. She holds a Directors Certificate from
Harvard Business School and is a Qualified Risk Director®.
She is fluent in German, English, Spanish and French.
Board Committees
Chair of the Audit Committee (as of 1 December 2024)
Member of the Remuneration Committee
Dan Olsson
Non-Executive Director
Date of Appointment
12 January 2015
Mr. Olsson has long and extensive international
experience in the diagnostic and healthcare services
sector, where he has served in a range of executive
positions — among others, as head of diagnostics in the
pan-European healthcare group Capio; CEO of Unilabs,
a pan-European diagnostic provider; and CEO of Helsa,
a Swedish healthcare group. He currently works as an
independent advisor and holds non-executive positions
at Purch AB and Ambea AB (Publ). Mr. Olsson has worked
in the healthcare sector since 1999. Mr. Olsson studied
Economics at the University of Lund in Sweden.
Board Committees
Member of the Audit Committee (resigned as Chair on 1
December 2024)
Member of the Remuneration Committee and
Nomination Committee
Corporate Governance | Board of Directors
100 IDH 2024 Annual Report
Richard Henry Phillips
Non-Executive Director
Date of Appointment
23 December 2014
Mr. Phillips is a founding partner of Actis LLP, the
emerging markets private equity group. As Actis LLP is
one of the Company’s major shareholders, Mr. Phillips is
not considered by the Board as being independent. He is
the Head of Private Equity for Actis and is a member of the
Actis Investment Committee. Mr. Phillips is a director on
the board of a number of companies, including Honoris
United Universities, Les Laboratories Medis SA, and
others. Mr. Phillips holds a degree in Economics from the
University of Exeter.
Board Committees
None
2024 Annual Report IDH 101
Corporate Governance Report
The Board of Directors (the “Board”) is responsible for
providing strong leadership and effective decision-
making, safeguarding the process the interests of all
shareholders of Integrated Diagnostics Holdings. Under
my chair, the Board has maintained an unwavering
commitment to providing oversight and guidance to
senior management as the Group continues to execute
its regional growth strategy.
IDH is a Jersey-registered entity within the Equity Shares
(Transition) category on the Main Market of the London
Stock Exchange (LSE) since May 2015.
Given the Company’s Equity Shares (Transition) category
listing on the LSE, it is not required to comply with the
requirements of the 2018 UK Corporate Governance Code
(the “Code”) as issued by the Financial Reporting Council.
During the year to 31 December 2024, the Board continued
to work towards a robust governance framework where
appropriate and applicable to IDH’s circumstances.
Moving forward, IDH will be looking to comply with
the updated UK Corporate Governance Code issued
in 2024, and effective 1 January 2025. As such, IDH’s
management team and Board of Directors are putting in
a place a gap analysis and will devise an action plan to
achieve this in the foreseeable future.
We are compliant with Financial Conduct Authority
Disclosure Guidance and Transparency Rules (DTR)
subchapters 7.1 and 7.2, which set out certain mandatory
disclosures: 7.1 concerns audit committees and bodies
carrying out equivalent functions, and 7.2 concerns
corporate governance standards that are included in the
Directors Report or, in this case, as part of the Strategic
Review (DTR 7.2.1).
To that end, we have an Audit Committee as well as
Remuneration and Nomination Committees. The Board
may establish additional committees as appropriate
going forward. This Annual Report includes reports from
the Audit, Remuneration, and Nomination Committees.
Moreover, during the first eight months of the past
year, IDH complied with the Egyptian Exchange’s
(“EGX”) listing rules and UK listing rules, in addition
to the corporate governance requirements that are set
for foreign companies with dual listing. It is important
to note that IDH successfully completed its delisting
process from the EGX on 5 September 2024.
The Board is committed to implementing best practices
in corporate governance, calling on both the expertise
of individual Directors and that of outside parties,
including legal counsel and global professional services
firms.
Functioning of the Board
The Board met five times during the course of 2024,
with additional ad hoc meetings convened in relation to
the EGX delisting and remuneration matters. Details of
the individual Directors’ attendance is shown on page
104. The Board has invested significant time discussing
and evaluating the Group’s strategy and prospects for
future growth, the outcome of which is presented in our
statement of strategy on page 56. We are confident that
we have in place the right strategy and management
team to deliver shareholder returns going forward.
Board Skills and Composition
Under its Articles of Association, the Group must have a
minimum of two Directors. While there is no maximum
number of Directors, the Board presently comprises
seven Board members. Sherif El Zeiny joined the Board
as Group Chief Financial Officer and Vice President of
Finance and Strategies in January 2024.
As at 31 December 2024, our Board comprised four
Non-Executive Directors, two Executive Directors, and
the Chair who was independent upon appointment.
Together, the Directors offer IDH a world standard mix
of expertise in areas that include strategy, finance, and
Corporate Governance | Corporate Governance Report
102 IDH 2024 Annual Report
medical diagnostics, as well as diverse experience in
Europe, the Middle East, and Africa. We have relevant
commercial and technical experience to help direct the
Group as it delivers on its strategy in a very technical
field and across rapidly changing geographies. The
Board and their biographies are set out on pages 98 to
101 of this Annual Report.
Leadership
We continue to operate on the basis of a clear division
of responsibilities between the role of the Chair and
that of the Group Chief Executive. The Board continues
to believe that this segregation of roles remains
appropriate, taking into account the size and structure
of the Group.
As Chair, I ensure that the Board is effective in the
execution of all aspects of its role. The Group Chief
Executive Officer, meanwhile, is responsible for
managing the day-to-day running of the business. In
this, she is supported by a senior management team.
The Group Chief Executive and I have a good working
relationship and discuss matters of Group strategy and
performance on a regular basis. We also work together
to ensure that Board meetings cover relevant matters,
including a quarterly review of financial and operational
performance (including key performance indicators),
and in partnership with the Company Secretary ensure
that all Directors:
• are kept advised of key developments;
• receive accurate, timely, and clear information upon
which to call in the execution of their duties; and
• actively participate in the decision-making process.
Agendas for meetings of the Board are reviewed and
agreed upon in advance to ensure each Board meeting
is efficiently run, allowing all Directors to openly and
constructively challenge the proposals made by the
Group’s senior management. I am pleased to report that
throughout the year, each Director has properly exercised
those powers with which they have been vested by the
Group’s Articles of Association and relevant laws.
The Board operates under a Schedule of Matters
Reserved, which is annually reviewed. Matters reserved
to the Board means any decision that may affect the
overall direction, supervision, and management of the
Group, including, but not limited to:
• approving annually a strategic plan and objectives for
the following year for the Group;
• approving any decision to cease to operate all or any
material part of the Group’s business or to enter into
any new business or geographic areas;
• monitoring the delivery of the Group’s strategy,
objectives, business plan, and budget;
• adopting or amending the Group’s business plan or
annual budget;
• approving the Group’s annual report and accounts
and quarterly financial statements and/or any change
in the accounting principles or tax policies of any
member of the IDH Group and/or any change in the
end of the financial year of any member of the IDH
Group, except as contemplated by the business plan
or annual budget, as required by law, or to comply
with a new accounting standard;
• any member of the IDH Group declaring or paying
any dividend or distribution;
• approving the issue of all circulars, prospectuses,
listing particulars, and general meeting notices to
shareholders of the Group;
• ensuring the Group has effective systems of internal
control and risk management in place by (i) approving
the Group’s risk appetite statements and (ii) approving
policies and procedures for the detection of fraud, the
prevention of bribery, and other areas considered by
the Board to be material;
• undertaking an annual review of the effectiveness
of the Group’s risk management and internal
control and reporting on that review in the Group’s
annual report. The review should cover all controls,
including financial, operational, and compliance
controls and risk management;
2024 Annual Report IDH 103
• carrying out a robust assessment of the principal
risks facing the Group, including those that threaten
its business, future performance, solvency, or
liquidity and to report on such assessment in the
Group’s annual report;
• adopting or amending the Group’s environmental
policy and monitoring its delivery; and
• reviewing the Group’s overall corporate governance
arrangements and approving any changes thereto.
Apart from these reserved matters, the Board delegates
specific items to its principal committees, namely the
committees on Audit, Remuneration, and Nomination.
Each committee is authorised to seek any information it
requires from senior management.
A summary of the Board’s committees is set out
from page 105. Reports from the Chair of the Audit,
Remuneration, and Nomination committees appear
starting pages 108, 112, and 114 of this Annual Report,
respectively.
Board Meetings During 2024
The Board met nine times during the year, three of which
were on an ad hoc basis to consider the Group’s proposed
EGX delisting and one was on an ad hoc basis to discuss
remuneration matters. Details on our scheduled
Directors’ attendance at Board and committee meetings
(excluding ad hoc meetings) are shown in the table below.
In the event that any Director is unable to attend a meeting
of the Board or committee of which they are a member, he
or she receives the necessary papers, including agendas,
meeting outcomes, and any documents presented for
review or information. Furthermore, I endeavour to
discuss with them in advance of the meeting to obtain their
views and decisions on the proposals to be considered.
In conjunction with the quarterly Board meetings, all
Non-Executive Directors meet either by themselves,
together with the CEO, or with the entire Board. This
time is usefully spent enabling Board members to build
rapport, share views, and consider issues impacting the
company, resulting in improved board dynamics and
better decision-making.
Table of Director Attendance at 2024 Regularly Scheduled Board Meetings
Name Board Audit Remuneration Nomination
Number of Meetings 5 5 4 2
Directors:
Lord St John of Bletso 5 n/a n/a 2
Prof. Dr. Hend El Sherbini 5 n/a n/a n/a
Sherif El Zeiny 5 n/a n/a n/a
Hussein Choucri 5 5 4 2
Dan Olsson 5 5 4 2
Richard Henry Phillips 5 n/a n/a n/a
Yvonne Stillhart 5 5 4 n/a
Corporate Governance | Corporate Governance Report
In addition to the regularly scheduled board meetings, several ad-hoc board meetings were convened throughout the
year to address urgent matters and support the organisation’s agility in decision-making.
104 IDH 2024 Annual Report
Board Effectiveness
Having spent considerable time in both formal meetings
and in learning about the skills of our Directors one-on-one
— and drawing on my past experience as a Director — I am
confident that the Board has the skills, talent, and industry
knowledge it needs to effectively deliver the Group’s agreed
strategy. The Board, facilitated by the Company Secretary,
conducts regular internal evaluations and considers the
feedback from each Director in setting the agenda and
strategic direction of the Company. In addition, training
requirements for each Director are considered, and
the Board receives regular updates from the Company
Secretary or specific training from external legal counsel or
other external parties, as deemed appropriate.
It is my considered judgement that the Board receives from
senior management sufficiently detailed budgets, forecasts,
strategy proposals, reviews of the Group’s financial position
and operating performance, and annual and half yearly
reports to ensure that it may be effective. This enables us
to effectively ask questions of senior management and to
hold discussions on the Group’s strategy and performance.
In 2024, senior management delivered regular reports to
the Board ahead of the scheduled Board meetings.
Any concerns raised by Directors are clearly recorded in
the minutes of each meeting. I review Board minutes in my
capacity as Chair before these minutes are circulated to all
Directors in attendance and then tabled for approval at the
next meeting, at which time any necessary amendments
are made.
The Group has obtained customary directors’ and officers’
indemnity insurance, covering the Chair and the Non-
Executive Directors.
The Board has delegated several areas of responsibility to
its committees.
Audit Committee
The Audit Committee is responsible for overseeing IDH’s
internal financial reporting and ensuring the integrity
of the Group’s financial statements. The Committee
is also responsible for reviewing and monitoring the
effectiveness of the Group’s risk management processes
and internal controls, as well as for ensuring that audit
processes are robust.
At the date of this report, the following were the members of the Audit Committee:
Name Nomination
Yvonne Stillhart Chair of the Committee (as of 1 December 2024)
Dan Olsson Committee Member (resigned as Chair on 1 December 2024)
Hussein Choucri Committee Member
More information on the Audit Committee is available in the Audit Committee Report on page 108 of this report.
Remuneration Committee
The Remuneration Committee is responsible for the remuneration for the Directors and select members of
senior management.
At the date of this report, the following were members of the Remuneration Committee:
Name Nomination
Hussein Choucri Chair of the Committee
Dan Olsson Committee Member
Yvonne Stillhart Committee Member
2024 Annual Report IDH 105
More information on the Remuneration Committee is available in the Remuneration Committee Report on page
112 of this report.
Nomination Committee
The Nomination Committee assists the Board in reviewing the structure, size and composition of the Board. It is
also responsible for reviewing succession plans for the Directors, including the Chair and Chief Executive and
other senior management.
Committee composition
The Nomination Committee comprises the below members:
Name Nomination
Lord St John of Bletso Chair of the Committee
Hussein Choucri Committee Member
Dan Olsson Committee Member
The Nomination Committee is made up of
Independent Non-Executive Directors.
More information on the Nomination Committee is
available in the Nomination Committee Report on
page 114 of this report.
Investor Relations
Engagement with shareholders continues to be a
key function at both the senior management and
the Board levels. Our investor relations function
held dozens of meetings with current and potential
investors during the course of the year, in addition
to handling dozens of one-on-one call requests and
queries throughout the year.
In 2024, we published three-month, half-year, and
nine-month results, in addition to audited full-year
results, and further released a trading update on
performance at the nine-month period. In 2025, we
intend to continue publishing trading updates at the
three-month and nine-month period, in addition to
the half-year and full-year results which are released
in compliance with the DTR.
The Board communicates with shareholders through
public announcements disseminated via the London
Stock Exchange, analyst briefings, roadshows, and
press interviews. Copies of public announcements
and financial results are published on the Group’s
website, along with a number of other investor
relations tools.
The Board receives regular updates from the
senior management team on the views of major
shareholders and on milestones in the investor
relations programme. We will continue throughout
2025 to grow our investor relations programme
to ensure that our shareholders and stakeholders
remain informed of the Group’s strategy and ongoing
financial and business performance.
Starting in January 2024, our investor relations
function has been overseen by Tarek Yehia, as IDH’s
Director of Investor Relations. Tarek brings with
him a wealth of experience in investor relations,
communications, and corporate finance, spanning
nearly two decades. Previously, he held senior
investor relations positions in several of Egypt’s
Corporate Governance | Corporate Governance Report
106 IDH 2024 Annual Report
forefront companies. I am confident that under
Tarek’s leadership IDH will continue to enhance
its investor relations programme, ensuring timely
communication of our results and strengthening the
Company’s relationship with its shareholders.
Annual General Meeting
We will hold our ninth Annual General Meeting
as a listed company on 27 May 2025 in London,
UK. Details of the AGM are included in the Notice
of Meeting that accompanies this Annual Report,
and which is available on our website. At the AGM,
all of the Group’s Directors will retire and submit
themselves for re-election. The outcome of the
voting at the AGM will be announced by way of
London Stock Exchange announcement, and full
details will be published on the Company’s website
shortly after the AGM.
Fair, Balanced, and Understandable
The Board recognises its duty to ensure that the
Annual Report and Accounts 2024, taken as a whole,
is fair, balanced, and understandable and provides
the information necessary for shareholders to assess
the performance, strategy, and business model of
the Group. The Board has placed reliance on the
following to form this opinion:
• The process by which the Annual Report and
Accounts 2024 was prepared, including detailed
project planning and a comprehensive review
process.
• The review of the Annual Report and Accounts 2024
by the Audit Committee, placing reliance on the
experience of the Committee members.
• Reports prepared by senior management regarding
critical accounting judgements and significant
accounting policies.
• Discussions with, and reports prepared by, the
external auditor.
• Regular financial information received throughout
the year, including monthly KPIs reports.
As detailed in the Directors’ responsibility statement
on page 120, each of the Directors has confirmed that,
to the best of each person’s knowledge and belief, the
Annual Report and Accounts 2024, taken as a whole,
is fair, balanced, and understandable and provides
the information necessary for shareholders to assess
the Group’s position, performance, business model,
and strategy. The financial statements on pages 134
to 188 were approved by the Board of Directors on
16 April 2025 and signed on its behalf by Dr. Hend
El Sherbini, IDH’s CEO, and Mr. Hussein Choucri, a
Non-Executive Director on IDH’s Board of Directors.
Lord St John of Bletso
Chairman
16 April 2025
2024 Annual Report IDH 107
Audit Committee Report
Introduction
I am pleased to present the Audit Committee
(the "Committee") report for the year ended 31
December 2024, my first since being appointed as
Chair of the Committee on 1 December 2024.
I would like to extend my sincere gratitude to Dan
Olsson for his leadership and dedication during his
tenure as Audit Committee Chair. His invaluable
guidance has been instrumental in enhancing
the Committee’s oversight and ensuring rigorous
financial governance. While stepping down as Chair,
I am pleased that Dan will remain a vital member
of the Audit Committee, providing continuity and
leveraging his extensive experience.
This report provides shareholders with a
comprehensive overview of the key matters
considered during the year, the Committee’s
activities, and how it fulfilled its responsibilities in
2024.
Composition and Meetings of the
Audit Committee
The Audit Committee convenes at least three times
a year. It comprises three Non-Executive Directors,
each possessing the requisite competence in
accounting and/or auditing, as well as recent
financial experience relevant to the sector in which
the Group operates.
Alongside myself as Chair, the Committee includes
Hussein Choucri and Dan Olsson. Collectively,
we bring a strong blend of financial and industry
expertise to ensure effective oversight and
challenge, in alignment with the 2018 UK Corporate
Governance Code (“the Code”) issued by the
Financial Reporting Council.
During the year, and ahead of the EGX delisting, the
Committee actively worked to ensure IDH’s financial
reporting adhered to EGX regulations and the specific
requirements for foreign companies with dual listings.
In 2024, the Audit Committee met five times.
The attendance record is detailed on page 104.
The Committee reviewed the integrity and
content of external financial reporting, risk and
control framework, reporting its findings and
recommendations to the Board. Beyond scheduled
Yvonne Stillhart
Chair of the Audit Committee
Corporate Governance | Audit Committee Report
108 IDH 2024 Annual Report
meetings, the Committee maintained regular
communication throughout the year with the Group
Chief Financial Officer, the Vice President of Finance
and Strategies, and the external auditors. The external
auditors are invited to attend meetings regularly,
while the Group CFO and Vice President of Finance
and Strategies, an Executive Director of the Board,
also participate. Additional senior management
attendees include the Director of Investor Relations,
the Chief Internal Audit Director, and the Group
Secretary as needed.
The Committee also held private sessions with
the external auditors outside the audit timetable,
ensuring independent discussions without senior
management present. This practice will continue
going forward.
Roles and Duties of the Audit
Committee
The Audit Committee plays a crucial role in assisting
the Board with financial oversight, including:
• Reviewing the Group’s annual and half-year
financial statements and quarterly trading
updates.
• Assessing the Group’s accounting policies, as well
as internal and external audits and controls.
• Monitoring the scope and execution of the
annual audit and evaluating any non-audit work
conducted by external auditors.
• Providing recommendations regarding the (re)
appointment of external auditors.
• Evaluating the effectiveness of internal audit,
internal controls, whistleblowing mechanisms,
and fraud prevention systems within the Group.
• Ensuring the accuracy and comparability of
sustainability-related information, including
disclosures on climate change, aligning them with
financial reporting standards.
• Overseeing the Group’s cybersecurity strategy to
ensure its robustness and adherence to best practices.
Internal Controls and Risk
Management
While the Board holds ultimate responsibility for
the Group’s internal controls, it has delegated
oversight of these systems to the Audit Committee.
This ensures the safeguarding of Group assets, the
accuracy of financial records, and the prevention
and detection of fraud or irregularities.
The Audit Committee continuously evaluates the
effectiveness of internal controls and reports its
findings and recommendations to the Board.
The Board has established a framework to manage
risks effectively, which includes:
• Identification and mitigation of risks at the
operational level by departmental heads.
• Regular Board-level discussions on the Group’s
major business risks and the measures being
implemented to mitigate them.
Further details on the Group’s principal risks and
mitigation strategies are outlined on pages 58–66 of
this Annual Report.
2024 Annual Report IDH 109
Additionally, the Board has implemented a control
framework across all subsidiaries, comprising:
• Board approval of the Group’s overall budget and
strategic plans.
• A well-defined organisational structure outlining
responsibilities, authorities, and reporting lines.
• Clearly established expenditure authorisation
levels.
• Regular operational reviews at the senior
management level (weekly, monthly, and
quarterly) to assess business performance.
• A strategic planning process that outlines key
steps for senior management to execute the
Group’s long-term strategy.
• A robust financial reporting system, including
weekly management updates, monthly
management reports, and an annual budgeting
process involving senior management and the
Board. The Board received quarterly reports
throughout 2024.
• Ongoing performance monitoring, where
management reviews actual results against prior-
year figures, budgeted targets, and forecasts. Any
material deviations are assessed by the Group
Chief Executive and senior management, with
corrective actions taken where necessary.
Matters Discussed by the Audit
Committee
The Audit Committee held regular meetings
throughout the year with the external auditors.
These meetings facilitated in-depth discussions on
key financial statement risks, including:
• Revenue recognition procedures.
• Measures to prevent management override of
controls.
• Governance and control oversight of subsidiaries.
• The impact of share buybacks and treasury share
cancellations.
• The accounting treatment of further acquisitions
in our KSA business.
The Committee engaged in detailed discussions
on corporate governance enhancements and
steps to further enhance the Group’s internal
control environment.
Internal Audit
The Internal Auditor plays a key role in assessing
the adequacy and effectiveness of the Group’s
governance, risk management, and internal
controls. Their responsibilities include:
• Evaluating risks related to the Group’s strategic
objectives.
• Reviewing the reliability and integrity of financial
and operational information.
• Ensuring compliance with policies, regulations,
and laws.
• Assessing asset safeguarding measures.
• Monitoring governance processes and control
frameworks.
• Reporting periodically on significant risk
exposures, control issues, fraud risks, and
governance concerns.
The Internal Auditor reports directly to the Audit
Committee, which received four reports on internal
audit findings in 2024, along with an annual review
of the risk management system. The Committee
continues to monitor and enhance the Internal
Audit function’s effectiveness.
Corporate Governance | Audit Committee Report
110 IDH 2024 Annual Report
External Auditor Independence and
Reappointment
PwC served as the Group’s external auditor in 2024.
The Committee assessed PwC’s independence and
concluded that it remained unaffected throughout
the year.
The Audit Committee reviewed the work completed
by the external auditors. The Audit Committee
confirms that during 2024, PwC audit fees amounted
to EGP 72.1 million (2023: EGP 65.0 million). The
external auditors' fees include those related to
the dual listing of IDH’s shares on both the LSE
and the EGX until the point of the EGX delisting,
which necessitated the publishing of two reviewed
financial statements for 1Q and 2Q, in addition to
audited financial statements for the full year in
consolidated and standalone forms. No non-audit
fees were paid during 2024 (versus EGP 0.3 million
in 2023).
Following a review of PwC’s performance and
independence, the Committee recommended to the
Board the re-appointment of PwC as the Group’s
external auditor for 2025. A resolution for their
reappointment will be presented to shareholders at
the upcoming Annual General Meeting.
Recommendation
The Audit Committee has reviewed the annual audit
process and financial statements. At its meeting
on 16 April 2025, the Committee concluded that
the financial statements for the year ended 31
December 2024 provide a true and fair view of the
Group’s performance. The Committee recommends
that the Board approve the financial statements and
present them to shareholders at the forthcoming
Annual General Meeting.
Yvonne Stillhart
Chair, Audit Committee
16 April 2025
2024 Annual Report IDH 111
Remuneration Committee Report
In this report from the Remuneration Committee (the
“Committee”), I outline on behalf of my colleagues
and myself the basis on which Directors and select
members of senior management will be remunerated
for their service in 2025. A detailed discussion of the
basis on which the aforementioned (as well as one key
member of senior management) were remunerated for
their service in 2024 appears below.
Hussein Choucri
Chair, Remuneration Committee
At the date of this report, the following were members of the Remuneration Committee:
Committee Member Meeting Attended
Hussein Choucri Chairman of the Committee
Dan Olsson Committee Member
Yvonne Stillhart Committee Member
During the year, in accordance with its Terms of Reference,
the Committee reviewed and agreed increases to the fees for
the Chair and salaries of the Executive Directors to reflect
inflationary pressures. The Board reviewed and agreed
increases to the fees for the Non-Executive Directors. The
Chair and Non-Executive Director fees increases, and the
CEO salary increase took effect from 1 January 2025.
Our Board Chair, Lord St John of Bletso, is entitled to receive
an annual salary of USD 115,000. Non-Executive Directors
Hussein Choucri, Dan Olsson, Yvonne Stillhart and Richard
Henry Phillips, have been engaged by the Group under
letters of appointment. Hussein Choucri, Dan Olsson
and Yvonne Stillhart are entitled to an annual fee of USD
71,500, with an additional fee of USD 5,000 payable to the
Corporate Governance | Remuneration Committee Report
112 IDH 2024 Annual Report
Chair of the Audit Committee. Richard Henry Philips
does not receive any fee from the Group for his role
as a representative of Actis LLP, a major shareholder.
The Chair and Non-Executive Directors are all entitled
to the reimbursement of reasonable expenses.
The Committee reviewed the Executive Director
salaries, in light of continuing foreign exchange
challenges in Egypt. Considering the relatively recent
appoint of the CFO, it was agreed that no change was
necessary at this time. The Committee considered
the CEO salary and agreed to increase their annual
bonus to USD 50,000 with effect from 1 January 2025,
in recognition of the foreign exchange issues.
Remuneration of Directors in 2024 (Audited)
20
Figures in
EGP
21
Base Salary
/ Fees 2024
Base Salary
/ Fees 2023
Annual
Bonus
2024^
Annual
Bonus
2023^
Total 2024 Total 2023
Executive Director
Dr. Hend El
Sherbini
22
24,654,600 16,615,351 450,000 450,000 25,104,600 17,065,351
Sherif El Zeiny
23
16,350,104 n/a - n/a 16,350,104 n/a
Non-Executive Directors
Lord St John of
Bletso
4,553,441 3,075,866 - - 4,553,441 3,075,866
Hussein
Choucri
2,959,740 1,999,315 - - 2,959,740 1,999,315
Dan Olsson 3,168,463 2,153,110 - - 3,168,463 2,153,110
Yvonne Stillhart 2,959,740 1,999,315 - - 2,959,740 1,999,315
Hussein Choucri
Chairman, Remuneration Committee
16 April 2025
20
There are no taxable benefits, corporate pensions or long-term incentive plans for the Company’s directors.
21
Average USD:EGP exchange rate was 45.53 during 2024.
22
Dr. Hend El Sherbini receives part of her annual bonus in the form of an annual award amounting to EGP 450,000.
^BOD members are not eligible for profit share distributions.
23
Sherif El Zeiny was appointed on 18 January 2024.
2024 Annual Report IDH 113
Nomination Committee Report
The Nomination Committee (the “Committee”) met
twice during the year under review and received detailed
updates from management in respect of several key
initiatives as well as continuing to review succession
planning on both the Board and senior management
levels, promoting diversity within its ranks, and ensuring
the appropriate size and structure of the Board of Directors
to ensure its effectiveness. In this report, I outline the key
responsibilities and initiatives taken by the Committee to
this end.
Activities for the year ended 31 December 2024:
• Received detailed presentations from the Group Chief
People and Culture Officer and management in respect
of the Culture Transformation Program and HR Digital
Transformation;
• Reviewed the structure, size, and composition of the
Board and its Committees.
• Considered the independence of the Directors.
• Reviewed the Director skills matrix.
• Agreed on the internal evaluation of the Board and its
Committees, facilitated by the Company Secretary.
• Considered the Board and Senior Management
succession plans.
• Recommended the re-appointment of Directors at the
2025 Annual General Meeting to the Board.
Role of the Nomination Committee
• Regularly reviewing the structure, size, and composition
(including the skills, knowledge, experience, and
diversity) of the Board and its Committees and making
recommendations to the Board when appropriate.
• Leading the process for new appointments to the
Board.
• Ensuring orderly succession planning to both the
Board and the senior management team and reviewing
it at least on an annual basis.
• Supporting the development of a diverse pipeline for
succession.
• Ensuring that there is a rigorous annual evaluation
of the performance of the Board, its Committees, the
Chair, and Individual Directors.
• As Chair of the Committee, I will report to the Board
on the business carried out at the previous Committee
meeting and inform of any recommendations made by
the Committee.
Succession Planning: Board Level
In January 2024, the Committee supported the recruitment
and appointment of Sherif El Zeiny as Group Chief
Financial Officer, Vice President, and Executive Director.
The Committee carefully reviewed the tenure of the Non-
Executive Directors, recognising that the Chair and two
Non-Executive Directors had served on the Board for ten
years. The Committee also considered the tenure of a third
Non-Executive Director who had served on the Board for
ten years but was never Independent as they represent a
major shareholder in the Company. The Committee sought
the views of the Executive Directors, in conjunction with
the feedback provided in the annual Board Effectiveness
Review. It was considered that the Group was at a key stage
in its strategic initiatives, which would be best served with
a stable and knowledgeable Board and, as a result, the
Lord St John of Blesto
Chair, Nomination Committee
Corporate Governance | Nomination Committee Report
114 IDH 2024 Annual Report
Committee recommended to the Board that no changes
would be proposed to the current Board composition.
Succession planning: Senior Management
During the year, the Committee received detailed
updates from the HR function in respect of succession
planning at Executive and Senior Management level,
noting the hiring of the new Investor Relations Director
and Group Chief Financial Officer and Vice President.
Diversity
The Committee recognises that in order for the Board to
discharge its fiduciary duties, members should possess
a broad range of social, educational, and professional
backgrounds, as well as bring along different skills,
experiences, and cognitive strengths.
By consistently monitoring the diversity of our workplace
with a strict focus on merit, and while employing an
objective set of criteria, we ensure our ability to effectively
compete in the world’s increasingly diverse marketplace.
Our disclosures and statement on the diversity of
our Board, senior Board positions, and executive
management in compliance with UK Listing Rule
22.3.20R (1) are set out below.
The Listing Rule sets the following targets:
• At least 40% of the Board are women;
• At least one of the senior Board positions (Chair, Chief
Executive Officer (CEO), Senior Independent Director
(SID), or Chief Financial Officer (CFO) is a woman; and
• At least one member of the Board is from a minority
ethnic background (which is defined by reference
to the categories recommended by the Office of
National Statistics (ONS) as coming from a non-
white ethnic background).
The tables below show the data required to be
presented by the Listing Rule. While the Group is not
currently in compliance with the 40% of the Board are
women target, we believe that we currently have the
right people fulfilling these executive roles, based on
professional background and experience.
While we do not believe it is appropriate to set strict goals
to comply with these targets at present, we believe that the
composition of the Board should be driven by the specific
needs and skill gaps of the Group, and we continuously
review our position on the matter. Meanwhile, the Board
is committed to improving diversity in the workforce and
will continue to consider the matter as a key pillar in its
succession planning and recruitment process.
Board and Senior Management Composition by Sex
Sex Representation
Number
of Board
members
Percentage of
the Board
Number
of senior
positions on
the Board
(CEO, CFO, SID,
and Chair)
Number in
executive
management
Percentage
of executive
management
Men
5 71.43% 2 6 55%
Women
2 28.57% 1 5 45%
2024 Annual Report IDH 115
Board and Senior Management Composition by Ethnic Background
Ethnic Representation
Number
of Board
members
Percentage on
the Board
Number
of senior
positions on
the Board
(CEO, CFO, SID
and Chair)
Number in
executive
management
Percentage
of executive
management
White British
or other White
(including minority
white groups)
4 57.14% 1 _ _
Other ethnic groups,
including Arab
3 42.86%
2
11
100%
Notes:
1. All data is at 31 December 2024.
2. Executive management is represented by all direct reports of the Chief Executive Officer in non-administrative roles. The role of the Company Secretary
is excluded as the role is outsourced to an external service provider.
3. Data is collected via self-reporting.
I look forward to meeting shareholders at the AGM on 27 May 2025.
Lord St John of Blesto
Chair of the Nomination Committee
16 April 2025
Corporate Governance | Nomination Committee Report
116 IDH 2024 Annual Report
2024 Annual Report IDH 117
Directors’ Report
The statements and reviews on pages 6 to 94
comprise the Strategic Report, which contains certain
information that is incorporated into this Directors’
Report by reference, including indications as to the
Group’s likely future business developments.
Directors
The Directors who held office as at 31 December 2024
and up to the date of this report are set out on pages 98
to 101, along with their biographies. The remuneration
of the Board of Directors is set out in the Remuneration
Report on page 113.
Directors' and Officers' Liability Insurance
and Indemnification of Directors
Subject to the conditions set out in the Companies
(Jersey) Law 1991 (as amended), the Group has
arranged appropriate Directors’ and Officers’
liability insurance to indemnify the Directors against
liability in respect of proceedings brought by third
parties. Such provisions remain in force at the date
of this report.
Principal Activities
The Group’s principal activity is the provision of
medical diagnostics services. An overview of the
Group’s principal activities is an integral component
of the Strategic Review included in this Annual Report
beginning on page 6.
Business Review and Future
Developments
A review of the development and performance
of the Group’s business forms an integral part of
this Annual Report in different sections, including
the Chairman’s Message (pages 14 to 17), Chief
Executive’s Report (pages 18 to 23), Strategic Report
(beginning page 6), and particularly the Performance
section (beginning on page 70). Financial statements
for 2024 appear in the Audited Financial Statements
(starting on page 134).
Results and Dividends
The Group’s Results for 2024 are set out in the Audited
Financial Statements starting on page 134. While IDH
maintains its long-term dividend policy that sees the
Company return to shareholders the maximum amount
of excess cash after taking careful account of the cash
needed to support operations and expansions, the
Board of Directors has agreed to defer the declaration
of a dividend until after the release of the Company's
half-year results. This will allow the Board and
management to better assess the Company's capital
needs in light of potential expansion opportunities and
the prevailing market conditions.
Principal Risks and Uncertainties
The principal risks and uncertainties that may affect
IDH’s business, as well as their potential mitigants, are
outlined on pages 58 to 66 of this Annual Report.
Share Capital
The Group has 581,326,272 ordinary shares, each
with a nominal value of USD 0.25 (31 December 2023:
600,000,000 ordinary shares of USD 0.25 each). As
part of the delisting on the EGX, as explained in full
in the EGM Circular dated 1 July 2024, the Company
purchased 18,673,728 shares listed on the EGX from
the EGX shareholders who had tendered their shares at
a price of EGP 20 (twenty Egyptian pounds) per share.
The process of transferring these repurchased shares
to the London Stock Exchange was completed on 17
September 2024, and as of that date the Company
held 18,673,728 shares in treasury. Subsequently, on
8 October 2024, those shares held in treasury were
cancelled by the Company. As at 31 December 2024
and the date of signing of this Annual Report there
are no other shares in issue, other than 581,326,272
ordinary shares.
Substantial Share Holdings
As at 31 December 2024, the Company ascertained from
its own analysis that the following held interests of 3% or
more of the voting rights of its issued share capital:
Corporate Governance | Directors’ Report
118 IDH 2024 Annual Report
Substantial Share Holdings
Shareholder Number of Voting Rights % of Voting Rights
Hena Holdings Ltd. 162,445,383 27.94%
Actis IDH Ltd 126,000,000 21.67%
337 Frontier Capital 30,282,833 5.21%
Mutima Capital Management 23,904,486 4.11%
Fidelity Investments 20,879,699 3.59%
Oddo BHF Asset Management 20,138,226 3.46%
International Finance Corporation 19,220,968 3.31%
ABN AMRO Bank 17,955,505 3.09%
The Directors certify that there are no issued securities
that carry special rights with regard to control of the
Company. There are similarly no restrictions on voting
rights. Chief Executive Officer Dr. Hend El-Sherbini and
her mother, Dr. Moamena Kamel, jointly hold the shares
held by Hena holdings, which include the described
voting rights.
The Company has not been informed of any changes to
the above interests between 31 December 2024 and the
date of this Report.
Corporate Responsibility
The Group’s report on Corporate Responsibility is set out
on pages 92 to 94.
Corporate Governance
The Group’s report on Corporate Governance is on pages
98 to 121.
Articles of Association
The Company’s Articles of Association set out the rights of
shareholders, including voting rights, distribution rights,
attendance at general meetings, powers of Directors,
proceedings of Directors, as well as borrowing limits
and other governance controls. A copy of the Articles
of Association can be requested from the Group
Company Secretary.
The Articles of Association may be amended by members
of the Company via special resolution at a General
Meeting of the Company. The Company is not seeking any
amendments at the forthcoming annual general meeting.
Rules on the Appointment and
Replacement of Directors
Rules on the appointment and replacement of
Directors are set out in the Group’s Articles of
Association, a copy of which may be requested from
the Group Company Secretary.
Conflicts of Interest
No Directors took on additional significant
commitments during the year that impacted their
ability to perform their duties. No contract with
the Company or any subsidiary undertaking of the
Company in which any Director was materially
interested existed at the end of the financial year.
2024 Annual Report IDH 119
Political Donations
The Group made no political donations in 2024 (2023: nil).
Financial Instruments
The Group’s principal financial instruments comprise
cash balances, balances with related parties, trade
receivables and payables, and other payables and
receivables that arise in the normal course of business.
The Group’s financial instruments, risk management
objectives, and policies are set out in Note 3 and Note 5 to
the Financial Statements.
Employees
The Group has two (2) Executive Directors, namely the
Group Chief Executive, Dr. Hend El Sherbini, and the
Group Chief Financial Officer and Vice President of
Finance and Strategies, Sherif El Zeiny, as identified in
the Corporate Governance section. Their biographical
information appears on page 98 of this Annual Report,
and their compensation is reported in the Remuneration
Committee Report on page 113. IDH has service
agreements with the Group Chief Executive and with
the Group Chief Financial Officer and Vice President of
Finance and Strategies. Dr. Hend El Sherbini leads the
Company’s Executive Committee, which also includes all
heads of departments and meets every second week to
review and discuss performance, priorities, and upcoming
events in light of the Group’s strategic plans. In view of the
Company’s regional growth plans, IDH is committed to
building out its senior management team in preparation for
a larger footprint. The Group and its subsidiaries employed
an average of 6,309 employees during 2024 (2023: 6,692)
across Egypt, Jordan, Sudan, Saudi Arabia, and Nigeria.
Creditor Payment Policy
Individual subsidiaries of the Group are responsible
for agreeing on the terms and conditions under which
business transactions with their suppliers are conducted.
It is the Group’s policy that payments to suppliers are made
in accordance with all relevant terms and conditions.
Going Concern
The Directors have considered a number of downside
scenarios, including the most severe but plausible
scenario, for the 16-month period from the signing of
the financial statements. They have also assessed the
likelihood of any key one-off payments arising, such as
dividends or those in respect of M&A activities. Under all
of these scenarios, there remains significant headroom
from a liquidity and covenant perspective. Therefore,
the Directors believe the Group has the ability to meet its
liabilities as they fall due, and the use of the going concern
basis in preparing the financial statements is appropriate.
Given the current market uncertainties, the Board believes
it is prudent to take a cautious and measured approach.
Therefore, it has decided to defer the declaration of a
dividend for the year ended 31 December 2024 until
after the release of the Company's half-year results.
This will allow it to better assess the Company's capital
needs in light of planned capital expenditure to support
growth and the prevailing market conditions. Despite
this decision, management reiterates that its long-term
dividend policy, which sees the Company return to
shareholders the maximum amount of excess cash after
taking careful account of the cash needed to support
operations and expansions, has remained unchanged.
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual
Report and the financial statements in accordance with
applicable laws and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law, the
Directors have prepared the Group financial statements
in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the European Union.
Under Company law, Directors must not approve the
financial statements unless they are satisfied that they
give a true and fair view of the state of affairs of the Group
and of the profit or loss of the Group for that period. In
preparing the financial statements, the Directors are
required to:
• select suitable accounting policies and then apply
them consistently;
• state whether applicable IFRSs as adopted by the
European Union have been followed, subject to any
Corporate Governance | Directors’ Report
120 IDH 2024 Annual Report
material departures disclosed and explained in the
financial statements;
• make judgements and accounting estimates that are
reasonable and prudent; and
• prepare the financial statements on the going
concern basis, unless it is inappropriate to presume
that the Group will continue in business.
The Directors are responsible for safeguarding the Group's
assets and, hence, for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate
accounting records that are sufficient to show and explain
the Group’s transactions and disclose with reasonable
accuracy at any time the financial position of the Group
and enable them to ensure that the financial statements
comply with the Companies (Jersey) Law 1991.
The Directors are responsible for the maintenance and
integrity of the Group’s website. Legislation in the United
Kingdom governing the preparation and dissemination
of financial statements may differ from legislations in
other jurisdictions.
Directors’ Confirmations
Each of the Directors, whose names and functions are
listed in the Board of Directors section of the Annual
Report, confirms that, to the best of their knowledge:
• the Group financial statements, which have been
prepared in accordance with IFRSs as adopted by
the European Union, give a true and fair view of the
assets, liabilities, financial position, and profit of the
Group; and
• the Financial and Operational Review includes a fair
review of the development and performance of the
business and the position of the Group, together with
a description of the principal risks and uncertainties
that it faces.
In the case of each Director in office at the date the
Directors’ Report is approved:
• as far as the Director is aware, there is no relevant
audit information of which the Group’s auditors are
unaware; and
• they have taken all the steps that they ought to have
taken as a Director in order to make themselves aware
of any relevant audit information and to establish that
the Group’s auditors are aware of that information.
Annual General Meeting (AGM)
The Company will hold its next AGM on 27 May 2025
in London, UK. The Board remains keen to encourage
engagement with shareholders. To that end, the Directors
would like to invite questions from shareholders in
advance of and during the AGM. Should shareholders
wish to submit questions to the Board prior to the
deadline for proxy voting, they can do so, and these will
be responded to on an individual basis. In addition, the
Board will offer shareholders the opportunity to dial into
the AGM, at which time they can also submit questions
to the Board.
Details of the AGM are included in the Notice of Meeting
that accompanies this Annual Report, and which is
available on our website.
At the AGM, all of the Group’s Directors will retire and
submit themselves for re-election.
The outcome of the voting at the AGM will be announced
by way of a London Stock Exchange announcement,
and full details will be published on the Group’s website
shortly after the AGM.
Auditors
PwC have confirmed their willingness to act as the
Company’s external auditors, and a separate resolution
will be proposed at the forthcoming AGM concerning
their re-appointment and to authorise the Board to agree
their remuneration.
By order of the Board,
Dr. Hend El Sherbini
Executive Director
16 April 2025
2024 Annual Report IDH 121
FINANCIAL
STATEMENTS
122 IDH 2024 Annual Report
2024 Annual Report IDH 123
Independent auditors’ report
to the members of Integrated
Diagnostics Holdings plc
Financial Statements | Independent Auditors’ Report
Report on the audit of the financial statements
Opinion
In our opinion, Integrated Diagnostics Holdings plc’s group financial statements:
• give a true and fair view of the state of the group’s affairs as at 31 December 2024 and of its profit and cash flows
for the year then ended;
• have been properly prepared in accordance with International Financial Reporting Standards as adopted in the
European Union; and
• have been prepared in accordance with the requirements of the Companies (Jersey) Law 1991.
We have audited the financial statements, included within the Annual Report, which comprise: the consolidated
statement of financial position as at 31 December 2024; the consolidated income statement, the consolidated
statement of comprehensive income, the consolidated statement of cash flows, and the consolidated statement
of changes in equity for the year then ended; and the notes to the financial statements, comprising material
accounting policy information and other explanatory information.
Our opinion is consistent with our reporting to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable
law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, which includes the Financial Reporting Council’s (“FRC”) Ethical
Standard, as applicable to listed public interest entities in accordance with the requirements of the Crown
Dependencies' Audit Rules and Guidance for market-traded companies, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical
Standard were not provided.
We have provided no non-audit services to the company or its controlled undertakings in the period under audit.
124 IDH 2024 Annual Report
Our audit approach
Context
Integrated Diagnostics Holdings plc ("IDH") is a company incorporated in Jersey with shares listed on the London
Stock Exchange ("LSE"). PricewaterhouseCoopers LLP ("PwC UK") are appointed to audit the consolidated
financial statements of IDH for the purposes of the requirements of the LSE and Jersey Law. All trading operations of
IDH are outside of the UK (generally in the Middle East and Africa). Therefore, the role of PwC UK is predominantly
that of a group auditor with other PwC network firms acting as component auditors.
Overview
Audit scope
• Components were considered to be individual legal entities within the group. Full scope audits were performed
on 4 significant components. The four components included the 3 main trading subsidiary companies in
Egypt and the trading subsidiary company in Jordan. These were selected due to their relative size.
• Additional testing included audits of certain FSLIs of other components related to FSLIs to increase the level
of audit coverage obtained.
• Procedures over the consolidation, central areas including impairment testing, the Annual Report and
consolidated financial statements were all performed by the group auditor.
• Overall coverage of 98% of reported revenues and 96% of reported profit before tax was obtained based on
the scope of work.
Key audit matters
• Accuracy of revenue recognised from customers
Materiality
• Overall materiality: EGP 58,821,000 (2023: EGP 35,568,000) based on 5% of profit before tax adjusted for non recurring
expenses and the one off foreign exchange gain on intercompany balances from the EGP devaluation in March 2024.
• Performance materiality: EGP 44,115,750 (2023: EGP 26,676,000).
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit
of the financial statements of the current period and include the most significant assessed risks of material misstatement
(whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit
strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any
comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
2024 Annual Report IDH 125
Independent auditors’ report
to the members of Integrated
Diagnostics Holdings plc
Financial Statements | Independent Auditors’ Report
This is not a complete list of all risks identified by our audit.
The key audit matters below are consistent with last year.
Key audit matter
How our audit addressed the key audit
matter
Accuracy of revenue recognised from customers
The Group reported revenue of EGP 5,719,742,000
from health diagnostics related activities, during the
year ended 31 December 2024. There is an inherent
risk around the accuracy of revenue recorded from the
services rendered, as revenue consists of a high volume
of transactions involving different products, services,
and pricing mechanisms. Consequently, a significant
portion of our audit effort was directed towards testing
the accuracy of revenue.
Refer to the following notes to the consolidated financial
statements for further details:
Note 3: Material accounting policy information and
other explanatory information
Note 6: Revenue
We performed audit procedures over this area, which
included a combination of tests of controls and substantive
procedures as described below:
• We obtained an understanding of the various
significant revenue streams and identified the
relevant controls, IT systems and reports.
• We assessed the Group’s revenue accounting policies,
including the key judgments and estimates applied by
management in consideration of the requirements of
IFRS 15.
• We performed manual controls testing and
substantive procedures, to verify accuracy of revenue.
This included testing the end-to-end reconciliations
of data records extracted from the source system to
the cash / credit balances ledger.
• We used data analytic tools to assess the
reasonableness of the total value of the revenue
recorded based on price lists.
• We performed a reconciliation between revenue
transactions and cash collected and selected a sample
of the revenue transactions and tested their accuracy
and validity to underlying source documentation.
• We also assessed the adequacy of the Group’s
disclosures in the consolidated financial statements
with respect to revenue.
Based upon the procedures performed above we
concluded that sufficient and appropriate audit evidence
was obtained in relation to this risk.
126 IDH 2024 Annual Report
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the
financial statements as a whole, taking into account the structure of the group, the accounting processes and
controls, and the industry in which it operates.
IDH is headquartered in Egypt, where the finance team manages the group operations and those of the
Egyptian subsidiaries. Jordan is the largest non-Egyptian operation. There are other operations in Sudan
and Nigeria. The new branches in Saudi Arabia are operational in 2024. All of these operate under common
systems and controls, but with separate local management and finance teams reporting into the Egyptian
head office team.
For each individual Financial Statement Line Item ("FSLI") we considered if sufficient coverage was obtained.
Based upon this final assessment no other areas were brought into the scope of our audit.
Overall coverage of 98% of reported revenues and 96% of reported profit before tax was obtained based on the
scope of work.
Analytical review procedures were performed of some entities within the group as well as enquiries of management
being performed. We also considered if any other risk criteria would result in additional areas being included
within the scope of our audit. We concluded that, based upon the coverage obtained above and our understanding
of the group, that no further components or balances were included in our scope.
The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the extent of the potential impact of climate
risk on the group’s financial statements, and we remained alert when performing our audit procedures for any
indicators of the impact of climate risk. Our procedures did not identify any material impact as a result of climate
risk on the group’s financial statements.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds
for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit
and the nature, timing and extent of our audit procedures on the individual financial statement line items and
disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial
statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
2024 Annual Report IDH 127
Independent auditors’ report
to the members of Integrated
Diagnostics Holdings plc
Financial Statements | Independent Auditors’ Report
For each component in the scope of our group audit, we allocated a materiality that is less than our overall
group materiality. The range of materiality allocated across components was between EGP 42,470,000 and
EGP 24,880,000. Certain components were audited to a local statutory audit materiality that was also less
than our overall group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of
uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance
materiality in determining the scope of our audit and the nature and extent of our testing of account
balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance
materiality was 75% (2023: 75%) of overall materiality, amounting to EGP 44,115,750 (2023: EGP 26,676,000)
for the group financial statements.
In determining the performance materiality, we considered a number of factors - the history of misstatements,
risk assessment and aggregation risk and the effectiveness of controls - and concluded that an amount at the
upper end of our normal range was appropriate.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit
above EGP 2,941,050 (2023: EGP 1,778,000) as well as misstatements below that amount that, in our view,
warranted reporting for qualitative reasons.
Overall group materiality EGP 58,821,000 (2023: EGP 35,568,000).
How we determined it 5% of profit before tax adjusted for non recurring expenses and the
one off foreign exchange gain on intercompany balances from the EGP
devaluation in March 2024.
Rationale for benchmark
applied
We believe this benchmark is the key measure used by the shareholders
and management in assessing the performance of the group. It is widely
accepted to use a profit based benchmark when assessing materiality for
listed groups.
128 IDH 2024 Annual Report
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group's ability to continue to adopt the going concern basis
of accounting included:
• Discussing with management and those charged with governance the performance in 2024, the budgets
for 2025 and beyond and the performance in the 2025 financial year to date. These discussions included
the impact of current events on management's forecasts and the key drivers behind any expected changes
to the current level of performance;
• Comparing the forecasts profits and cashflows to the latest approved budgets and considering actual
results achieved in the year to date and sought evidence for any unexpected trends. We considered the
level of underperformance that would need to occur before there would be insufficient facilities. We
considered the competency of management to prepare accurate forecasts by reviewing past levels of
budget accuracy;
• Validating management's assessment of available cash and debt facilities to bank confirmations and
committed debt facilities, including recalculating covenants and considering compliance with covenants
or ability to repay borrowings if required, based on management's forecasts;
• Considered the plausible but severe downsides included in management's model for reasonableness
based upon our understanding of the group and the likelihood of significant one off payments arising,
such as settlement of option payments;
• Testing the accuracy of the model containing management's forecasted future financial performance
and cashflows;
• Considering the macroeconomic environment of the territories in which the group operates in and the
impact this could have on performance and cash flows; and
• Reviewing the disclosures made within the Annual Report for consistency with our audit work and
compliance with the respective legal and accounting requirements.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue
as a going concern for a period of at least twelve months from when the financial statements are authorised
for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
2024 Annual Report IDH 129
Independent auditors’ report
to the members of Integrated
Diagnostics Holdings plc
Financial Statements | Independent Auditors’ Report
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as
to the group's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in
the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial
statements and our auditors’ report thereon. The directors are responsible for the other information. Our
opinion on the financial statements does not cover the other information and, accordingly, we do not express
an audit opinion or, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we
identify an apparent material inconsistency or material misstatement, we are required to perform procedures
to conclude whether there is a material misstatement of the financial statements or a material misstatement
of the other information. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report based
on these responsibilities.
Strategic report and Directors' Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic
report and Directors' Report for the year ended 31 December 2024 is consistent with the financial statements
and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the group and its environment obtained in the course of the
audit, we did not identify any material misstatements in the Strategic report and Directors' Report.
130 IDH 2024 Annual Report
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors' responsibilities, the directors are responsible for
the preparation of the financial statements in accordance with the applicable framework and for being
satisfied that they give a true and fair view. The directors are also responsible for such internal control as
they determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the group or to cease operations,
or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with
laws and regulations related to healthcare and employment legislation and the Listing Rules, and we considered
the extent to which non-compliance might have a material effect on the financial statements. We also considered
2024 Annual Report IDH 131
Independent auditors’ report
to the members of Integrated
Diagnostics Holdings plc
Financial Statements | Independent Auditors’ Report
those laws and regulations that have a direct impact on the financial statements such as taxation legislation
and Companies (Jersey) Law 1991. We evaluated management’s incentives and opportunities for fraudulent
manipulation of the financial statements (including the risk of override of controls), and determined that the
principal risks were related to overstatement of revenues or the financial performance/position of the group
through inappropriate use of journal entries, manipulation of significant accounting estimates or inappropriate
recording of significant or unusual transactions/events. The group engagement team shared this risk assessment
with the component auditors so that they could include appropriate audit procedures in response to such risks
in their work. Audit procedures performed by the group engagement team and/or component auditors included:
• Discussions with management and those charged with governance regarding any known or suspected
instances of fraud, non-compliance with laws and regulations or claims being made against the group;
• Reviewing board minutes to ascertain the completeness of the above disclosures made to us;
• Auditing key management estimates and judgements, including assessment of compliance with
the accounting requirements and validity of the estimates (underlying data and accuracy of past
assumptions);
• Reviewing the disclosures within these consolidated financial statements for appropriateness based
upon the group's legal and accounting requirements;
• Agreeing significant transactions to underlying documentation and that accounting was appropriate;
and
• Testing journal entries made during the year, using a risk-based target testing approach, focusing on
those which impacted reported revenues or had unusual account combinations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of
instances of non-compliance with laws and regulations that are not closely related to events and transactions
reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is
higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment
by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly
using data auditing techniques. However, it typically involves selecting a limited number of items for testing,
rather than testing complete populations. We will often seek to target particular items for testing based on
their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion
about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s
website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
132 IDH 2024 Annual Report
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in
accordance with Article 113A of the Companies (Jersey) Law 1991 and for no other purpose. We do not, in giving
these opinions, accept or assume responsibility for any other purpose or to any other person to whom this
report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies (Jersey) Law 1991 exception reporting
Under the Companies (Jersey) Law 1991 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
We have no exceptions to report arising from this responsibility.
Appointment
Following the recommendation of the Audit Committee, we were appointed by the members on 2 July 2021
to audit the financial statements for the year ended 31 December 2021 and subsequent financial periods.
The period of total uninterrupted engagement is 4 years, covering the years ended 31 December 2021 to 31
December 2024.
Other matter
The company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules
to include these financial statements in an annual financial report prepared under the structured digital
format required by DTR 4.1.15R - 4.1.18R and filed on the National Storage Mechanism of the Financial
Conduct Authority. This auditors’ report provides no assurance over whether the structured digital format
annual financial report has been prepared in accordance with those requirements.
David Teager
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Recognized Auditor
East Midlands
16 April 2025
2024 Annual Report IDH 133
Consolidated statement of
financial position
As at 31 December 2024
Notes | 2024 | 2023 | |
| Assets | EGP’000 | EGP’000 | |
| Non-current assets | |||
Property, plant and equipment | 11 | ||
Intangible assets and goodwill | 12 | ||
Right of use assets | 25 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 15 | ||
Trade and other receivables | 16 | ||
Financial assets at fair value through profit and loss | 14 | ||
Financial assets at amortized cost | 18 | ||
Cash and cash equivalents | 17 | ||
Total current assets | |||
Total assets | |||
| Equity | |||
Share capital | 19 | ||
Share premium reserve | 19 | ||
Capital reserves | 19 | ( | ( |
| Capital Redemption Reserve | |||
Legal reserve | 19 | ||
Put option reserve | 19 | ( | ( |
Translation reserve | 19 | ( | ( |
| Retained earnings | |||
Equity attributable to the owners of the Company | |||
Non-controlling interests | 2 | ||
Total equity | |||
| Non-current liabilities | |||
Provisions | 21 | ||
Borrowings | 24 | ||
Other financial obligations | 25 | ||
Non-current put option liability | 23 | ||
Deferred tax liabilities | 9 | ||
Total non-current liabilities | |||
| Current liabilities | |||
Trade and other payables | 22 | ||
Other financial obligations | 25 | ||
Current put option liability | 23 | ||
Borrowings | 24 | ||
Current tax liabilities | 28 | ||
Total current liabilities | |||
Total liabilities | |||
Total equity and liabilities | |||
| The accompanying notes on pages 139-188 form an integral part of these consolidated financial statements. |
These consolidated financial statements were approved and authorised for issue by the Board of Directors and
signed on their behalf on 16 April 2025 by:
Dr. Hend El Sherbini Sherif El Zeiny
Chief Executive Officer Chief Financial Officer
Financial Statements | Consolidated statement of financial position
134 IDH 2024 Annual Report
Consolidated income statement
For the year ended 31 December 2024
Notes | 2024 | 2023 | |
EGP’000 | EGP’000 | ||
| Revenue | 6 | ||
| Cost of sales | 8.1 | ( | ( |
Gross profit | |||
Marketing and advertising expenses | 8.2 | ( | ( |
Administrative expenses | 8.3 | ( | ( |
Impairment loss on trade and other receivable | 16 | ( | ( |
Other income/(expenses) | 8.4 | ( | |
Operating profit | |||
Net fair value losses on financial assets at fair value through profit or loss | 8.9 | ( | |
Finance costs | 8.7 | ( | ( |
Finance income | 8.7 | ||
Net finance income/(costs) | 8.7 | ( | |
Profit before income tax | |||
Income tax expense | 9 | ( | ( |
Profit for the year | |||
| Profit/(Loss) attributed to: | |||
Owners of the Company | |||
Non-controlling interests | ( | ( | |
Earnings per share | 10 | ||
Basic and diluted |
The accompanying notes on pages 139-188 form an integral part of these consolidated financial statements.
Financial Statements | Consolidated income statement
2024 Annual Report IDH 135
Consolidated statement of
comprehensive income
For the year ended 31 December 2024
2024 | 2023 | |
EGP’000 | EGP’000 | |
Net profit for the year | ||
| Other comprehensive income/(expense): | ||
| Items that may be reclassified to profit or loss: | ||
Exchange difference on translation of foreign operations | ( | |
Other comprehensive income/(expense) for the year, net of tax | ( | |
Total comprehensive income for the year | ||
| Attributable to: | ||
Owners of the Company | ||
Non-controlling interests | ||
The accompanying notes on pages 139-188 form an integral part of these consolidated financial statements.
Financial Statements | Consolidated statement of comprehensive income
136 IDH 2024 Annual Report
Consolidated statement of cash
flows
For the year ended 31 December 2024
Notes | 2024 | 2023 | |
| Cash flows from operating activities | EGP’000 | EGP’000 | |
Profit before tax | |||
| Adjustments for: | |||
Depreciation of property, plant and equipment | 11 | ||
Depreciation of right of use assets | 25 | ||
Amortisation of intangible assets | 12 | ||
Unrealised foreign exchange gains and losses | 8.7 | ( | ( |
Fair value losses on financial assets at FV through profit or loss | |||
Finance income | 8.7 | ( | ( |
Finance Expense | 8.7 | ||
Loss/(gain) on disposal of PPE | ( | ||
Impairment in trade and other receivables | 16 | ||
ECl in cash | |||
Impairment in goodwill | |||
Impairment in assets | |||
Equity settled financial assets at fair value | ( | ||
ROU Asset/Lease Termination | ( | ( | |
Change in Provisions | 21 | ||
Change in Inventories | ( | ||
Change in Trade and other receivables | ( | ( | |
Change in Trade and other payables | ( | ||
| Cash generated from operating activities before income | |||
| tax payment | |||
Taxes paid | ( | ( | |
Net cash generated from operating activities | |||
| Cash flows from investing activities | |||
Proceeds from sale of property, plant and equipment | |||
Interest received on financial asset at amortised cost | |||
Payments for acquisition of property, plant and equipment | ( | ( | |
Payments for acquisition of intangible assets | ( | ( | |
Payments for the purchase of financial assets at amortised cost | ( | ( | |
Proceeds from the sale of financial assets at amortized cost | |||
Payment for purchase of global depository receipts (short- term investment) | 8.9 | ( | |
| Proceeds from sale of global depository receipts (short-term | 8.9 | ||
| investments) | |||
Net cash used in investing activities | ( | ( | |
| Cash flows from financing activities | |||
Proceeds from borrowings | 27 | ||
Repayment of borrowings | 27 | ( | ( |
Payment of financial obligations | 27 | ( | ( |
Principal payment of lease liabilities | 27 | ( | ( |
Dividends paid | ( | ||
Payments for shares bought back | ( | ||
Interest paid | 27 | ( | ( |
Bank charge paid | ( | ( | |
Cash injection by owner of non-controlling interest | |||
Acquire shares non-controlling interest | ( | ||
Paid cash to non-controlling interest | ( | ||
Net cash flows used in financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at the beginning of the year | |||
Effect of exchange rate on cash | |||
Cash and cash equivalents at the end of the year | 17 |
Non-cash investing and financing activities disclosed in other notes are:
• acquisition of right-of-use assets – note 25
• Put option liability – note 23
The accompanying notes on pages 139-188 form an integral part of these consolidated financial statements.
Financial Statements | Consolidated statement of cash flows
2024 Annual Report IDH 137
| EGP'000 | |||||||||||
| As at 1 January 2024 | ( | ( | ( | ||||||||
| Profit / (loss) for the year | ( | ||||||||||
| Other comprehensive | |||||||||||
(expense)/ income for the year | ( | ( | |||||||||
Total comprehensive income | ( | ||||||||||
Transactions with owners in their capacity as owners | |||||||||||
| Dividends | ( | ( | |||||||||
| Buyback of shares | ( | ( | ( | ||||||||
| Cancellation of treasury | ( | ||||||||||
| shares | |||||||||||
| Movement in put option | ( | ( | ( | ||||||||
| liability in the year | |||||||||||
Acquisition of non- controlling interests | ( | ( | |||||||||
without change in control | |||||||||||
| Cash injection by owner | |||||||||||
| of non-controlling | |||||||||||
| interest | |||||||||||
| Total | ( | ( | ( | ( | ( | ||||||
| At 31 December 2024 | ( | ( | ( | ||||||||
| As at 1 January 2023 | ( | ( | |||||||||
| Profit / (loss) for the year | ( | ||||||||||
| Other comprehensive | |||||||||||
(expense)/ income for the year | ( | ( | ( | ||||||||
Total comprehensive income | ( | ||||||||||
Transactions with owners in their capacity as owners | |||||||||||
| Impact of hyperinflation | ( | ( | ( | ||||||||
| Movement in put option | |||||||||||
| liabilities for the year | |||||||||||
Paid share from non- controlling interests | ( | ( | |||||||||
Acquisition of non- controlling interests | |||||||||||
without change in control | |||||||||||
| Total | ( | ||||||||||
| At 31 December 2023 | ( | ( | ( |
Share Capital
Share
premium
reserve
Capital
reserves
Legal reserve
*
Capital
Redemption
Reserve
Put option
reserve
Translation
reserve
Retained
earnings
Total
attributed to
the owners of
the Company
Non-
Controlling
interests
Total Equity
*
Under Egyptian Law each subsidiary 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.
Consolidated statement of
changes in equity
For the year ended 31 December 2024
Financial Statements | Consolidated statement of changes in equity
138 IDH 2024 Annual Report
Notes to the Consolidated
Financial Statements
For the year ended 31 December 2024
(In the notes all amounts are shown in Egyptian Pounds “EGP’000” unless otherwise stated)
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 139
| Country of | Non-Controlling | |||||
| Principal activities | Incorporation | % Equity interest | interest | |||
2024 | 2023 | 2024 | 2023 | |||
| Al Borg Laboratory | Medical diagnostics service | Egypt | 99.30% | 99.30% | 0.70% | 0.70% |
| Company (“Al-Borg”) | ||||||
| Al Mokhtabar Company | ||||||
| for Medical Labs (“Al | Medical diagnostics service | Egypt | 99.90% | 99.90% | 0.10% | 0.10% |
| Mokhtabar”) | ||||||
Medical Genetic Center | Medical diagnostics service | Egypt | 55.00% | 55.00% | 45.00% | 45.00% |
| Al Makhbariyoun Al Arab | Medical diagnostics service | Jordan | 60.00% | 60.00% | 40.00% | 40.00% |
| Group | ||||||
| Golden Care for Medical | Holding company of SAMA | Egypt | 100.00% | 100.00% | 0.00% | 0.00% |
| Services | ||||||
| Integrated Medical | ||||||
| Analysis Company | Medical diagnostics service | Egypt | 100.00% | 100.00% | 0.00% | 0.00% |
| (S.A.E)* | ||||||
| SAMA Medical | ||||||
| Laboratories | Medical diagnostics service | Sudan | 80.00% | 80.00% | 20.00% | 20.00% |
| Co. ("Ultralab medical | ||||||
| laboratory ") | ||||||
| AL-Mokhtabar Sudanese | Medical diagnostics service | Sudan | 65.00% | 65.00% | 35.00% | 35.00% |
| Egyptian Co. | ||||||
| Integrated Diagnostics | Intermediary holding | Cayman | 100.00% | 100.00% | 0.00% | 0.00% |
| Holdings Limited | company | Islands | ||||
| Dynasty Group Holdings | Intermediary holding | England and | 51.00% | 51.00% | 49.00% | 49.00% |
| Limited | company | Wales | ||||
| Eagle Eye-Echo Scan | Intermediary holding | |||||
| ** | Mauritius | 77.57% | 77.18% | 22.43% | 22.82% | |
| Limited | company | |||||
Echo-Scan *** | Medical diagnostics service | Nigeria | 100.00% | 100.00% | 0.00% | 0.00% |
WAYAK Pharma | Medical services | Egypt | 99.99% | 99.99% | 0.01% | 0.01% |
| Medical Health | ||||||
| **** | Medical services | Saudi Arabia | 100% | 51% | 0% | 49% |
| Development | ||||||
| ***** | Intermediary holding | United Arab | ||||
| Chronx Limited | 80% | - | 20% | - | ||
| company | Emirates |
Financial Statements | Notes to the Consolidated Financial Statements
140 IDH 2024 Annual Report
Country of incorporation | 2024 | 2023 | |
Medical Genetic Center | Egypt | 45.0% | 45.0% |
Al Makhbariyoun Al Arab Group | Jordan | 40.0% | 40.0% |
| SAMA Medical Laboratories Co. " Ultra lab | Sudan | 20.0% | 20.0% |
| medical laboratory " | |||
AL-Mokhtabar Sudanese Egyptian Co. | Sudan | 35.0% | 35.0% |
Al Borg Laboratory Company | Egypt | 0.7% | 0.7% |
Dynasty Group Holdings Limited | England and Wales | 49% | 49% |
Eagle Eye-Echo Scan Limited | Mauritius | 22.43% | 22.82% |
Medical Health Development | Saudi Arabia | - | 49% |
Chronx Limited | United Arab Emirates | 20% | - |
| Al Makhbariyoun | |||
| Al Arab Group | |||
| (Hashemite | |||
| Kingdom of | |||
Jordan) | Dynasty Group | Total | |
EGP'000 | EGP’000 | EGP’000 | |
| Summarised statement of income for 2024: | |||
Revenue | 901,693 | 82,073 | 983,766 |
Profit/(loss) | 43,284 | (28,681) | 14,603 |
Other comprehensive income | 236,565 | 507,452 | 744,017 |
Total comprehensive income | 279,849 | 478,771 | 758,620 |
Profit/(loss) allocated to non-controlling interest | 17,314 | (17,451) | (137) |
Other comprehensive income allocated to non- controlling interest | 95,631 | 280,775 | 376,406 |
| Summarised statement of financial position | |||
| as at 31 December 2024: | |||
Non-current assets | 686,881 | 40,962 | 727,843 |
Current assets | 444,959 | 43,039 | 487,998 |
Non-current liabilities | (275,070) | (3,911) | (278,981) |
Current liabilities | (289,230) | (23,365) | (312,595) |
Net assets | 567,540 | 56,725 | 624,265 |
Net assets attributable to non-controlling interest | 227,016 | 33,718 | 260,734 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 141
| Al Makhbariyoun | |||
| Al Arab Group | |||
| (Hashemite | |||
| Kingdom of | |||
Jordan) | Dynasty Group | Total | |
EGP'000 | EGP’000 | EGP’000 | |
| Summarised statement of income for 2023: | |||
Revenue | 604,025 | 96,394 | 700,419 |
Profit/(loss) | 32,811 | (54,740) | (21,929) |
Other comprehensive income | 65,142 | 131,234 | 196,376 |
Total comprehensive income | 97,953 | 76,494 | 174,447 |
Profit/(loss) allocated to non-controlling interest | 13,124 | (12,514) | 610 |
Other comprehensive income allocated to non- controlling interest | 26,333 | 71,847 | 98,180 |
| Summarised statement of financial position as at 31 | |||
| December 2023: | |||
Non-current assets | 494,904 | 51,913 | 546,817 |
Current assets | 254,412 | (6,623) | 247,789 |
Non-current liabilities | (202,510) | (3,189) | (205,699) |
Current liabilities | (187,663) | (24,911) | (212,574) |
Net assets | 359,143 | 17,190 | 376,333 |
Net assets attributable to non-controlling interest | 143,657 | 4,579 | 148,236 |
Financial Statements | Notes to the Consolidated Financial Statements
142 IDH 2024 Annual Report
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 143
Financial Statements | Notes to the Consolidated Financial Statements
144 IDH 2024 Annual Report
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 145
Financial Statements | Notes to the Consolidated Financial Statements
146 IDH 2024 Annual Report
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 147
| Buildings | 50 years |
| Medical, electric and information systems equipment | 4-10 years |
| Leasehold improvements | 4-5 years |
| Fixtures, fittings & vehicles | 4-16 years |
Financial Statements | Notes to the Consolidated Financial Statements
148 IDH 2024 Annual Report
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 149
Financial Statements | Notes to the Consolidated Financial Statements
150 IDH 2024 Annual Report
Disclosures for significant estimates and assumptions | Note 4.2 |
Financial assets | Note 5 |
Trade receivables | Note 16 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 151
Financial Statements | Notes to the Consolidated Financial Statements
152 IDH 2024 Annual Report
Disclosures for significant assumptions and estimates | Note 4.2 |
Goodwill and intangible assets | Note 13 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 153
Financial Statements | Notes to the Consolidated Financial Statements
154 IDH 2024 Annual Report
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 155
Financial Statements | Notes to the Consolidated Financial Statements
156 IDH 2024 Annual Report
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 157
2024 | 2023 | |
EGP'000 | EGP'000 | |
Cash and cash equivalents (Note 17) | 1,188,082 | 674,253 |
Term deposits and treasury bills (Note 18) | 527,832 | 161,098 |
Trade and other receivables (Note 16) | 930,308 | 685,050 |
Total financial assets | 2,646,222 | 1,520,401 |
2024 | 2023 | |
EGP'000 | EGP'000 | |
Trade and other payables (Note 22) | 705,304 | 556,563 |
Put option liability (Note 23) | 532,499 | 356,582 |
Financial obligations (Note 25) | 1,207,087 | 1,068,054 |
Loans and borrowings (Note 27) | 282,566 | 125,439 |
Total other financial liabilities | 2,727,456 | 2,106,638 |
Total financial instruments * | (81,234) | (586,237) |
Financial Statements | Notes to the Consolidated Financial Statements
158 IDH 2024 Annual Report
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 159
2024 | 2023 | |
EGP’000 | EGP’000 | |
| Fixed-rate instruments | ||
Financial obligations (note 25) | 1,207,087 | 1,068,054 |
Loans and borrowings (note 24) | 197,542 | 16,694 |
Treasury bills (note 17 & 18) | 74,048 | 133,315 |
Term deposits (note 17 & 18) | 1,125,548 | 289,475 |
| Variable-rate instruments | ||
Loans and borrowings (note 24) | 67,465 | 94,451 |
Financial Statements | Notes to the Consolidated Financial Statements
160 IDH 2024 Annual Report
| 31-Dec-24 | ||||||||
Assets | Liabilities | |||||||
| Cash and cash | Other | Total | Put | Finance | Trade | Total | Net | |
| equivalents | assets | assets | option | lease | payables | liability | exposure | |
US | 4,358 | - | 4,358 | (116,012) | (65,365) | (181,377) | (177,019) | |
JOD | - | - | - | (512,577) | - | - | (512,577) | (512,577) |
SAR | - | - | - | - | - | - | - | - |
| 31-Dec-23 | ||||||||
Assets | Liabilities | |||||||
| Cash and cash | Other | Total | Put | Finance | Trade | Total | Net | |
| equivalents | assets | assets | option | lease | payables | liability | exposure | |
US | 22,698 | - | 22,698 | - | (49,290) | (28,767) | (78,057) | (55,359) |
JOD | - | - | - | (301,383) | - | - | (301,383) | (301,383) |
SAR | - | - | - | (42,786) | - | - | (42,786) | (42,786) |
| Average rate | ||
| for the year | ||
| ended | ||
31-Dec-24 | 31-Dec-23 | |
US Dollars | 45.53 | 30.76 |
Euros | 49.17 | 33.31 |
GBP | 58.27 | 38.35 |
JOD | 64.11 | 43.12 |
SAR | 12.15 | 8.20 |
SDG | 0.06 | 0.05 |
NGN | 0.03 | 0.05 |
| Spot rate | ||
| for the year | ||
| ended | ||
31-Dec-24 | 31-Dec-23 | |
US Dollars | 50.79 | 30.84 |
Euros | 52.68 | 34.04 |
GBP | 63.78 | 39.26 |
JOD | 71.51 | 43.42 |
SAR | 13.52 | 8.22 |
SDG | 0.03 | 0.05 |
NGN | 0.03 | 0.03 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 161
Financial Statements | Notes to the Consolidated Financial Statements
162 IDH 2024 Annual Report
| more than 5 | ||||
31 December 2024 | 1 year or less | 1 to 5 years | years | Total |
Financial obligations | 372,329 | 1,104,329 | 230,185 | 1,706,843 |
Put option liabilities | 532,499 | - | - | 532,499 |
Borrowings | 248,197 | 47,484 | - | 295,681 |
Trade and other payables | 705,304 | - | - | 705,304 |
1,858,329 | 1,151,813 | 230,185 | 3,240,327 |
| more than 5 | ||||
31 December 2023 | 1 year or less | 1 to 5 years | years | Total |
Financial obligations | 291,342 | 1,054,902 | 166,965 | 1,513,209 |
Put option liabilities | 313,796 | 42,786 | - | 356,582 |
Borrowings | 60,199 | 83,211 | - | 143,410 |
Trade and other payables | 556,563 | - | - | 556,563 |
1,221,900 | 1,180,899 | 166,965 | 2,569,764 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 163
| Revenue split by geographic location | ||||||
| For the year | Jordan | Nigeria | ||||
ended | Egypt region | Sudan region | region | region | Saudi Arabia | Total |
31-Dec-24 | 4,718,163 | 2,624 | 898,515 | 82,073 | 18,367 | 5,719,742 |
31-Dec-23 | 3,410,720 | 11,367 | 604,025 | 96,394 | - | 4,122,506 |
| Adjusted EBITDA split by geographic location | ||||||
| For the year | Jordan | Nigeria | ||||
ended | Egypt region | Sudan region | region | region | Saudi Arabia | Total |
31-Dec-24 | 1,617,263 | (10) | 252,636 | (26,410) | (112,591) | 1,730,888 |
31-Dec-23 | 1,058,254 | 1,107 | 157,306 | (24,623) | - | 1,192,044 |
| Impairment loss on trade receivables split by geographic location | ||||||
| For the year | Jordan | Nigeria | ||||
ended | Egypt region | Sudan region | region | region | Saudi Arabia | Total |
31-Dec-24 | 44,504 | - | 2,829 | 979 | - | 48,312 |
31-Dec-23 | 45,268 | 5,013 | - | 974 | - | 51,255 |
| Net profit / (loss) split by geographic location | ||||||
| For the year | Jordan | Nigeria | ||||
ended | Egypt region | Sudan region | region | region | Saudi Arabia | Total |
31-Dec-24 | 1,117,360 | (422) | 66,878 | (29,377) | (146,065) | 1,008,374 |
31-Dec-23 | 530,207 | (1,735) | 33,813 | (72,536) | (21,386) | 468,363 |
Financial Statements | Notes to the Consolidated Financial Statements
164 IDH 2024 Annual Report
2024 | 2023 | |
EGP’000 | EGP’000 | |
Profit from operations | 1,214,348 | 737,762 |
Property, plant and equipment and right of use depreciation | 473,704 | 393,488 |
Amortization of Intangible assets | 9,094 | 7,750 |
EBITDA | 1,697,146 | 1,139,000 |
Nonrecurring items * | 33,742 | 53,044 |
Adjusted EBITDA | 1,730,888 | 1,192,044 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Delisting fees | 33,742 | - |
The Egyptian government for vocational training | - | 11,865 |
Pre-operating expenses in Saudi Arabia | - | 18,196 |
Impairment expenses due to the ongoing conflict in Sudan | - | 5,013 |
Impairment expenses in goodwill and assets for operations in Nigeria | - | 17,970 |
33,742 | 53,044 |
| Non-current assets by geographic location | ||||||
| For the year | Jordan | Nigeria | ||||
ended | Egypt region | Sudan region | region | region | Saudi Arabia | Total |
31-Dec-24 | 3,037,039 | 2,374 | 883,309 | 35,808 | 90,482 | 4,049,012 |
31-Dec-23 | 3,091,485 | 3,848 | 609,699 | 47,639 | 55,262 | 3,807,933 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 165
2024 | 2023 | |
EGP’000 | EGP’000 | |
Financial obligations (note 25) | 1,207,087 | 1,068,054 |
Borrowings (note 27) | 282,566 | 125,439 |
Less: Financial assets at amortised cost (note 18) | (527,832) | (161,098) |
Less: Cash and cash equivalents (Note 17) | (1,188,082) | (674,253) |
Net (funds)/debt | (226,261) | 358,142 |
Total Equity | 3,499,499 | 3,100,788 |
Net (funds)/debt as % of equity | (6.5) % | 11.6% |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Raw material | 1,204,351 | 875,296 |
Cost of specialized analysis at other laboratories | 52,527 | 38,765 |
Wages and salaries | 1,062,684 | 773,565 |
Property, plant and equipment, right of use depreciation and Amortisation | 441,541 | 362,230 |
Other expenses | 777,086 | 548,303 |
Total | 3,538,189 | 2,598,159 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Advertisement expenses | 150,764 | 98,034 |
Wages and salaries | 81,435 | 65,580 |
Property, plant and equipment depreciation | 723 | 718 |
Other expenses | 58,176 | 47,291 |
Total | 291,098 | 211,623 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Wages and salaries | 307,875 | 216,037 |
Property, plant and equipment and right of use depreciation | 40,534 | 38,290 |
Other expenses | 324,057 | 256,066 |
Total | 672,466 | 510,393 |
Financial Statements | Notes to the Consolidated Financial Statements
166 IDH 2024 Annual Report
Other income/(expenses) | 44,671 | (13,314) |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Raw material | 1,204,351 | 875,296 |
Wages and Salaries | 1,451,994 | 1,055,182 |
Property, plant and equipment, right of use depreciation and amortisation | 482,798 | 401,238 |
Advertisement expenses | 150,764 | 98,034 |
Cost of specialized analysis at other laboratories | 52,527 | 38,765 |
Transportation and shipping | 130,613 | 100,850 |
Cleaning expenses | 93,487 | 78,400 |
Call Center | 29,511 | 27,874 |
Hospital Contracts | 111,172 | 69,342 |
Consulting Fees | 230,084 | 170,319 |
Utilities | 68,326 | 59,915 |
License Expenses | 106,176 | 46,583 |
Other expenses | 389,950 | 298,377 |
Total | 4,501,753 | 3,320,175 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 167
2024 | 2023 | |
EGP’000 | EGP’000 | |
| Fees payable to the Company’s auditor for the audit of the Group’s annual | 34,875 | 49,217 |
| financial statements | ||
The audit of the Company’s subsidiaries pursuant to legislation | 37,233 | 15,779 |
Assurance services * | - | 308 |
72,108 | 65,304 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Interest expense | (170,574) | (141,688) |
Bank Charges | (26,324) | (19,295) |
Total finance costs | (196,898) | (160,983) |
Interest income | 144,675 | 72,779 |
Foreign Exchange gain | 303,466 | 87,798 |
Total finance income | 448,141 | 160,577 |
Net finance income/(cost) | 251,243 | (406) |
2024 | 2023 | |||||
| Administration | Administration | |||||
| Medical | and market | Total | Medical | and market | Total | |
Number of employees | 5,354 | 955 | 6,309 | 5,435 | 1,257 | 6,692 |
2024 | 2023 | |||||
| Administration | Administration | |||||
| Medical | and market | Total | Medical | and market | Total | |
Wages and salaries | 965,757 | 360,160 | 1,325,917 | 710,515 | 253,729 | 964,244 |
Social security costs | 79,760 | 22,877 | 102,637 | 49,786 | 24,386 | 74,172 |
Contributions to defined contribution | 17,167 | 6,273 | 23,440 | 13,264 | 3,502 | 16,766 |
| plan | ||||||
Total | 1,062,684 | 389,310 | 1,451,994 | 773,565 | 281,617 | 1,055,182 |
Financial Statements | Notes to the Consolidated Financial Statements
168 IDH 2024 Annual Report
| Number of | 2024 | 2023 | ||
| shares’000 | ||||
| listed equity securities | Shares bought | 3,975 | (308,606) | - |
Shares sale | 3,975 | 282,610 | - | |
(25,996) | - |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Current year tax | (376,356) | (216,425) |
DT on undistributed reserves | (48,667) | (50,004) |
DT on reversal of temporary differences | (6,198) | (2,564) |
Total deferred tax | (54,865) | (52,568) |
Tax expense recognized in profit or loss | (431,221) | (268,993) |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 169
2024 | 2023 | |
EGP’000 | EGP’000 | |
Profit before tax | 1,439,595 | 737,356 |
Profit before tax multiplied by rate of corporation tax in Egypt of 22.5% (2023: 22.5%) | 323,909 | 165,905 |
Effect of tax rate in UK of 25% (2023: UK 23.5%) | (1,691) | (2,335) |
| Effect of tax rates in Jordan, Sudan, and Nigeria of 21%, 30% and 30% respectively | (67,994) | (4,188) |
| (2023: 21%, 30% and 30%); and Saudi Arabia with a rate of 20% (2023: 20%) | ||
| Tax effect of: | ||
Deferred tax not recognised | 59,306 | 37,684 |
Deferred tax arising on undistributed dividend | 48,667 | 50,004 |
Non-deductible expenses for tax purposes - employee profit share | 26,781 | 14,075 |
Non-deductible expenses for tax purposes - other | 42,243 | 7,848 |
Tax expense recognised in profit or loss | 431,221 | 268,993 |
2024 | 2023 | |||
Assets | Liabilities | Assets | Liabilities | |
EGP’000 | EGP’000 | EGP’000 | EGP’000 | |
Property, plant and equipment | (38,224) | (39,552) | ||
Intangible assets | (120,077) | (111,033) | ||
| Undistributed reserves from group | (275,542) | (226,875) | ||
| subsidiaries | ||||
Tax Losses | 2,488 | 2,731 | ||
Total deferred tax assets/(liability) | 2,488 | (433,843) | 2,731 | (377,460) |
(431,355) | (374,729) |
Financial Statements | Notes to the Consolidated Financial Statements
170 IDH 2024 Annual Report
| Deferred tax | Effect of | ||||
| recognized | translation to | ||||
| Net Balance | in profit or | presentation | WHT tax | Net Balance | |
| 2024 | 1 January | loss | currency | paid | 31 December |
| Property, plant | (39,552) | 3,089 | (1,761) | - | (38,224) |
| and equipment | |||||
Intangible assets | (111,033) | (9,044) | - | - | (120,077) |
| Undistributed | |||||
dividend from group subsidiaries | (226,875) | (48,667) | - | - | (275,542) |
Tax losses | 2,731 | (243) | - | - | 2,488 |
(374,729) | (54,865) | (1,761) | - | (431,355) |
| Deferred tax | Effect of | ||||
| recognized | translation to | ||||
| Net Balance | in profit or | presentation | WHT tax | Net Balance | |
| 2023 | 1 January | loss | currency | paid | 31 December |
| Property, plant | (35,804) | (3,319) | (429) | - | (39,552) |
| and equipment | |||||
Intangible assets | (109,118) | (1,915) | - | - | (111,033) |
| Undistributed | |||||
dividend from group subsidiaries | (176,871) | (50,004) | - | - | (226,875) |
Tax losses | 61 | 2,670 | - | - | 2,731 |
(321,732) | (52,568) | (429) | - | (374,729) |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Al Mokhtabar Company for Medical Labs | 100,361 | 72,642 |
Alborg Laboratory Company | 69,979 | 42,514 |
Integrated Medical Analysis Company | 65,983 | 86,917 |
Al Makhbariyoun Al Arab Company | 39,218 | 24,802 |
275,541 | 226,875 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 171
2024 | 2024 | 2023 | 2023 | |
Gross Amount | Tax Effect | Gross Amount | Tax Effect | |
| (restated) (restated) | ||||
EGP’000 | EGP’000 | EGP’000 | EGP’000 | |
| Impairment of trade receivables (Note 16) | 197,914 | 44,531 | 183,070 | 41,191 |
| Impairment of other receivables (Note 16) | 10,559 | 2,376 | 8,509 | 1,915 |
Provision for legal claims (Note 21) | 9,759 | 2,196 | 5,561 | 1,251 |
Tax losses * | 1,419,590 | 358,081 | 837,236 | 217,487 |
1,637,822 | 407,184 | 1,034,376 | 261,844 | |
Unrecognized deferred tax asset | 407,184 | 261,844 | ||
| 2024 | 2023 | ||||
| Gross | 2024 | Gross | 2023 | ||
Company | Country | Amount | Tax Effect | Amount | Tax Effect |
| (restated) (restated) | |||||
EGP’000 | EGP’000 | EGP’000 | EGP’000 | ||
| Integrated Diagnostics | Jersey | 942,357 | 235,590 | 533,821 | 133,455 |
| Holdings plc | |||||
| Dynasty Group | England and | 10,425 | 2,606 | 11,445 | 2,175 |
| Holdings Limited | Wales | ||||
| Eagle Eye-Echo Scan | Mauritius | - | - | (278) | (42) |
| Limited | |||||
WAYAK Pharma | Egypt | 19,908 | 4,479 | 24,767 | 5,573 |
| Medical Genetic | Egypt | 17,325 | 3,898 | 15,264 | 3,435 |
| Center | |||||
Golden care | Egypt | 8,254 | 1,857 | 8,470 | 1,906 |
Medical health care | Saudi Arabia | 167,451 | 33,490 | 21,386 | 4,277 |
Echoscan | Nigeria | 253,870 | 76,161 | 222,361 | 66,708 |
1,419,590 | 358,081 | 837,236 | 217,487 | ||
2024 | 2023 | |
Profit attributable to ordinary equity holders of the parent for basic earnings EGP’000 | 1,077,434 | 510,304 |
Weighted average number of ordinary shares for basic and dilutive EPS’000 | 593,622 | 600,000 |
Basic and dilutive earnings per share EGP | 1.82 | 0.85 |
Financial Statements | Notes to the Consolidated Financial Statements
172 IDH 2024 Annual Report
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 173
Goodwill | Brand Name | Software | Total | |
EGP’000 | EGP’000 | EGP’000 | EGP’000 | |
| Cost | ||||
At 1 January 2023 | 1,291,823 | 395,551 | 92,836 | 1,780,210 |
Additions | - | - | 2,490 | 2,490 |
Effect of movements in exchange rates | 13,144 | 7,910 | 4,032 | 25,086 |
At 31 December 2023 | 1,304,967 | 403,461 | 99,358 | 1,807,786 |
Additions | - | - | 15,383 | 15,383 |
Effect of movements in exchange rates | 58,310 | 25,648 | 13,969 | 97,927 |
At 31 December 2024 | 1,363,277 | 429,109 | 128,710 | 1,921,096 |
| Amortisation and impairment | ||||
At 1 January 2023 | 6,373 | 381 | 69,820 | 76,574 |
Impairment | 11,265 | - | - | 11,265 |
Amortisation | - | - | 7,750 | 7,750 |
Effect of movements in exchange rates | 80 | 11 | 1,923 | 2,014 |
At 31 December 2023 | 17,718 | 392 | 79,493 | 97,603 |
Amortisation | - | - | 9,094 | 9,094 |
Effect of movements in exchange rates | (476) | (25) | 8,833 | 8,332 |
At 31 December 2024 | 17,242 | 367 | 97,420 | 115,029 |
| Net book value | ||||
At 31 December 2024 | 1,346,035 | 428,742 | 31,290 | 1,806,067 |
At 31 December 2023 | 1,287,249 | 403,069 | 19,865 | 1,710,183 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
| Al Makhbariyoun Al Arab Group (“Biolab”) | ||
Goodwill | 149,658 | 90,872 |
Brand name | 65,357 | 39,684 |
215,015 | 130,556 | |
| Alborg Laboratory Company (“Al-Borg”) | ||
Goodwill | 497,275 | 497,275 |
Brand name | 142,066 | 142,066 |
639,341 | 639,341 | |
| Al Mokhtabar Company for Medical Labs (“Al-Mokhtabar”) | ||
Goodwill | 699,102 | 699,102 |
Brand name | 221,319 | 221,319 |
920,421 | 920,421 | |
Balance at 31 December | 1,774,777 | 1,690,318 |
Financial Statements | Notes to the Consolidated Financial Statements
174 IDH 2024 Annual Report
| 2024 | |||
Bio Lab | Al-Mokhtabar | Al-Borg | |
Average annual patient growth rate from 2025 -2029 | 4% | 5% | 1% |
Average annual price per test growth rate from 2025 -2029 | 1% | 9% | 8% |
Annual revenue growth rate from 2025 -2029 | 5% | 12% | 10% |
Average gross margin from 2025 -2029 | 39% | 42% | 35% |
Terminal value growth rate from 1 January 2029 | 3% | 5% | 5% |
Discount rate | 14% | 24% | 24% |
| 2023 | |||
Bio Lab | Al-Mokhtabar | Al-Borg | |
Average annual patient growth rate from 2024 -2028 | 5% | 8% | 5% |
Average annual price per test growth rate from 2024 -2028 | 5% | 11% | 11% |
Annual revenue growth rate from 2024 -2028 | 10% | 16% | 17% |
Average gross margin from 2024 -2028 | 41% | 44% | 37% |
Terminal value growth rate from 1 January 2028 | 3% | 5% | 5% |
Discount rate | 17% | 25% | 25% |
| Year 2024 | |||
| Scenario | Enterprise | CGU Carrying | Headroom |
| Value | Value | ||
EGP’000 | EGP’000 | EGP’000 | |
| Impact on headroom of reducing revenues growth rate by 1% | 1,011,023 | 965,272 | 45,751 |
| across all years |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 175
2024 | 2023 | |
EGP’000 | EGP’000 | |
Current equity investments | 36,158 | 25,157 |
Balance at 31 December | 36,158 | 25,157 |
Financial Statements | Notes to the Consolidated Financial Statements
| Recoverable | CGU carrying | ||
| Company | amount | value | Headroom |
EGP'000 | EGP'000 | EGP'000 | |
Almokhtabar | 4,066,743 | 1,686,395 | 2,380,348 |
Alborg | 2,250,662 | 1,501,630 | 749,032 |
Al Makhbariyoun Al Arab | 1,216,827 | 965,272 | 251,555 |
176 IDH 2024 Annual Report
2024 | 2023 | |
EGP’000 | EGP’000 | |
Chemicals and operating supplies | 317,562 | 374,650 |
317,562 | 374,650 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Trade receivables – net | 804,081 | 569,738 |
Prepayments | 80,297 | 42,185 |
Due from related parties note (26) | 5,543 | 5,037 |
Other receivables | 108,652 | 108,521 |
Accrued revenue | 12,032 | 1,754 |
1,010,605 | 727,235 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
At 1 January | 191,580 | 145,586 |
Charge for the year | 48,312 | 51,255 |
Utilised | (41,567) | - |
Exchange differences | 10,151 | (5,261) |
At 31 December | 208,476 | 191,580 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 177
| Weighted | Gross | ||
| average | carrying | Loss | |
| loss rate | amount | allowance | |
31-Dec-24 | EGP'000 | EGP'000 | EGP'000 |
Current (not past due) | 3.70% | 326,272 | (12,079) |
1–30 days past due | 4.59% | 148,696 | (6,822) |
31–60 days past due | 5.18% | 135,133 | (6,999) |
61–90 days past due | 8.89% | 88,708 | (7,885) |
91–120 days past due | 15.84% | 48,706 | (7,714) |
121–150 days past due | 15.77% | 29,520 | (4,654) |
More than 150 days past due | 67.46% | 224,959 | (151,760) |
| Weighted | Gross | ||
| average | carrying | Loss | |
| loss rate | amount | allowance | |
31-Dec-23 | EGP'000 | EGP'000 | EGP'000 |
Current (not past due) | 2.42% | 227,746 | (5,507) |
1–30 days past due | 6.41% | 115,230 | (7,389) |
31–60 days past due | 8.13% | 95,834 | (7,790) |
61–90 days past due | 13.53% | 49,489 | (6,694) |
91–120 days past due | 14.56% | 35,089 | (5,109) |
121–150 days past due | 16.47% | 24,383 | (4,017) |
More than 150 days past due | 71.48% | 205,037 | (146,564) |
EGP'000 | EGP'000 | EGP'000 | EGP'000 | EGP'000 | |
Total | < 30 days | 30-60 days | 61-90 days | > 90 days | |
2024 | 804,081 | 456,067 | 128,134 | 80,823 | 139,057 |
2023 | 569,738 | 330,080 | 88,044 | 42,795 | 108,819 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Cash at banks and on hand | 516,318 | 412,561 |
Treasury bills (less than 3 months) | 14,358 | 21,461 |
Term deposits (less than 3 months) | 657,406 | 240,231 |
1,188,082 | 674,253 |
Financial Statements | Notes to the Consolidated Financial Statements
178 IDH 2024 Annual Report
2024 | 2023 | |
EGP’000 | EGP’000 | |
Term deposits (more than 3 months) | 468,142 | 49,244 |
Treasury bills (more than 3 months) | 59,690 | 111,854 |
527,832 | 161,098 |
31-Dec-24 | 31-Dec-23 | |
In issue at beginning of the year | 600,000,000 | 600,000,000 |
Buyback of shares | (18,673,728) | - |
In issue at the end of the year | 581,326,272 | 600,000,000 |
| 2024 | |||
| Ordinary | Ordinary | ||
| shares | shares | ||
| Number of | % of | Par value | |
| Ordinary share capital Name | shares | contribution | USD |
Hena Holdings Limited | 162,445,383 | 27.94% | 40,611,346 |
Actis IDH B V | 126,000,000 | 21.67% | 31,500,000 |
Free floating | 292,880,889 | 50.39% | 73,220,222 |
581,326,272 | 100% | 145,331,568 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 179
Financial Statements | Notes to the Consolidated Financial Statements
180 IDH 2024 Annual Report
| Provision | ||||
| for Egyptian | ||||
| Government | ||||
| Provision | Training | |||
| for end Of | Fund for | Provision for | ||
| Service | employees | legal claims | Total | |
EGP’000 | EGP’000 | EGP’000 | EGP’000 | |
At 1 January 2024 | 332 | 11,865 | 5,561 | 17,758 |
Provision made during the year | 2,206 | 995 | 5,667 | 8,868 |
Provision used during the year | (96) | - | (871) | (967) |
Provision reversed during the year | - | (2,073) | (598) | (2,671) |
Effect of translation currency | 300 | - | - | 300 |
At 31 December 2024 | 2,742 | 10,787 | 9,759 | 23,288 |
Current | - | - | - | - |
Non- Current | 2,742 | 10,787 | 9,759 | 23,288 |
| Provision | ||||
| for Egyptian | ||||
| Government | ||||
| Provision | Training | |||
| for end Of | Fund for | Provision for | ||
| Service | employees | legal claims | Total | |
EGP’000 | EGP’000 | EGP’000 | EGP’000 | |
At 1 January 2023 | - | - | 3,519 | 3,519 |
Provision made during the year | 331 | 11,865 | 3,496 | 15,692 |
Provision used during the year | - | - | (771) | (771) |
Provision reversed during the year | - | - | (683) | (683) |
Effect of translation currency | 1 | - | - | 1 |
At 31 December 2023 | 332 | 11,865 | 5,561 | 17,758 |
Current | - | - | - | - |
Non- Current | 332 | 11,865 | 5,561 | 17,758 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 181
2024 | 2023 | |
EGP’000 | EGP’000 | |
Trade payables | 320,068 | 271,741 |
Accrued expenses | 246,523 | 178,499 |
Due to related parties note (26) | 28,654 | 5,962 |
Other payables | 125,935 | 112,750 |
Deferred revenue | 96,410 | 59,918 |
Accrued finance cost | 8,661 | 8,891 |
826,251 | 637,761 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Current put option - Al Makhbariyoun Al Arab | 512,577 | 301,383 |
Current put option - Eagle Eye-Echo scan | 19,922 | 12,413 |
532,499 | 313,796 | |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Non-current put option - Medical Health Development | - | 42,786 |
- | 42,786 |
Financial Statements | Notes to the Consolidated Financial Statements
182 IDH 2024 Annual Report
Currency | Nominal interest rate | Maturity | 31 Dec 24 | 31 Dec 23 | |
AUB – BANK | EGP | CBE corridor rate*+1% | 26 January 2027 | 67,465 | 94,451 |
AUB – BANK | EGP | Secured 5% | 3 December 2025 | 17,940 | 13,121 |
Bank: Sterling BANK | NGN | Secured 19% | 26 May 2024 | - | 3,573 |
Mashreq bank | USD | Secured** 5% | 30 November 2025 | 162,474 | - |
Bank Al Etihad | JOD | Secured 11.75% | 15 July 2025 | 17,128 | - |
| Amount held as: | 265,007 | 111,145 | |||
Current Liability | 224,528 | 43,680 | |||
Non-current liability | 40,479 | 67,465 | |||
265,007 | 111,145 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 183
Buildings | Buildings | |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Balance at 1 January | 683,025 | 622,975 |
Addition for the year | 109,710 | 157,482 |
Depreciation charge for the year | (173,655) | (134,033) |
Terminated Contracts | (18,288) | (5,170) |
Exchange differences | 152,506 | 41,771 |
Balance at 31 December | 753,298 | 683,025 |
Financial Statements | Notes to the Consolidated Financial Statements
184 IDH 2024 Annual Report
2024 | 2023 | |
EGP’000 | EGP’000 | |
*Financial liability– laboratory equipment | 263,892 | 240,015 |
*Lease liabilities building | 943,195 | 828,039 |
1,207,087 | 1,068,054 |
| Minimum | |||
payments | Interest | Principal | |
At 31 December 2024 | 2024 | 2024 | 2024 |
Less than one year | 372,329 | 136,132 | 236,197 |
Between one and five years | 1,104,329 | 308,544 | 795,785 |
More than 5 years | 230,185 | 55,080 | 175,105 |
1,706,843 | 499,756 | 1,207,087 |
| Minimum | |||
payments | Interest | Principal | |
At 31 December 2023 | 2024 | 2024 | 2024 |
Less than one year | 291,342 | 114,638 | 176,704 |
Between one and five years | 1,054,902 | 295,586 | 759,316 |
More than 5 years | 166,965 | 34,931 | 132,034 |
1,513,209 | 445,155 | 1,068,054 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Interest on lease liabilities | 112,544 | 93,298 |
Expenses related to short-term lease | 7,981 | 10,540 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 185
| 2024 | ||||
| Transaction | ||||
| Nature of | amount of | Amount due | ||
Related Party | Nature of transaction | relationship | the year | from / (to) |
EGP’000 | EGP’000 | |||
ALborg Scan (S.A.E)* | Expenses paid on behalf | Affiliate** | - | - |
| International Fertility | Expenses paid on behalf | Affiliate*** | 11 | 11 |
| (IVF)** | Entity owned by | |||
H.C Security | Provide service | Company’s board | 20 | (73) |
| member | ||||
Life Health Care | Provided service | Entity owned by | (2,677) | 695 |
| Company's CEO | ||||
Dr. Amid Abd Elnour | Put option liability | Bio. Lab C.E.O and | (211,194) | (512,577) |
| shareholder | ||||
| Current account | Bio. Lab C.E.O and | (19,217) | (19,683) | |
| International Finance | shareholder | |||
| corporation (IFC) | Put option liability | Echo-Scan shareholder | (7,508) | (19,921) |
| International Finance | Current account | Echo-Scan shareholder | - | - |
| corporation (IFC) | ||||
| Integrated Treatment for | Rental income | Entity owned by | (2,582) | 4,837 |
| Kidney Diseases (S.A.E) | Medical Test analysis | Company’s CEO | 591 | |
| HENA HOLDINGS LTD | shareholders' dividends | shareholder | (1,916) | (4,879) |
| deferral agreement | ||||
| ACTIS IDH LIMITED | shareholders' dividends | shareholder | (1,579) | (4,019) |
| deferral agreement | ||||
| (555,609) |
| 2023 | ||||
| Transaction | ||||
| Nature of | amount of | Amount due | ||
Related Party | Nature of transaction | relationship | the year | from / (to) |
EGP’000 | EGP’000 | |||
ALborg Scan (S.A.E)* | Expenses paid on behalf | Affiliate** | (351) | - |
| International Fertility | Expenses paid on behalf | Affiliate*** | (1,771) | - |
| (IVF)** | Entity owned by | |||
H.C Security | Provide service | Company’s board | 6 | (93) |
| member | ||||
Life Health Care | Provided service | Entity owned by | 855 | 3,373 |
| Company's CEO | ||||
Dr. Amid Abd Elnour | Put option liability | Bio. Lab C.E.O and | 138,312 | (301,383) |
| shareholder | ||||
| Current account | Bio. Lab C.E.O and | 19,542 | (466) | |
| International Finance | shareholder | |||
| corporation (IFC) | Put option liability | Echo-Scan shareholder | 38,587 | (12,413) |
| International Finance | Current account | Echo-Scan shareholder | 623 | - |
| corporation (IFC) | ||||
| Integrated Treatment for | Rental income | Entity owned by | 217 | 1,664 |
| Kidney Diseases (S.A.E) | Medical Test analysis | Company’s CEO | 591 | |
| HENA HOLDINGS LTD | shareholders' dividends | shareholder | (590) | (2,963) |
| deferral agreement | ||||
| ACTIS IDH LIMITED | shareholders' dividends | shareholder | (485) | (2,440) |
| deferral agreement | ||||
Business Flowers Holding | Put option liability | shareholder | - | (42,786) |
| (357,507) |
Financial Statements | Notes to the Consolidated Financial Statements
186 IDH 2024 Annual Report
2024 | 2023 | |
EGP’000 | EGP’000 | |
Short-term employee benefits | 87,421 | 68,621 |
Total compensation paid to key management personnel | 87,421 | 68,621 |
Financial Statements | Notes to the Consolidated Financial Statements
2024 Annual Report IDH 187
| Other loans | ||
| ,borrowings | Other | |
| and accrued | financial | |
| EGP’000 | interest | obligation |
Balance at 1 January 2024 | 125,439 | 1,068,054 |
Proceeds from loans and borrowings | 184,941 | - |
Repayment of borrowings | (35,047) | - |
Payment of liabilities | - | (185,568) |
Interest paid | (24,226) | (146,579) |
Exchange differences | 7,463 | 233,835 |
Total changes from financing cash flows | 133,131 | (98,312) |
New agreements signed in the period | - | 109,710 |
Terminated contracts during the year | - | (18,943) |
Interest expense | 23,996 | 146,578 |
Total liability-related other changes | 23,996 | 237,345 |
Balance at 31 December 2024 | 282,566 | 1,207,087 |
| Other loans | ||
| ,borrowings | Other | |
| and accrued | financial | |
| EGP’000 | interest | obligation |
Balance at 1 January 2023 | 127,420 | 1,062,896 |
Proceeds from loans and borrowings | 71,630 | - |
Repayment of borrowings | (76,911) | - |
Payment of liabilities | - | (239,132) |
Interest paid | (19,612) | (118,777) |
Exchange differences | - | 62,391 |
Total changes from financing cash flows | (24,893) | (295,518) |
New agreements signed in the period | - | 187,581 |
Terminated contracts during the year | - | (5,682) |
Interest expense | 22,912 | 118,777 |
Total liability-related other changes | 22,912 | 300,676 |
Balance at 31 December 2023 | 125,439 | 1,068,054 |
2024 | 2023 | |
EGP’000 | EGP’000 | |
Debit withholding Tax (Deduct by customers from sales invoices) | (29,693) | (10,412) |
Income Tax | 330,639 | 87,835 |
Credit withholding Tax (Deduct from vendors invoices) | 32,265 | 8,762 |
Other | 11,054 | 17,324 |
344,265 | 103,509 |
Financial Statements | Notes to the Consolidated Financial Statements
188 IDH 2024 Annual Report