Integrated Diagnostics Holdings (LSE:IDHC) reported revenue of EGP 4.9 billion for the six months to 30 June, up 37% year-on-year, driven by a 20% rise in tests performed and a 14% increase in average revenue per test.
The diagnostics group, which operates across Egypt, Jordan, Nigeria, Saudi Arabia and Sudan, saw gross profit climb 41% to EGP 2.1 billion, while EBITDA (earnings before interest, tax, depreciation and amortisation) grew 38% to EGP 1.6 billion, an EBITDA margin of 33.9%.
Net profit rose 47% to EGP 839 million; stripping out foreign exchange movements, adjusted net profit increased 40% to EGP 802 million.
Egypt, which generated 85.9% of group revenue, grew 41% year-on-year and delivered EBITDA of EGP 1.5 billion at a 36% margin, remaining the Group's primary profit engine.
The branch network expanded to 839 sites, up 161 over twelve months, with most additions in Egypt alongside further openings in Jordan and Saudi Arabia, where Biolab KSA revenue rose 191% as the venture's EBITDA loss narrowed sharply.
"Our top-line momentum translated into sustained profitability," said chief executive Dr Hend El-Sherbini, pointing to procurement optimisation and operating leverage as volumes grew.
Alongside the results, IDH confirmed a shift in its ownership structure: Hena Holdings, the founding shareholder vehicle owned by El-Sherbini and her mother Dr. Moamena Abdul Wahab Kamel, raised its stake to 56.67% after a mandatory cash offer triggered by its acquisition of a 21.67% block from Actis IDH Limited.
The offer closed on 12 August following a two-week extension, leaving 43.33% of shares in public hands.
The board opted to preserve cash rather than pay a further dividend beyond the FY2025 distribution, citing expansion opportunities and regional geopolitical uncertainty.
News Intelligence what this means for the company
IDH delivered 37% revenue growth in H1 2026 on the back of 20% volume growth and 14% pricing power, with net profit accelerating 47% and EBITDA margins holding steady at 33.9%. Egypt remains the profit engine at 86% of revenue and 36% EBITDA margin, while Saudi Arabia's Biolab venture swung sharply toward profitability with 191% revenue growth. The founding shareholder Hena Holdings completed a mandatory offer on 12 August, consolidating control at 56.67% while the board opted to preserve cash for expansion rather than increase dividends—a signal of confidence in growth opportunities despite regional geopolitical headwinds.
The combination of organic volume and pricing growth, operating leverage translating to margin expansion, and a controlling shareholder now fully committed to the platform (having just paid to acquire 21.67% from Actis) suggests alignment on long-term value creation. The cash preservation decision and 161 net branch additions over twelve months indicate management is prioritizing geographic and network expansion; execution risk lies in sustaining growth momentum across lower-penetration markets like Nigeria and Sudan, where the story is silent.
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