Integrated Diagnostics Holdings Plc trading update
25 March 2020
(London) - Integrated Diagnostics Holdings ("IDH," "the Group," or "the Company"), IDHC on the London Stock Exchange, a leading consumer healthcare company with operations in Egypt, Jordan, Sudan and Nigeria, issued today the following trading update with respect to its operations in Egypt, Jordan and Sudan in light of the ongoing covid-19 pandemic:
In Egypt: A daily 7pm-6am curfew will go into effect for a 14-day period starting Wednesday, 25 March 2020.
As providers of essential healthcare services, all 399 branches of the company's two Egyptian subsidiaries will remain open and continue to perform diagnostic tests for patients. Our branches will be open during the hours of 8am-5pm Sunday through Saturday rather than 8am-11pm.
Egypt is the Group's largest and fastest-growing market, having accounted for 85.5% of unaudited revenues in 9M2019 (the last period for which results have been disclosed).
In Jordan: The country is now subject to a 24-hour curfew that bans citizens from leaving their homes for any reason, including for the purchase of food, and includes the shutdown of pharmacies and supermarkets. The Group's Jordanian subsidiary has 19 branches, of which all but two are now temporarily closed.
One Jordanian branch remains open with special permission from the authorities to provide only testing for the virus that causes covid-19. The second branch is located inside a hospital facility and so remains open under the terms of the curfew. Providers of diagnostic services are now obliged to obtain a special permit to re-open other branches, as are pharmacies.
Jordan accounted for 11.7% of the Group's unaudited revenues in 9M2019.
In Sudan: The Government imposed on 24 March 2020 a daily curfew lasting from 8pm-6am; the authorities have not specified the anticipated length of time the curfew order will remain in effect. Sudan has also imposed a ban on intercity transport via mass transportation.
As providers of essential healthcare services, branches of the Company's Sudanese subsidiaries will remain open and continue to perform diagnostic tests for patients. Branches will be open during the hours of 8am-7pm rather than 8am-11pm.
Sudan accounted for 1.5% of unaudited revenues in 9M2019.
Our first priority remains the safety of our customers and our staff: IDH has taken a number of actions to protect all our staff and the millions of customers they serve. A comprehensive report on these measures is available on our website here.
IDH will continue to update shareholders as the situation evolves.
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Contact
IDH |
+20 (0)2 3345 5530 |
Sherif El-Ghamrawi, Investor Relations Director |
+20 (0)10 0447 8699 [email protected] |
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About Integrated Diagnostics Holdings
IDH is a leading consumer healthcare company in the Middle East and Africa with operations in Egypt, Jordan, Sudan and Nigeria. The Group's core brands include Al Borg and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar Sudan (both in Sudan) and Echo-Scan (Nigeria). A long track record for quality and safety has earned the Company a trusted reputation, as well as internationally recognised accreditations for its portfolio of over 1,400 diagnostics tests. From its base of 424 branches as of 30 June 2019, IDH will continue to add laboratories through a Hub, Spoke and Spike business model that provides a scalable platform for efficient expansion. Beyond organic growth, the Group's expansion plans include acquisitions in new Middle Eastern and African markets where its model is well-suited to capitalise on similar healthcare and consumer trends and capture a significant share of fragmented markets. IDH has been a Jersey-registered entity with a Standard Listing on the Main Market of the London Stock Exchange (ticker: IDHC) since May 2015.
IDH's forward-looking strategy rests on leveraging its established business model to achieve four key strategic goals, namely: (1) continue to expand customer reach; (2) increase the number of tests per patient; (3) expand into new geographic markets through selective, value-accretive acquisitions; and (4) introduce new medical services by leveraging the Group's network and reputable brand position. Learn more at idhcorp.com.
