IDH half-year 2025 results: 42% revenue growth and stronger margins
Integrated Diagnostics Holdings delivered a punchy set of unaudited 1H 2025 numbers. Revenue rose 42% to EGP 3,543 million as the Group ran 10% more tests and lifted average revenue per test by 29% to EGP 181. Margins stepped up across the board, with gross margin at 42.0% and adjusted EBITDA margin at 33.6%.
The statutory bottom line grew 19% to EGP 571 million. That looks modest only because last year benefited from sizeable FX gains. On a like-for-like basis, normalised net profit more than doubled to EGP 575 million, with margin up to 16.2% from 7.3%.
Headline financials investors need to know
| Metric (1H 2025) | Result | YoY |
|---|---|---|
| Revenue | EGP 3,543 million | +42% |
| Gross profit | EGP 1,489 million | +61% |
| Gross margin | 42.0% | +5.0 pts |
| Adjusted EBITDA | EGP 1,190 million | +78% |
| Adjusted EBITDA margin | 33.6% | +6.8 pts |
| Net profit | EGP 571 million | +19% |
| Net margin | 16.1% | -3.1 pts (FX effect) |
| Normalised net profit | EGP 575 million | +214% |
| Normalised net margin | 16.2% | +8.9 pts |
| Cash balance | EGP 1,708 million | +36% vs Q2 2024 |
| Net cash | EGP 337 million | up from EGP 227 million at year-end 2024 |
Quarterly momentum also looked strong: Q2 revenue jumped 48% to EGP 1,960 million and adjusted EBITDA doubled to EGP 691 million, with margin at 35.3%.
What drove the growth: pricing power plus more tests
IDH is still winning on both volume and value. Tests performed increased 10% to 19.6 million, patients served rose 4% to 4.3 million, and tests per patient ticked up to 4.6. Average revenue per test moved to EGP 181, helped by strategic price adjustments early in the year.
Contract versus walk-in: both segments firing
- Contract segment (67% of Group revenue): EGP 2,383 million, up 46%, with tests up 10% and revenue per test up 33%. Average tests per patient reached 4.8.
- Walk-in segment (33%): EGP 1,159 million, up 34%, with tests up 10% and revenue per test at EGP 365, up 21%. Average tests per patient rose to 3.8.
The steady climb in tests per patient continues to validate the loyalty programme launched in 2021. It is a quietly powerful driver of revenue density per visit.
Margins marched higher: costs under control
Cost discipline did the heavy lifting. Cost of goods sold fell to 58% of revenue from 63%, as raw materials dropped to 19.6% of revenue (from 21.5%) and direct wages eased to 19.1% (from 19.5%). Depreciation within COGS fell to 7.0% of revenue and other direct costs to 12.3%.
SG&A rose 16% in absolute terms to EGP 568 million, but fell sharply as a share of sales to 16.0% from 19.6%, despite higher indirect wages and stepped-up marketing, particularly for Saudi Arabia. The result: adjusted EBITDA margin expanded by 6.8 percentage points to 33.6%.
Two caveats to note. First, FX swung from a EGP 297 million gain last year to a modest EGP 3 million loss, masking the true operating progress in reported net profit. Second, the effective tax rate rose to 37% (from 30%) as last year’s FX gains normalised.
Geography breakdown: Egypt dominant, Jordan resilient, Nigeria turns, Saudi ramps
| Country | 1H 2025 Revenue | Share of Group | YoY |
|---|---|---|---|
| Egypt | EGP 2,966 million | 83.7% | +43% |
| Jordan (Biolab) | EGP 493 million | 13.9% | +28% (JOD +7%) |
| Nigeria (Echo-Lab) | EGP 58 million | 1.6% | +49% (NGN +38%) |
| Saudi Arabia (Biolab KSA) | EGP 25 million | 0.7% | +496% (SAR 1.9 million) |
- Egypt: Tests up 9% to 18.0 million and revenue per test up 31% to EGP 164. Pathology revenue rose 45% to EGP 2,843 million; radiology up 18% to EGP 123 million. House calls contributed 20% of Egypt revenue, and Wayak delivered EGP 19 million, up 185%.
- Jordan: Volume-led strategy is working. Tests rose 21% after a promotional campaign, offsetting a 12% drop in local-currency revenue per test. EBITDA margin in Jordan improved to 29%.
- Nigeria: Important milestone – Echo-Lab turned EBITDA positive, posting NGN 40 million and a 2% margin. Pricing kept pace with inflation (+34% revenue per test), while volumes edged up 3%.
- Saudi Arabia: Early ramp but moving the right way. SAR 1.9 million revenue in 1H; Q2 was 31% above Q1. A third branch opened in July with three more planned, and IDH now effectively owns 100% of the venture (79% via IDH and 21% via Biolab).
Cash, balance sheet and dividend: funding growth while paying shareholders
Cash and financial assets at amortised cost stood at EGP 1,708 million at 30 June 2025. Net cash was EGP 337 million, up from EGP 227 million at year-end 2024. Excluding property lease liabilities under IFRS 16, net cash would be EGP 1,273 million.
Interest income almost doubled to EGP 107 million on high local rates, while interest expense rose modestly to EGP 97 million. Interest-bearing debt (excluding accrued interest) fell to EGP 179 million after repayments. Working capital also improved: Days Inventory Outstanding decreased to 94 days and receivables’ days fell to 129.
The Board approved a dividend of USD 10 million (USD 0.017 per share) in respect of FY 2024. The record date is 12 September 2025, ex-dividend 11 September, with payment on 3 October 2025.
Strategic moves: building a radiology platform
Al Borg Scan acquired CAIRO RAY for Radiotherapy in East Cairo for EGP 400 million during late Q2. This is a meaningful step in IDH’s push to build a scaled radiology business alongside its market-leading pathology operations. With 678 branches now in the network (up 87 year-on-year), the Group is leaning into footprint and service breadth to defend share and deepen patient relationships.
Outlook and why it matters
Management expects full-year revenue growth above 30% for FY 2025 and an EBITDA margin north of 30%. Given the first-half run-rate – 42% top-line growth and 33.6% EBITDA margin – that guidance looks sensible, leaving room for operational hiccups in H2.
My take: this is a quality inflection. Underlying profitability improved markedly, Nigeria crossed into positive EBITDA, and Saudi is scaling. The only optical drags are FX and a higher effective tax rate. Put-option liabilities rose to EGP 733 million, which is worth tracking, but the balance sheet carries net cash and strong liquidity to support expansion and selective M&A.
What to watch next
- Execution in Saudi Arabia – three additional branches planned should lift run-rate revenue and narrow early-stage losses.
- Radiology integration – delivery on the CAIRO RAY acquisition and broader Al Borg Scan growth.
- Working capital discipline – maintaining lower DIO and receivables days after rapid network growth.
- Tax rate normalisation and FX volatility – both swing factors for reported earnings.
- Dividend cadence – scope for future distributions given rising normalised profits and net cash.
Bottom line
IDH’s 1H 2025 print ticks the boxes that matter: rapid revenue growth, clear operating leverage, and healthy cash. If the Group sustains momentum in Egypt, keeps Jordan volume-led, nurtures Nigeria’s turnaround, and accelerates Saudi without overspending, the second half should extend the story of profitable growth.
