Strong Revenue Growth
Group revenue grew 37% year-on-year in 2025, driven by both volume and value expansion across core markets.
Volume and Yield Improvements
Test volumes increased 11% year-on-year while average revenue per test rose 24%, with tests per patient reaching 4.6, reflecting deeper patient engagement and richer service mix.
Egypt Performance and Network Expansion
Egypt remained the core engine, contributing 84.6% of group revenue. The network added 137 new branches in 2025 to reach 724 locations nationwide, supporting strong volume and mix improvements.
Margin Expansion and Profitability
Gross profit margin expanded to 42.7% from 38.1% and EBITDA margin rose to ~34% (reported 34.9% in commentary) from 29.7% a year earlier, driven by operating leverage and cost control.
Improved Cost Structure
COGS to revenue improved to 57.3% from 61.9%, with raw materials falling to 19.3% of revenue from 22.0%. SG&A declined to 15.0% from 16.9% despite targeted growth investments.
Adjusted Net Profit and Cash Position
Adjusted net profit increased 79% year-on-year to EGP 1.26 billion (reported net profit EGP 1.3 billion, +29% y/y). Total cash reserves rose to EGP 2.1 billion (from EGP 1.7 billion) and net cash to EGP 472 million (from EGP 226 million).
Working Capital and Cash Conversion Improvements
Cash conversion cycle improved to 104 days in Dec-25 from 155 days in Dec-24, reflecting better inventory and receivables management.
Strategic M&A and Service Diversification
Acquisition and integration of Cairo Ray for Radiotherapy broadened oncology and radiotherapy capabilities, supporting longer-term higher-value diagnostic growth.
Successful Ramp-Up in Saudi Arabia
Biolab KSA generated SAR 5 million in 2025, up 252% year-on-year, grew to 3 branches in 2025 and the group plans to reach 9 branches by end-2026 (3 existing + 6 new); 2026 revenue target SAR 18 million.
Nigeria Turnaround Milestone
Echo-Lab (Nigeria) delivered a full year of positive EBITDA in 2025, marking an important turnaround milestone and validating the market potential.
Shareholder Returns
Board declared a dividend of USD 0.0085 per share for 2025, totaling USD 4.9 million, while retaining flexibility for future capital allocation.