Cairo – Mubasher: Speed Medical Company announced the establishment of Masr Labs Company for Medical Services in collaboration with Prime Speed Medical.
The new company aims to establish 200 new medical labs over two years, according to a bourse disclosure on Sunday.
The first 100 branches are expected to be established with an investment cost of EGP 150 million within a year.
The company aims to obtain a greater market share using two trademarks for the laboratories to serve a large segment of customers.
“Masr Labs will focus on different segments and multiple new contracts, while Speed Labs will complete their current expansions to 200 branches within the next two years to reach the largest provider of medical laboratories service with 400 branches during the next two years.”
Masr Labs Company will be 30% owned by Speed Medical and 30% by Prime Speed Medical, while the remaining stake will be held by Tamer Waguih, Mahmoud Farrag, Ayman Sabry Abdel Gayed, and others.
During the first half (H1) of 2020, Speed Medical logged net profits of EGP 21.2 million, up from EGP 10.75 million in the year-ago period.
