ArabFinance: Speed Medical Company (SPMD) is expected to generate an estimated revenue of EGP 1.4 billion under the contract signed in August 2021 with the authority responsible for the pilgrims’ travels through the Egyptian Tourism Federation (ETF), according to a statement filed to the Egyptian Exchange (EGX).

Under the contract, a service document will be issued for the pilgrim to do PCR tests for Covid-19 in both Egypt and Saudi Arabia for the Umrah season of the Hijri year 1443, Speed Medical said.

The document is renewable for more seasons as per the approvals of the two parties.

The tests are expected to be carried out as of December 2021 in accordance with the pilgrimage rules announced by the government of Saudi Arabia.

Established in December 2015 and listed on the EGX since March 2019, Speed Medical is a Cairo-based company that operates in the healthcare sector.