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Speed Medical switches to losses in Q1

Speed Medical switches to losses in Q1

Arab FinanceSpeed Medical Company (SPMD) has incurred a consolidated loss attributable to the parent company of EGP 38.38 million in the first quarter (Q1) of 2022, versus a net profit of EGP 29.144 million in Q1 2021, according to the consolidated financial income statement filed to the Egyptian Exchange (EGX) on June 28th.

On the other hand, consolidated net operating revenue grew to EGP 68.701 million in the three-month period ended March 31st from EGP 65.365 million in the same period a year earlier.

At the level of the standalone financial income statement, Speed Medical also turned to losses with a net loss after tax of EGP 36.857 million in the January-March period of 2022, versus a net profit of EGP 29.144 million in the comparative period of 2021.

In 2021, the company was profitable with a consolidated net profit attributable to the parent company of EGP 136.101 million, compared to EGP 79.209 million in 2020.

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

 

 

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