Speed Hospitals acquires 50% of New Al-Safwa Specialized Hospital

CAIRO – 7 February 2021: Speed Hospitals Company, a subsidiary of Speed Medical, and Egyptian and Arab investors have acquired 100 percent of the shares of the New Al-Safwa Specialized Hospital Company in Sixth of October City, with a total value of LE 185 million.

Speed ​​Medical clarified Sunday that the share of "Speed ​​Hospitals" is estimated at 50 percent of Al-Safwa Hospital, while the remaining of the share will go to the group of Egyptian, Arab and foreign investors whose stakes will be managed by Pharos Company for Portfolio Formation and Asset Management.

Moreover, Speed ​​Medical said that the Speed ​​Hospitals Company approved the future plan for the new Al-Safwa Specialist Hospital, which was prepared by the company's business development department, and by Pharos Company for Portfolio Formation and Asset Management.

The company stated in a filing to the Egyptian Exchange (EGX), that the future plan included increasing the capacity of Al-Safwa Hospital from 67 beds to 150 beds, in addition to expanding the Speed ​​Hospital in Obour City to 140 beds.

It said that the company's future plan includes preparing a long-term plan to complete the merger of the Al-Safwa Hospital Company and the Speed ​​Hospitals Company into a single entity consisting of approximately 300 beds in the west and east of Greater Cairo, with the aim of offering on the stock exchange through public subscription in a period not exceeding 3 years.

Speed ​​Medical achieved a net profit of LE 49.08 million during the first nine months of 2020, compared to LE 16.419 million during the same period of 2019.

The revenues of the activity increased during the nine months, to LE 112.8 million by the end of September, compared to LE 61.13 million during the same period last year.

As for standalone results, the company achieved profits of LE 49.08 million, compared to LE 16.41 million in the comparative period of 2019.

Speed Medical operates within the Health Care Distributors & Facilities Sector.