Cairo - Mubasher: Speed Medical Co announced the allocation for EGP 400 million for its future investment and expansion plan. 

The plan includes increasing the number of beds at Speed Hospital in Obour with investments of EGP 70 million and raising the number of Speed labs by 60 branches with investments of EGP 90 million and Misr Labs by 90 branches at a cost of EGP 140 million, the company said in a bourse disclosure on Thursday. 

The company also plans to increase the capital of Speed Finance by EGP 25 million, establish a specialised clinic in El-Tagammou El-Khames at a cost of EGP 5 million, and expand New Al Safwa Specialized Hospital after the completion of the acquisition procedures by EGP 70 million. 

During the first quarter (Q1) of 2021, Speed Medical Company reported net profits of EGP 40.92 million, compared to EGP 7.17 million in the year-ago period.