Cairo – Mubasher: Speed Medical Company disclosed the latest updates of its new projects and acquisition deals. 

The company has signed several acquisition deals that are currently awaiting the Ministry of Health's approval, including 50%+1 share in Safwa Hospital for EGP 92.5 million as well as an additional investment of EGP 70 million, 50%+1 share in City Labs for EGP 27.375 million, 100% of Life Labs in Qena for EGP 4 million, and 100% of Nour El-Islam Labs for EGP 6.5 million, according to a statement on Monday. 

Speed Medical also acquired Beni Suef Labs for EGP 10 million. 

The company also inaugurated 10 new branches of Speed Labs over the last three months, bringing the total number of branches to 120. 

There are currently 13 branches expected to be inaugurated within 30-60 days. 

A new Speed clinic complex is now operating in Heliopolis and another one is currently under construction in Suez Governorate. Two other clinic complexes are scheduled for inauguration in Sheikh Zayed and El-Tagammou El-Khames in 2022. 

A total of EGP 22 million has been invested in establishing the new branches since 1 July. 

During the first half (H1) of 2021, Speed Medical Company registered consolidated net profits of EGP 108.07 million, up from EGP 21.24 million in H1-20.