Cairo – Mubasher: Speed Medical Co’s board of directors decided to increase the company’s capital to EGP 71.32 million.

The board approved raising the company’s capital by EGP 19.32 million from retained earnings by issuing 0.3717 bonus share for every share held, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The capital increase, still subject to shareholder approval, will be used to finance the company’s expansion plans which include inaugurating a new hospital in Cairo-Ismailia road by 2020 and increasing the number of its laboratories to 150. 

The company also aims to raise its capital to more than EGP 100 million in order to be listed on the main market of the EGX.

During the first quarter of 2019, the Egyptian company’s net profits rose to EGP 5.81 million, compared to EGP 4.62 million in the year-ago period.

Meanwhile, revenues stood at EGP 20.18 million in the January-to-March period from EGP 13.12 million in the corresponding period a year earlier.