Cairo – Mubasher: Speed Medical Company has set a plan to inject EGP 160 million investments into the market during 2020.

The company aims to build Speed Obour hospital at a cost of EGP 130 million to be financed by EGP 65 million from the company’s own resources, in addition to obtaining a banking fund of EGP 65 million, according to a statement to the Egyptian Exchange on Tuesday.

Moreover, the company also plans to pump EGP 30 million from its own resources to establish medical laboratories and outpatient clinics.

The company’s estimated budget targets a net profit of EGP 34 million in 2020 and EGP 43.57 million in 2021, in addition to generating revenues of EGP 128.12 million and EGP 150.4 million for the next two years, respectively.

It is noteworthy that during the first nine months of 2019, Speed Medical reported a net profit of EGP 16.4 million, compared to EGP 10.99 million in the corresponding period a year earlier, including minority shareholders’ rights.