Cairo – Mubasher: Speed Medical Company has signed a memorandum of understanding (MoU) with Al Safwa Laboratories in Egypt’s Ismailia.

Under the MoU, Speed Medical’s name will be added to Al Safwa Laboratories, according to a bourse statement released on Wednesday.

Speed Medical said that it will manage Al Safwa Laboratories for a trial period before conducting an evaluation of a potential acquisition.

It is worth mentioning that during 2019, Speed Medical Company’s net profits increased to EGP 17.09 million from EGP 12.7 million in the prior year, including minority shareholders’ rights.