Cairo – Mubasher: Speed Medical Company and its sister company Misr Labs signed a memorandum of understanding (MoU) with Nile Scan to set up diagnostic radiology centres inside Speed Labs and Misr Labs.

This move is aimed at expanding the diagnostic radiology services in different governorates in Egypt, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

The strategic partnership will allow Speed Labs and Misr Labs to provide integrated diagnostic services to patients at a one-stop centre.  

Under the MoU signed on Wednesday, Nile Scan will supply the branches with radiology devices and take on the medical administration, while the two lab companies will provide the venue, utilities, and reception services in their facilities and will have a 30% share of net profits.

The plan includes establishing 20 branches every year for each group of labs.

During the first half (H1) of 2020, the company reported net profits of EGP 21.2 million, up from EGP 10.75 million in the year-ago period.