Cairo – Mubasher: Speed Medical Company signed a contract to manage the three branches of Alex Scan Laboratories in Alexandria.

Speed Labs will manage the labs under a revenue sharing system with 70% of cash clients and 80% of contract clients and will be committed to pay the operating expenses and provide materials and human resources, while Alex Scan will be responsible for utilities, the company said in a bourse disclosure on Monday.

The management expects that these three new branches of Speed Labs will generate an increase in revenue by about 3.5% for the lab business in 2021 and by 5% in 2022.

In 2020, Speed Medical achieved net profits of EGP 79.2 million, up from EGP 17.09 million in 2019, including minority shareholders’ rights.