Cairo – Mubasher: Speed Medical Company signed a contract with the owner of the rights of the COVID-19 drive-thru testing facilities in Egypt.

Under the contract, the management and operation of drive-thru testing facilities and their revenues will be transferred directly to Speed Medical without an intermediary, Speed Medical said in a bourse disclosure on Sunday. 

This covers testing facilities at Ain Shams University, American University in Cairo Gate 2, American University in Cairo Gate 4, Nile University in Sheikh Zayed, University of Alexandria, and Port Said University as well as the upcoming expansions across the nation.

The deal will have a positive impact on the income statements and the volume of revenues for the fourth quarter (Q4) of 2021 and for a period of 24 months, which is the term of the contract. 

During the first half (H1) of 2021, Speed Medical Company registered consolidated net profits of EGP 108.07 million, up from EGP 21.24 million in H1-20.