Cairo – Mubasher: Speed Medical Company revealed the impact of the recently-signed COVID-19 drive-thru testing contract on its revenues and profits. 

The total revenues of the drive-thru testing facilities will be added to the company's standalone financial statements and the costs would account for 71% of the revenues, the company said in a bourse disclosure on Tuesday. 

The company plans to boost revenues by adding more drive-thru testing facilities during the 24-month term of the contract. 

The deal is expected to increase revenues by EGP 52 million in the fourth quarter (Q4) of 2021, EGP 255 million in 2022, and EGP 165 million until the end of the contract and also boost pre-tax net profits by EGP 14.5 million in Q4-21, EGP 71.4 million in 2022, and EGP 46.2 million until the end 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.