ArabFinance: Speed Medical Company (SPMD) announced that total revenue from the recently signed contract regarding the Covid-19 Drive-Thru Testing Units would come as part of the company’s standalone income statement, according to a statement filed to the Egyptian Exchange (EGX).

The total cost of revenue would represent almost 72%, Speed Medical said.

The contract is expected to directly boost the company’s revenues in the fourth quarter (Q4) of 2021 by EGP 52 million.

Revenue is expected to witness increases of EGP 255 million and EGP 165 million in 2022 and 2023 until the end of the contract, respectively.

At the level of net profit before tax, profits are expected to increase by EGP 14.5 million in Q4 2021.

In 2022 and 2023 until the end of the contract, net profit before tax is projected to rise by EGP 71.4 million and EGP 46.2 million, respectively.

Last Sunday, Speed Medical announced the signing of a 24-month contract with the entity owning the rights of Covid-19 Drive-Thru Testing Units at a number of universities to directly manage and operate these units.

These drive-thru testing facilities are located at Ain Shams University, the American University in Cairo Gate 2 and Gate 4, Nile University in Sheikh Zayed, University of Alexandria, and Port Said University, in addition to, upcoming expansions.

Established in December 2015 and listed on the EGX since March 2019, Speed Medical is a Cairo-based company that operates in the healthcare sector.