Guy Bernstein (PR)
Formula ended the fourth quarter of 2021 with consolidated revenues that rose by 21.3% to a peak of about $ 658.7 million, compared to about $ 543.2 million in the corresponding quarter last year. Consolidated operating income in the fourth quarter of the year increased by approximately 30.2% to approximately $ 59.6 million, compared with approximately $ 45.8 million in the corresponding quarter last year.
Consolidated net income attributable to shareholders in the fourth quarter of 2021 increased by about 30.6% and amounted to about $ 15.5 million which is 99 cents per fully diluted share, compared to about $ 11.9 million which is 76 cents per fully diluted share, in the corresponding quarter last year.
Consolidated revenues in 2021 crossed the $ 2 billion mark for the first time and peaked at about $ 2.41 billion, compared to about $ 1.93 billion in the same period last year
Consolidated operating income increased by approximately 21.9% to a peak of approximately $ 208 million, compared with approximately $ 170.6 million in the corresponding period last year.
Consolidated net income attributable to shareholders in 2021 increased by approximately 16.7% to approximately $ 54.6 million which is $ 3.50 per fully diluted share, compared to approximately $ 46.8 million, or $ 3.01 per fully diluted share, in 2020.
Guy Bernstein, CEO of Formula One said: “We are proud to wrap up the fourth quarter and 2021 with an all-time record in revenue, operating profit and net profit. Revenues for the fourth quarter increased by 12.4% compared to the previous quarter and by 21.3% compared to the same period last year and amounted to about $ 658.7 million in the quarter, and about $ 2.4 billion per year, crossing the $ 2 billion threshold for the first time. Net income for 2021 amounted to approximately $ 54.6 million ($ 3.5 per fully diluted share).
“The peak results we achieved in 2021 are evidence of the strong and robust base that characterizes the group, as well as the Formula Group’s central position in its customers’ growth strategy in all areas of activity. Also in 2022.
“We continue to focus our efforts on strengthening the group companies’ position as market leaders in their field, while maintaining values of innovation, professionalism and transparency that enable us to continue to grow and provide significant and quality value to our customers and shareholders.”
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