Increases in revenues and net profit –

The company presented another quarter of gains, with revenues growing by 8.5% and net profit growing by 13.66%

Guy Bernstein, CEO of Formula.Photo: PR

formula Summing up another good quarter, with increases in both revenues and net profit – as indicated by the reports that the company published today (Thursday).

The company’s quarterly expenses registered an increase of 8% to 578.8 million and the revenues increased by 8.5% to 636.3 million. The net profit increased by a double-digit rate – 13.66% – to 41.5 million dollars, the profit attributed to the shareholders jumped by 27% to 16.9 million and the profit per share of the Amir by 28.2% to 1.09 dollars.

The gross expenses registered an increase of 8.6% to 482.88 million dollars, the gross profit increased by 8.33% to 153.44 million and the gross profit margin was 24.11%. In the operating items, expenses increased by 5.2% to 95.9 million dollars and profit increased by 14% to 57.5 million.

As part of the quarterly reports, Formula also published the results for the first nine months of the year: expenses increased during this period by 7.7% to 1.7 billion dollars, revenues increased by 11% to 1.9 billion, operating profit grew by 45.8% to -216.5 million, the net profit climbed by 56.4% to 159.1 million and that attributable to the Emir shareholders by 69.2% to a little more than 66 million dollars.

The company’s board of directors approved the distribution of a cash dividend, in the amount of NIS 2.16 per share. This is a total amount of about 33.1 million shekels, or 9.7 million dollars.

“Continuing the strong momentum of 2022”

Guy Bernstein, CEO of Formula, said that “We are continuing the strong momentum of 2022, with record third quarter results of all time – in all financial indices and in all group companies. We continue to focus our efforts on strengthening the status of the group’s members, while maintaining a high standard of innovation, professionalism and flexibility. These extraordinary results are evidence of the solid foundations of the group.”

According to him, “Our many and varied fields of activity, together with flexible and responsible business conduct, help us to operate successfully even while the world is in a storm of economic and geopolitical changes, such as those we are experiencing today – and even continue to grow. We add to invest organically and inorganically in all The sectors of our business activity, and see the capabilities we are developing as our engine for long-term growth.”

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