Magic Software Industries, which provides consulting services in the field of IT and develops solutions for application development and business integration, reports financial results for the fourth quarter and for 2022 and concludes the year with record results in all indicators for 2022.
The net profit for 2022 increased by about 38.6% to a record of 40.7 million dollars compared to 29.3 million dollars last year. Net profit on a Non-GAAP basis increased by about 13% to a record of $52 million compared to $46 million last year.
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Revenues in 2022 increased by about 18% to a record of about $566.8 million, compared to $480.3 million last year. The operating profit increased by 19.8% to a record of 61.4 million dollars, compared to 51.2 million dollars last year.
Guy Bernstein, CEO of Magic Software Industries, said: “I am very proud of Magic’s achievements in the fourth quarter and in the entire year 2022 in which we recorded all-time record results in all financial indicators: rental turnover, gross profit, operating profit, EBITDA, profit Net and distribution of dividends. These performances reflect the ever-increasing demand of our customers, existing and new, in Israel and internationally, even during challenging periods in the economy, for our innovative software solutions and services to leverage their digital and cloud-based technologies, and not least, the extraordinary abilities of our teams in leading complex technological projects and innovative, for and in collaboration with those bodies and organizations.
Magic announces that in accordance with the company’s dividend distribution policy, the company’s board of directors has approved a dividend distribution for the second half of 2022 in the amount of 30 cents per share (for a total amount of approximately $14.7 million), which together with the dividend distributed for the first half of 2022 in the amount of 14.2 million dollars, constitute about 71% of the special profit for the company’s shareholders for the entire year 2022.