Software company
Matrix
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Reports 11% revenue growth in the fourth quarter of 2021, along with a slight 2% increase in net profit. EBITDA climbed 29% in the quarter and stood at NIS 149.5 million. The company’s backlog for 2022 is estimated at NIS 4.5 billion.
The company’s revenues in the fourth quarter amounted to NIS 1.16 billion, an increase of 11% compared to revenues of NIS 1.04 billion in the corresponding quarter last year.
Bottom line, the company reports a quarterly profit of NIS 54.1 million, a slight increase of 2% compared to a profit of NIS 52.9 million in the corresponding quarter last year.
EBITDA was NIS 149.5 million, an increase of 29% compared to NIS 116 million in the corresponding quarter in 2020.
As of the end of the fourth quarter, the company has accumulated orders for 2022, estimated at NIS 4.5 billion.
Erosion in gross profitability
Gross profit amounted to NIS 173.1 million (14.9% of revenues), an increase of 7%, compared with NIS 162.2 million in the corresponding quarter last year (15.5% of revenues). The erosion in gross profit is due to an increase in the salaries of software personnel in Israel and the United States.
Operating profit amounted to NIS 90.1 million (7.8% of revenues), an increase of 10% compared to NIS 82 million (7.8% of revenues).
Selling Infinity to the Father
At the end of the week, after the close of trading, the company reported the sale of most of its holdings in its subsidiary Infinity Labs (50.1%), which trains academics in the high-tech professions, at a total value of NIS 375 million. As a result of the transaction, the company is expected to report a capital gain of approximately NIS 160 million in its financial statements.
According to the company’s announcement, it will sell most of its holdings (45.2%) in the subsidiary to Lynx Detail Holdek, for NIS 169.5 million, so that after the transaction it will hold only 4.9%. Following the transaction, the company is expected to recognize a profit of approximately NIS 160 million, which it intends to distribute as a dividend. This amount includes, among other things, in addition to the profit from the transaction, the revaluation of the remaining holdings in the company.
In addition, the company will cease to consolidate the subsidiary’s results in its financial statements, which it estimates will contribute 4% of the net profit of 2021, which amounted to NIS 195.3 million. In other words, Infinity Love contributed about NIS 7.8 million to the company’s annual net profit.
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