Matrix IT Ltd. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 12, 2016
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Matrix IT Ltd. announced earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported revenues grew by about 17.2% to approximately ILS 641 million, compared with ILS 546.8 million the previous year. Operating profit grew by about 42. 8% to approximately ILS 47.7 million (about 7.4% from revenues), compared with ILS 33.4 million (about 6.1% from revenues) the previous year. Net profit grew by about 54.5% to approximately ILS 31.1 million, compared with ILS 20.1 million the previous year.
For the nine months, the company reported revenues grew by about 9.8% to approximately ILS 1.86 billion, compared with ILS 1.69 billion the previous year. Operating profit grew by about 17.4% to approximately ILS 132.2 million (about 7.1% from revenues), compared with ILS 112.6 million (about 6.7% from revenues) the previous year. Net profit grew by about 21.2% to approximately ILS 82.5 million, compared with ILS 61.8 million the previous year. Cash flow from current activity for the period amounted to approximately ILS 96 million compared with ILS 80.1 million in the corresponding period of the previous year.
Matrix IT Ltd is an Israel-based information technology (IT) company that designs, manages and executes integration projects in Israel, developing software products and solutions, and implementing new technologies. Matrix IT is involved in designing and marketing software technologies and products for businesses. Its services portfolio falls into eight segments: Consulting, Integration and Infrastructure, Microsoft Dynamics CRM Global Services, Offshore Services, Outsourcing, Professional Services, Software Products, and Training and Deployment. It provides its services to clients operating in the of banking sector, defense, healthcare and medical, industry, retail and commerce, public and governmental sector, and in the telecommunication sector. The Company's subsidiaries include Matrix Global, XTIVIA, Tiltan, Effect, Media Tech HiTech, Financial Education Center, John Bryce, TACT and Tangram. On October 26, 2011, it divested its subsidiary maXimum ERP.