Malam-Tim published its financial reports for 2020: profit of NIS 77 million

Malam-Tim published its financial reports for 2020, in which it presented a 79% jump in net profit in the fourth quarter of 2020, which amounted to NIS 24.8 million, compared with the corresponding quarter in 2019.
Malam Tim's revenues (+ 0% 9450) in the fourth quarter grew by 29% to NIS 670 million as a result of acquisitions and organic growth in infrastructure activities. Gross profit grew by 28% to NIS 83 million. Operating income (EBIDTA) jumped 39% to NIS 68.5 million.
Malam Tim is one of the largest integration and information technology services companies in Israel. It employs about 4,500 people, who provide services in the field of payroll and human resources, software and projects in the field of infrastructure and outsourcing.
Malam Tim closed the entire 2020 with a profit of NIS 77 million, about 27% less than in 2019, as a result of the realization of the investment in Altel, which in 2019 contributed NIS 82 million in revenue to the company. From August 2019, the company stopped consolidating Altel's results in the reports after selling 50% of its shares for NIS 42 million.
Compared to 2019, the company's revenues in 2020 grew by 4% to NIS 2.23 billion. Gross profit increased by 0.4% and amounted to NIS 287 million; Cash flow increased by 8% to NIS 243 million; And the net profit decreased by 27% to NIS 77 million as a result of the realization of the company's investment in Altel. Malam Tim's equity grew by 10% and amounted to NIS 600 million at the end of 2020.