Matrix recorded double-digit growth in revenue: NIS 1.1 billion - 24.3% growth

The Israeli information technology (IT) company Matrix published the results of the second quarter of 2021, in which it recorded double-digit growth in profit and revenue. Despite the positive results, the stock was down 2% on the stock exchange today.
Revenues in the second quarter grew by 24.3% to NIS 1.1 billion. Operating profit rose by 24.5% to a peak of NIS 66.1 million and net profit rose by 31.5% to NIS 41.6 million.
Gross profit increased by 24.4% compared to the corresponding quarter to NIS 157 million. The company noted that the increase in profit was due to growth in activity in parallel with operating savings as a result of the transition to hybrid work, as well as an increase in labor productivity. These were slightly offset by the increase in the wage costs of the software sector in Israel.
The highest growth in revenues was achieved in the cloud and computing infrastructure sector, where revenues jumped by 59.8% to NIS 278 million. The lowest growth was recorded in the information technology solutions and services sector in the United States, which rose to NIS 87 million from NIS 86.8 million.
Upon the publication of the financial results, Matrix announced a dividend of NIS 37.6 million. Since the beginning of the year, Matrix has distributed dividends totaling NIS 76.4 million (excluding the latest announcement). Matrix is ​​the largest IT company in Israel, with about 9,000 employees in Israel out of almost 11,000 worldwide.
"There is a huge demand for services in the areas of digital, cloud, cyber, data and core operating systems," said Moti Gutman, CEO of the company, when the reports were published. "Matrix is ​​involved in projects of the largest organizations in the economy and in national projects of the government and the defense sector, such as the Nimbus project, which is expected to accelerate the adoption of the cloud in the public sector."