Matrix Net profit amounted to NIS 167 million - up 16%

Matrix released its financial results in 2019. Net profit attributable to shareholders amounted to NIS 167 million, up 16% compared to 2018. The company's revenue was NIS 3.6 billion, following the merger of Dana Engineering and Midetech.
Matrix's operating profit in the fourth quarter decreased to NIS 67.3 million, compared with NIS 68.2 million in the corresponding quarter last year, and net profit grew 7% to NIS 47.2 million. The company's revenue in the fourth quarter was NIS 904.9 million.
As of the end of 2019, Matrix's cash balance was NIS 459.2 million (cash and financial assets), compared with NIS 305 million at the end of 2018. The company's net debt was NIS 410 million, compared with NIS 288 million in 2018, about 13.9% of the balance sheet total NIS -2.96 billion. The capital ratio (NIS 740 million) of the balance sheet was approximately 25%. Cash flow from operating activities amounted to NIS 263 million, compared to net cash flow from operating activities of NIS 124.5 million in 2018.
The company said it believed it had "a good financial ability to cope with the Corona crisis, partly in light of its cash flow, industry diversification, reasonable leverage rate, credit facilities for exploitation and lack of liens." However, as the Corona crisis worsens and persists for a long time, it can cause widespread damage to the Israeli economy, including the company's customers, business partners and employees - and consequently its business results will be harmed.