From GlobeNewswire: 2024-11-21 07:54:00

Formula Systems (1985) Ltd. announced record-breaking financial results for the third quarter and first nine months of 2024. Revenues for the third quarter increased by 6.9% to $699.9 million, with net income up by 51.4% to $23.6 million. For the nine-month period, revenues rose by 4.3% to $2.07 billion, with net income increasing by 23.4% to $59.6 million. As of September 30, 2024, Formula held stakes in various companies, with consolidated cash and cash equivalents of approximately $510.9 million. The company’s total equity was $1.36 billion. The company was in compliance with its financial covenants under debenture series issued by it, with actual equity exceeding the target set. Operating income for the third quarter of 2024 was up 21.9% year over year, reaching $71.0 million, reflecting sustained growth and operational excellence across all business facets. Matrix reported its best third quarter with record-breaking results, showing growth in all key financial indices and revenue reaching an all-time high of NIS 1.42 billion. Sapiens’ revenues for the third quarter increased by 4.8%, reaching $137 million. Magic Software saw a 10.4% year-over-year increase in revenues, reaching $143 million. Michpal concluded the first nine months of 2024 with consolidated revenues of NIS 115.5 million, growing 9.4% year over year. TSG had a strong third quarter, with revenues increasing by 15.7% year over year. Zap Group launched an E-Commerce Marketplace platform, delivering remarkable results in its first year of operation. The platform features over 400 stores and more than 70,000 products, enhancing customer experiences and driving higher sales volumes. Stand-alone financial measures were presented to reflect Formula’s financial position as the parent company of the group, providing useful information for management and investors to evaluate the company’s financial position. Formula believes these financial measures offer an additional tool for investors to assess its financial standing.



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