Formula Systems Reports Strong 2024 Financial Results

Formula Systems ( (FORTY) ) has released its Q4 earnings. Here is a breakdown of the information Formula Systems presented to its investors.

Formula Systems, a global information technology holding company, specializes in providing software consulting services and computer-based business solutions through its subsidiaries and affiliates. The company is listed on both the Nasdaq and Tel Aviv Stock Exchange.

Formula Systems reported a strong financial performance for the fourth quarter and full year of 2024, with a 5.2% increase in full-year revenues to $2.76 billion and a 24.5% rise in net income to $79.7 million. The company achieved record-breaking revenues and net income for both the fourth quarter and the full year.

Key financial highlights include an 8.0% year-over-year increase in fourth-quarter revenues to $691.5 million and a 19.1% rise in operating income to $71.9 million. The company also announced a cash dividend of approximately $0.94 per share, payable in May 2025. Additionally, Formula Systems is in compliance with all its financial covenants under its debenture series.

Looking ahead, Formula Systems’ management remains optimistic about the company’s growth prospects, emphasizing its commitment to innovation, professionalism, and operational excellence. The proposed merger between Matrix and Magic Software is expected to create a more robust and competitive organization, unlocking substantial value for shareholders.