After announcing the expected integration with Magic Software Enterprises, Matrix released its financial data 2024 this morning, which includes the executive wage numbers. Moti Gutman's CEO Moti Gutman has long received a place between the highest executives paid in the companies listed on the Tel Aviv, and the trend continued in 2024.
The total cost of Gutman compensation last year was 23.7 million New, an increase of 21.4 million New in 2023. Compensation consists of a salary of 3.7 million New, a reward of 8.8 million New to achieve goals, and compensation based on shares of 11.1 million NIS. The company states that the entitlement to a cash bonus for all the company's employees depends on achieving a operating profit of at least 75 % of 105 % of operating profits in the previous year, which is the goal achieved by Matrix (there are also other conditions).
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Gutman is one of the tallest service managers among the companies listed on the Tel Aviv. Between 2014 and 2025, his total salary reached 115.5 million, of which 28.2 million NIS was stock -based compensation. Over the years, there have been cases that Matrix contributed to the compensation package offered to him, but the Board of Directors used its powers according to the amendment 20 of the corporate law to cancel them. Besides Gutman, four other Matrix managers received compensation ranging from 3.1 million NIS to 4.5 million New in 2024.
Matrix revenues grew by 10 % in 2024 to 5.6 billion NIS. The operating profit grew by 14.4 %, to 450 million NIS. The net profit of 272 million shekels, more than 19.8 % for 2023. The growth in 2024 was mainly in Israel, the main market for the matrix.
Commenting on the results, Goetman indicated that they represent a peak in revenue, in the total profit, net profit, and in the cash flow in the fourth quarter and in 2024 as a whole, and mostly organic growth. “This excellent trade performance, at the time of security, is economic and geographical turmoil, is evidence of the company's flexibility, flexibility and stability, and the professional Matrix leadership in the IT market in Israel.”
It was published by Globes, Israel Business News – En.globes.co.il – on March 11, 2025.
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