Latest news with #MGIC
Zawya
a day ago
- Business
- Zawya
Oman: Shipbuilding hub to boost Musandam's economy
The deal was formalised in the presence of Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidi, Governor of Musandam. In a major boost for Oman's marine and fisheries industries, Musandam Global Investment Company SAOC (MGIC) and its Turkish partners have signed binding commercial terms and a shareholders' agreement to establish Musandam Drydock and Marine Industries LLC, a shipbuilding and repair facility in Musandam Governorate. The deal was formalised in the presence of Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidy, Governor of Musandam. The project, backed by an initial investment of $15 million, will support the construction and maintenance of aquaculture cages, fishing vessels, tugboats, and service and transport vessels up to 35 metres in length. It is set to serve both domestic and regional markets, aligning with Oman's strategy to enhance food security and marine industrial capacity under Oman Vision 2040. In an exclusive interview with the Observer, Raed al Shehhi, Chairman of MGIC, emphasised the project's strategic importance, "The launch of Musandam Drydock and Marine Industries LLC is aligned with our long-term strategy to build an integrated and diversified economy in Musandam. This project directly supports Oman Vision 2040 by fostering sustainable industrial growth, enhancing food security through support to fisheries, and creating meaningful employment.' According to Al Shehhi, the first phase of the project will include the development of slipways, fabrication workshops, and maintenance yards tailored for small to medium-sized vessels. The company will also build infrastructure for manufacturing and servicing aquaculture cages and coastal fishing boats. 'Phase one focuses on establishing the core shipbuilding and repair infrastructure. Future phases will likely include expansion to handle larger vessel classes, integration of smart technologies, and development of ancillary industries,' he explained. The decision to invest in this sector was driven by strong market signals, both nationally and regionally. 'The Sultanate of Oman has seen a steady increase in demand for modern fishing vessels and aquaculture infrastructure, in line with its national food security strategy,' Al Shehhi noted. "Regionally, the GCC marine sector is expanding, particularly in sustainable fisheries and coastal transport. However, there's a shortage of specialised facilities for these services — and we're stepping in to fill that gap.' Equally important to the project is its social and economic impact on the local community. MGIC has committed to an aggressive Omanisation and skills development programme, focusing on Musandam's youth. 'We are creating 50 direct jobs for the local community in the initial phase alone,' Al Shehhi said. 'We are also developing specialised courses in welding, marine mechanics, vessel design, and industrial safety, along with apprenticeship pathways. The aim is not just employment, but cultivating a generation of skilled professionals who can drive long-term growth in the marine sector.' The company's Turkish partners bring substantial technical know-how to the initiative. Their expertise in shipbuilding and modular construction will play a vital role in setting up world-class facilities and transferring knowledge to Omani technicians and engineers. 'Our partners bring experience in marine engineering and will support us in applying international best practices across the board — from project management and quality assurance to environmental compliance,' Al Shehhi affirmed. Beyond industrial development, the drydock project is expected to position Musandam as a strategic hub for marine services, leveraging its unique geography and proximity to key shipping lanes. The move represents another milestone in Oman's broader strategy to unlock regional development and local value creation in its northernmost governorate. The incorporation of Musandam Drydock and Marine Industries LLC signals more than just economic activity — it marks a commitment to sustainable, integrated growth built on innovation, partnership and local empowerment. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
5 days ago
- Business
- Observer
Shipbuilding hub to boost Musandam's economy
In a major boost for Oman's marine and fisheries industries, Musandam Global Investment Company SAOC (MGIC) and its Turkish partners have signed binding commercial terms and a shareholders' agreement to establish Musandam Drydock and Marine Industries LLC, a shipbuilding and repair facility in Musandam Governorate. The deal was formalised in the presence of Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidy, Governor of Musandam. The project, backed by an initial investment of $15 million, will support the construction and maintenance of aquaculture cages, fishing vessels, tugboats, and service and transport vessels up to 35 metres in length. It is set to serve both domestic and regional markets, aligning with Oman's strategy to enhance food security and marine industrial capacity under Oman Vision 2040. In an exclusive interview with the Observer, Raed al Shehhi, Chairman of MGIC, emphasised the project's strategic importance, "The launch of Musandam Drydock and Marine Industries LLC is aligned with our long-term strategy to build an integrated and diversified economy in Musandam. This project directly supports Oman Vision 2040 by fostering sustainable industrial growth, enhancing food security through support to fisheries, and creating meaningful employment.' According to Al Shehhi, the first phase of the project will include the development of slipways, fabrication workshops, and maintenance yards tailored for small to medium-sized vessels. The company will also build infrastructure for manufacturing and servicing aquaculture cages and coastal fishing boats. 'Phase one focuses on establishing the core shipbuilding and repair infrastructure. Future phases will likely include expansion to handle larger vessel classes, integration of smart technologies, and development of ancillary industries,' he explained. The decision to invest in this sector was driven by strong market signals, both nationally and regionally. 'The Sultanate of Oman has seen a steady increase in demand for modern fishing vessels and aquaculture infrastructure, in line with its national food security strategy,' Al Shehhi noted. "Regionally, the GCC marine sector is expanding, particularly in sustainable fisheries and coastal transport. However, there's a shortage of specialised facilities for these services — and we're stepping in to fill that gap.' Equally important to the project is its social and economic impact on the local community. MGIC has committed to an aggressive Omanisation and skills development programme, focusing on Musandam's youth. 'We are creating 50 direct jobs for the local community in the initial phase alone,' Al Shehhi said. 'We are also developing specialised courses in welding, marine mechanics, vessel design, and industrial safety, along with apprenticeship pathways. The aim is not just employment, but cultivating a generation of skilled professionals who can drive long-term growth in the marine sector.' The company's Turkish partners bring substantial technical know-how to the initiative. Their expertise in shipbuilding and modular construction will play a vital role in setting up world-class facilities and transferring knowledge to Omani technicians and engineers. 'Our partners bring experience in marine engineering and will support us in applying international best practices across the board — from project management and quality assurance to environmental compliance,' Al Shehhi affirmed. Beyond industrial development, the drydock project is expected to position Musandam as a strategic hub for marine services, leveraging its unique geography and proximity to key shipping lanes. The move represents another milestone in Oman's broader strategy to unlock regional development and local value creation in its northernmost governorate. The incorporation of Musandam Drydock and Marine Industries LLC signals more than just economic activity — it marks a commitment to sustainable, integrated growth built on innovation, partnership and local empowerment.
Yahoo
30-05-2025
- Business
- Yahoo
Why Is MGIC (MTG) Up 4.8% Since Last Earnings Report?
It has been about a month since the last earnings report for MGIC Investment (MTG). Shares have added about 4.8% in that time frame, underperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is MGIC due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. It turns out, fresh estimates have trended upward during the past month. At this time, MGIC has an average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise MGIC has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGIC Investment Corporation (MTG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
27-05-2025
- Business
- Yahoo
MGIC (MTG) Upgraded to Strong Buy: Here's Why
Investors might want to bet on MGIC Investment (MTG), as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time. Therefore, the Zacks rating upgrade for MGIC basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price. The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock. Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for MGIC imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher. Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions. The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>. This mortgage insurance company is expected to earn $2.90 per share for the fiscal year ending December 2025, which represents a year-over-year change of -0.3%. Analysts have been steadily raising their estimates for MGIC. Over the past three months, the Zacks Consensus Estimate for the company has increased 7.1%. Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term. You can learn more about the Zacks Rank here >>> The upgrade of MGIC to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MGIC Investment Corporation (MTG) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
22-05-2025
- Business
- Yahoo
Magic Software Enterprises Ltd (MGIC) Q1 2025 Earnings Call Highlights: Record Revenue and ...
Revenue: $147.3 million, up 12.7% from Q1 2024. North America Revenue: Increased by 11.1% to $58.7 million. Israeli Operation Revenue: $69.9 million, up 17.7% from the previous year. Non-GAAP Gross Margin: 28.5% of revenues, amounting to $41.9 million. Non-GAAP Operating Income: $18.5 million, a 1.9% increase from the previous year. Non-GAAP Net Income: $12.2 million, up 8.3%, or $0.25 per fully diluted share. Cash and Cash Equivalents: Approximately $105 million as of March 31, 2025. Total Financial Debt: Approximately $56.3 million as of March 31, 2025. Cash Flow from Operating Activities: $14.9 million for Q1 2025. Full Year 2025 Revenue Guidance: $593 million to $603 million, reflecting 7.3% to 9.1% anticipated growth. Warning! GuruFocus has detected 6 Warning Sign with MGIC. Release Date: May 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Magic Software Enterprises Ltd (NASDAQ:MGIC) reported a record first quarter revenue of $147.3 million, marking a 12.7% increase from the previous year. The Israeli operations showed impressive growth with a 17.7% year-over-year increase, driven by strong demand for cloud, DevOps, and AI services. The North American operations saw an 11.1% revenue increase, bolstered by the acquisition of Theories Inc. The company is leading in AI adoption, with a 62% success rate in AI projects, significantly outperforming the industry average. Magic Software Enterprises Ltd (NASDAQ:MGIC) is strategically positioned for growth with a potential merger with Matrix IT, which could enhance its capabilities and market presence. The gross margin for the first quarter decreased to 28.5% from 29.3% in the previous year, due to the timing of software license renewals. Cash flow from operating activities declined to $14.9 million from $27.7 million in the same period last year, primarily due to increased investment in working capital. The company anticipates a temporary reduction in billable capacity in the second quarter due to the timing of the Passover holiday. Despite growth in North America, excluding acquisitions, revenue remained unchanged, indicating challenges in organic growth. The company's cash and cash equivalents decreased from $112.8 million at the end of 2024 to $105 million as of March 31, 2025. Q: Can you provide more details on the momentum change in the US market? Are you seeing new customers or expansion with current ones? A: We are seeing positive signs from our existing customer base of around 400 in the US. After a significant reduction in operations in the second half of 2023, we now observe an increase in deal flow, indicating potential expansion in the second half of the year. - Asaf Bernstein, CFO Q: The gross margin this quarter was slightly lower than usual. Is this due to higher payrolls or other factors? A: The fluctuation is mainly due to the timing of renewals for our term-based software licenses. In 2025, significant renewals are expected in Q3 and Q4, unlike 2024 when they were concentrated in the first half. We anticipate gross margins to improve to over 29% later in the year. - Asaf Bernstein, CFO Q: What is driving the strong performance in the Israeli market? A: The Israeli market saw a 17.7% increase in revenue, driven by strong demand for our cloud, DevOps, and AI services, as well as continued demand in the defense sector. This performance aligns with our strategic focus on mature, stable, and technology-driven sectors. - Asaf Bernstein, CFO Q: How is Magic Software leveraging AI in its operations and offerings? A: We are leading in AI adoption with over 200 projects across 20 industries. Our AI services have a 62% success rate, significantly higher than the industry average. We are focusing on generative AI to enhance our offerings and drive innovation across sectors like finance, healthcare, and defense. - Asaf Bernstein, CFO Q: Can you elaborate on the potential merger with Matrix IT and its expected impact? A: The merger with Matrix IT is expected to create a more diversified and resilient global IT service provider. It will enhance our capabilities, broaden our customer base, and expand our market presence. We anticipate completing the merger in the first quarter of 2025, subject to regulatory approvals. - Asaf Bernstein, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data
