Marvipol's net profit goes up by 91% y/y; revenues up 18% in H1

Marvipol, one of Poland's biggest real estate and housing developers, recorded revenues of PLN 362.6 million in H1 2016, which represents 18 percent growth on an annual basis, the company announced. The developer's profit inched up by 91 percent y/y up to PLN 19.4 million in H1 2016, while its operating profit stood at PLN 24.1 million (22 percent up). The group also announced that it is to split the company. Under the plan, the development section and its assets are to be transferred to Marvipol Development, which is to be launched on the stock exchange. Currently, Marvipol has been valued at nearly PLN 600 million for the purposes of this transaction with the development section valued at PLN 262.4 million and the automotive section at PLN 335.1 million. The management board expect the split of the company, with both sections floating separately on the WSE, to be completed by Q1 2017 at the latest.