Warimpex's momentum

Warimpex, a Vienna-based real estate development and investment company, has published its results for 2007, revealing a significant rise in net profit. Part of the firm's good fortunes were due to its successful IPOs last year.

"The targets we clearly defined at the time of our stock market flotation in January 2007 have all been achieved or even surpassed. This was primarily attributable to our development activities, but we can also point to numerous successes on the operative side as well," said CEO Franz Jurkowitsch.

The company debuted on the Warsaw and Vienna stock exchanges in January 2007 and met with great demand from investors - the share issue was 14 times oversubscribed. This infusion of fresh capital accelerated the company's growth, and its gross asset value grew by a better-than-expected 29 percent last year.

Warimpex surpassed its IPO goals for all key financial figures. Its earnings per share rose by 26 percent and a proposed dividend of E0.25 [zł.0.85] per share marks a 67-percent rise in comparison with 2006.

The company entered new markets and got involved in several significant projects last year. Warimpex entered Romania, for example, and procured a building permit for a major project in St Petersburg. Its budget-hotel chain project, which is being jointly developed with Louvre Hotels, also saw a great deal of progress.  

Warimpex has its headquarters in Vienna and branch offices in Budapest, Prague, St Petersburg and Warsaw. The company's Polish branch boasts an extensive portfolio of hotel developments, both in Warsaw and other large Polish cities. Its landmark projects are Warsaw's Sheraton and InterContinental hotels.