Polimex-Mostostal Siedlce: good results and plans for the future

2005-11-22

Polimex-Mostostal Siedlce, the leading firm in Poland’s engineering-construction sector, achieved good results in the first three quarters of 2005. The firm is planning further expansion in Ukraine and will also step up its developer activities.
In Q3 2005 Polimex-Mostostal Siedlce posted a net profit of PLN 10.2m and sales revenues of PLN 477.6m. In cumulative terms, Polimex-Mostostal Siedlce noted consolidated revenues of PLN 1.3bn after the first nine months of 2005, i.e. an increase of 17.2 % over the corresponding period of 2004. The company’s consolidated operating profit during this period stood at PLN 72.8m. Its consolidated net profit equalled PLN 35.6m, which translates into growth of 9.6 %.
The company plans to step up its operations in Ukraine. A further line is being added at its steel construction production plant in Czerwonograd, which will produce steel grating. Furthermore, Polimex is considering setting up a general construction company in Kiev.
The company’s developer activities remain an important feature of its overall operations. Polimex-Mostostal Siedlce intends to build around 200-300 flats annually – mainly in the urban agglomerations of Warsaw and Krakow. In connection with its operations in this branch the company recently purchased the building of the former Hotel Warszawa with a view to restoring its pre-war elevations and hotel-luxury apartment functions.