investor relations
The Ordinary General Meeting of Shareholders of J.W. Construction Holding S.A. made a decision on allocation of profit for 2008. The amount of more than PLN 102 million will be allocated in whole to the supplementary capital of the Company and in consequence to fund its further development.
The Management Board proposed not to pay out the dividend from profit in 2008. The means will be used to carry out works related to the preparation of new investment projects and continuation of the current ones. Due to market conditions retaining cash in the form of supplementary capital is justified – comments Małgorzata Szwarc-Sroka, Director of Economic Department, J.W. Construction Holding S.A.
The recommendation of the Company’s Management Board was approved by the Supervisory Board. The decision to implement the recommendation was made by means of a resolution of the Ordinary General Meeting of Shareholders of 24 June 2009.
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J.W. Construction Holding S. A. is the largest Polish apartment development company, with investment projects executed mainly in Warsaw but also in Łódź, Gdynia and abroad. A leading company in the Warsaw housing industry which has been operating on the development market since 1994. In addition to development projects, the Company conducts construction activity and performs the function of a general contractor in the majority of projects. J.W. Construction is the owner and operator of the Hotel 500 chain, comprising 4 facilities: in Zegrze, Stryków, Tarnowo Podgórne and Cieszyn. On 4 June 2007 the Company made its Initial Public Offering on the Warsaw Stock Exchange. The income on sales generated by JWCH Capital Group in 2008 amounted to PLN 721 million, with operational profit of PLN 141.1 million and PLN 100.8 million of net profit.