During the period, 22,000 square meters of GLA were occupied, the occupancy rate closed at 98.2% and visits to the shopping centers reached around 116 million people.
Cencomalls, the shopping center subsidiary of the Chilean group Cencosud, recorded a considerable increase of 9.7% in its 2023 revenue compared to the previous year, reaching CLP $314,785 million (US$ 325 million), driven by an expansion of the area leasable, new openings, a high level of occupancy and increase in visitor traffic.
Adjusted EBITDA also increased 9.7%, to total CLP $283,307 million (US$ 292 million), while the adjusted EBITDA margin remained at 90.0%.
Regarding net profit, the company recorded $188,103 million (US$ 194 million), an increase of 3.5% compared to 2022, while the net profit from asset revaluation reached CLP $196,134 million pesos (US $202 million), equivalent to a growth of 22.8% compared to the previous year. In line with the above, the distributable net profit for 2023 registered an increase of 22.2% compared to the previous year.
During the year, nearly 22,000 square meters of GLA - or gross leasable area - were leased and the Cenco La Molina mall opened in Peru, which in a first stage has 10,037 square meters of GLA and 40 operational stores.
In addition, occupancy reached 98.2% and the number of visitors to shopping centers increased 4.3%, reaching around 116 million people in 12 months.
“These occupancy levels, added to a low level of leverage and the sustained preference of our clients, encourage us to continue growing safely and profitably together with our tenants, who prefer to move forward with us,” comments the General Manager of Cencomalls, Sebastian Bellocchio.
FOURTH QUARTER RESULTS
In the fourth quarter of 2023, Cencomalls recorded revenues of CLP $84,239 million (US$ 87 million), growing 2.7% compared to the 2022 quarter due to an increase in new spaces for lease and an improvement in the occupancy rate in Peru that reached 94.1%.
In addition, an increase in income from Sky Costanera was recorded, reflecting the recovery of tourism and the value proposition of a unique place.
Likewise, there was a 3.3% increase in pedestrian flow in our shopping centers year-over-year.
INVESTMENT PLAN PROGRESS 2023-2027
The Company continues to advance with its investment plan for US$ 500 million over 5 years, published in 2022, which involves a 25% growth in leasable square meters adding an additional 330,000 square meters.
Among the main advances is the opening in December of Cenco La Molina in Peru and the process of reconversion and expansion of the Cenco Limonar shopping center in Colombia.
In Chile, for its part, a new Road Impact Mitigation Report (IMIV) for the Shopping Center project in Vitacura was resubmitted, which incorporates a series of observations made by various relevant interest groups, with which the processing was resumed. of the project.
In addition, the provision of more than 2,500 square meters of GLA for a new entertainment center in Costanera Center - today called Cenco Costanera - and more than 8,000 square meters for the incorporation of a darkstore .
In regions, permits are being processed for the expansion of Cenco Temuco to around 77,000 square meters and Cenco Rancagua to approximately 78,000 square meters.
NEW REGIONAL BRAND
As a fact after 2023, Cencomalls adopted this new name under which it will operate in all its shopping centers in Chile, Peru and Colombia, leaving behind the previous one: Cencosud Shopping.
In this regard, Sebastián Bellocchio highlighted that "this change in concept highlights the Company's regional focus and is consistent with the purpose of leading the generation of memorable spaces and experiences for a better world."
