The income of the real estate arm of the holding grew by 10.7% during the second quarter of the year, which is due to the increase in the gross leasable area by more than 28,000 square meters compared to June 2023, and which is a consequence of the execution of the Company's investment plan.
Cenco Malls reported solid results in the second quarter of 2024, compared to the same period of the previous year. This is mainly explained by the creation of new spaces available for rent, the increase in traffic in shopping centers and the increase in tenant sales.
The Company's Net Profit between April and June reached CLP $67,744 million (more than US$ 3,621 million), that is, a growth of 19.6% compared to the same period of the previous year. This was driven by the higher operating result, added to a greater impact from the revaluation of assets.
Meanwhile, Cenco Malls' income increased 10.7% during the second quarter of the year, reaching CLP $84,876 million (About US$ 4,537 million). This is due to the increase in the gross leasable area by more than 28,000 square meters (+2.1%) compared to June 2023, and which is a consequence of the execution of the Company's investment plan.
Also, they are explained by the impact of greater economic activity on variable income and other income.
In this regard, the General Manager of Cenco Malls, Sebastián Bellocchio , stated that “in this second quarter I would like to highlight the positive financial results obtained. It has been a period in which we have continued to advance in expansion projects and adaptation of spaces, with the aim of increasing the attractiveness of our shopping centers, both for our visitors and tenants.”
On the other hand, the Company's Adjusted EBITDA increased 14.3% compared to the same quarter of 2023, reaching CLP $77,379 million (US$ 4,136 million), resulting in an Adjusted EBITDA margin of 91.2% (+286 bps a/a). The improvement in these results is due to the increase in income, in addition to greater control of expenses, compared to the same period in 2023.
For its part, visits to shopping centers increased 8.1%, compared to the second quarter of 2023, driven by the recovery of tourism in Chile and an improvement in consumption. The Cenco Costanera and Cenco Osorno shopping centers stand out, increasing more than 700 thousand and 400 thousand visits a/a, respectively.
Along the same lines, the recent opening of Cenco La Molina, in Peru, has contributed significantly to the increase in visitor traffic.
Regarding the office offering, Cenco Malls has continued to advance in the marketing strategy, which strengthens this segment with an offer of different sizes, formats and a wide variety of services and amenities, allowing it to reach different markets and clients. In this sense, the marketing of semi-equipped spaces in Office Hub Costanera (Gran Torre Costanera and Torre Vitacura) between 400 and 600 m2 has been promoted.
Main advances of the 2023-2027 Investment Plan
One of the strategic pillars of the Company is innovation and, in this context, Cenco Malls recently enabled a space on level -5 of Cenco Costanera for the opening of a new Jumbo store of more than 8,500 m2, with a focus on omnichannel. .
In this mall, a new bicycle complex called Costanera Bike was also installed, with space to park more than 800 bicycles, and complementary services such as showers, lockers and tools for its users, in addition to six new commercial premises. These improvements and openings reflect Cenco Malls' commitment to innovation and continuous improvement of its visitors' experience.
At Cenco Florida, the remodeling of the food court was completed and an area was converted that will house 11 new stores, common spaces and a new access from the parking lot, expanding the gross leasable area by 4,800 m2.
