Revenues grew by 9.7% due to higher tenant sales, traffic in shopping centres and an increase in gross leasable area of more than 27,000 m2 , compared to September 2023.
In the third quarter of 2024, Cenco Malls reported a net profit of CLP $64,329 million (US$ 69.1 million), representing a 21.6% increase compared to the same period of the previous year. This was driven by improved operational performance and the positive impact of the revaluation of assets.
Meanwhile, revenues increased 9.7% during the third quarter of the year, reaching CLP $85,872 million (US$ 92.2 million). The company explained through a press release that this is due to higher tenant sales, traffic in shopping centers growing by double digits and an increase in gross leasable area by more than 27,000 m 2 , compared to September 2023. "They are also explained by the impact of greater economic activity on variable income and other income such as Sky Costanera, among others," it said.
“During this period we continued to advance in the execution of our Investment Plan, focusing on expansion, remodeling and placement of new square meters. At the same time, we have continued to adapt spaces to the needs of both our tenants and our clients, which together continues to position us as a benchmark in the market,” said Sebastián Bellocchio, General Manager of Cenco Malls.
On the other hand, the Company's Adjusted EBITDA increased by 13.0% compared to the same quarter in 2023, reaching CLP $80,495 million (US$ 86.4 million). With this, the Adjusted EBITDA margin reached a record of 93.7%, an expansion of 274 basis points in the year-on-year comparison.
For its part, visits to shopping centres increased by 10.0% compared to the third quarter of 2023, driven by the recovery of tourism in Chile and a gradual improvement in consumption.
“The strength and resilience of our business has not only been reflected in our good operational and financial performance, but also in the recent increase in our risk rating by Humphreys to “AAA”, the highest rating among the main shopping centre operators in Chile,” Bellocchio emphasised.
Main advances of the 2023-2027 Investment Plan
On the 5th level of Cenco Costanera, the Company continues to carry out works to expand its gastronomic offering by more than 5,000 m2 .
Finally, the new shopping center project in Vitacura continues to advance. During the third quarter, the Company obtained approval of its joint IMIV (permit related to road mitigations), while during October it submitted the Environmental Impact Statement (DIA), after having carried out an unprecedented voluntary “Early Citizen Participation”, which contributed to collecting comments. of the community in order to strengthen the project.
