Revenues exceeded US$ 368 million, 12.2% more than the previous year thanks to the expansion of leasable area, the maintenance of the occupancy rate and the attractiveness of the commercial proposal.

Cenco Malls reported this Tuesday revenues for 2024 totaling CLP 353,184 million (US$ 368.7 million) , which represents an increase of 12.2% compared to the previous year. This performance, according to the Cencosud shopping center operator, was driven by the expansion of leasable area, the maintenance of the occupancy rate and the attractiveness of the commercial proposal, which has been strengthened with a greater offer of entertainment and gastronomy.

Also, during 2024, earnings increased by 41.9% to CLP 266,897 million (US$ 278.6 million), while adjusted EBITDA grew by 13.2% to CLP 320,677 million (around US$ 334.8 million). The EBITDA margin was 90.8%.

Overall, Cenco Malls' occupancy rate stood at 98.3%. In Chile, it remained stable at 99.0%, while in Colombia it grew by 390 basis points, reaching 92.6%, and in Peru it reached 89.8%.

“We have closed a great year 2024 with a solid financial and commercial position, both to continue executing our investment and expansion plan, and to capture possible opportunities that may arise,” said Cenco Malls General Manager Sebastián Bellocchio.

Fourth quarter results

In the fourth quarter of 2024, consolidated revenues reached CLP 100.42 billion (US$ 104.8 million), reflecting a year-on-year growth of 19.2%. According to Cenco alls, this improvement is mainly explained by the company's ability to capitalize on the recovery of consumption in Chile.

Adjusted EBITDA grew 18.1% to CLP 89,598 million (US$ 93.5 million), while the EBITDA margin was 89.2%. Net income, meanwhile, grew 63.9% to CLP 73,972 million (US$ 77.2 million), driven by improved operating results and a positive effect from asset revaluation.

Visits to Cenco Malls shopping centres increased by 8.4%, reaching 36.5 million people in the fourth quarter. In Chile, this growth was 8.2% in the mentioned period, while in Peru and Colombia there were increases of 10.8% and 24.1%, respectively.

Sebastián Bellocchio added that the company's results "were also favored by income from fixed rent, variable rent and Sky Costanera."

Expansion and new developments

As part of its 2023-2027 investment plan for US$ 500 million, the company reported that it continues to advance in projects such as the remodeling of Cenco Costanera, which adds 7,400 m² of new gastronomic and commercial areas.

Also noteworthy is the enabling of more than 34,000 m² of GLA (gross leasable area), incorporating new tenants in Chile, Peru and Colombia and the optimization of 18,000 m² of commercial and entertainment spaces in Cenco Alto Las Condes.

Finally, there are the advances in permits for the expansion of Cenco Rancagua, which involves an expansion that includes 33,700 m2 of GLA.