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Multiplan’S Q3 2024 Results: Steady Growth Amid Retail Sector Recovery
(MENAFN- The Rio Times) Multiplan, a leading Brazilian shopping center operator, has reported encouraging financial results for the third quarter of 2024. The company's net profit reached R$279.6 million ($49.9 million), marking a 6.1% increase from the same period last year. This growth reflects the ongoing recovery of Brazil's retail sector following the challenges of the pandemic era.
The company's revenue streams showed positive trends across various segments. Net revenue climbed to R$545.1 million ($97.3 million), a 6.5% rise year-over-year. This increase was primarily driven by property sales and strong operational performance. Multiplan's EBITDA also saw an uptick, reaching R$401.1 million ($71.6 million), which surpassed market expectations.
Tenant sales played a significant role in Multiplan' success this quarter. Total sales across the company's shopping centers amounted to R$5.7 billion ($1.02 billion), growing by 9.2% compared to the previous year. This growth rate outpaced inflation, indicating robust consumer spending in Multiplan's properties.
The company's portfolio maintained a high occupancy rate of 96.2%, slightly up from the same period in 2023. This strong occupancy, coupled with a negative net default rate of -0.1%, contributed to a healthy operational environment. The Net Operating Income (NOI) increased by 4.7% to R$458 million ($81.8 million).
Multiplan's Q3 2024 Results: Steady Growth Amid Retail Sector Recovery
Multiplan's expansion strategy remained active during the quarter. The company invested R$119.0 million ($21.3 million) in various development projects. Notable among these is the expansion of DiamondMall in Belo Horizonte, set to open in November with 25 new stores. ParkShoppingBarigüi in Paraná is also undergoing its largest expansion, adding 14,000 square meters and 75 new operations.
The company continued its asset optimization strategy by selling non-core properties. It completed the sale of a plot adjacent to Parque Shopping Maceió for R$17.5 million ($3.1 million). Additionally, Multiplan signed a memorandum of understanding to sell a 25% stake in JundiaíShopping for R$251.4 million ($44.9 million).
Looking ahead, Multiplan announced plans for its 10th expansion of ParkShopping in Brasília. This project, with an investment of R$221 million ($39.5 million), is scheduled to begin construction in January 2025. The company also launched the second phase of its Golden Lake project in Porto Alegre, featuring 127 apartments with an estimated sales value of R$350 million ($62.5 million).
The company's revenue streams showed positive trends across various segments. Net revenue climbed to R$545.1 million ($97.3 million), a 6.5% rise year-over-year. This increase was primarily driven by property sales and strong operational performance. Multiplan's EBITDA also saw an uptick, reaching R$401.1 million ($71.6 million), which surpassed market expectations.
Tenant sales played a significant role in Multiplan' success this quarter. Total sales across the company's shopping centers amounted to R$5.7 billion ($1.02 billion), growing by 9.2% compared to the previous year. This growth rate outpaced inflation, indicating robust consumer spending in Multiplan's properties.
The company's portfolio maintained a high occupancy rate of 96.2%, slightly up from the same period in 2023. This strong occupancy, coupled with a negative net default rate of -0.1%, contributed to a healthy operational environment. The Net Operating Income (NOI) increased by 4.7% to R$458 million ($81.8 million).
Multiplan's Q3 2024 Results: Steady Growth Amid Retail Sector Recovery
Multiplan's expansion strategy remained active during the quarter. The company invested R$119.0 million ($21.3 million) in various development projects. Notable among these is the expansion of DiamondMall in Belo Horizonte, set to open in November with 25 new stores. ParkShoppingBarigüi in Paraná is also undergoing its largest expansion, adding 14,000 square meters and 75 new operations.
The company continued its asset optimization strategy by selling non-core properties. It completed the sale of a plot adjacent to Parque Shopping Maceió for R$17.5 million ($3.1 million). Additionally, Multiplan signed a memorandum of understanding to sell a 25% stake in JundiaíShopping for R$251.4 million ($44.9 million).
Looking ahead, Multiplan announced plans for its 10th expansion of ParkShopping in Brasília. This project, with an investment of R$221 million ($39.5 million), is scheduled to begin construction in January 2025. The company also launched the second phase of its Golden Lake project in Porto Alegre, featuring 127 apartments with an estimated sales value of R$350 million ($62.5 million).
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