- The company earned CLP 114,106 million in revenues in 1Q2024, up 14.2% over the same quarter the year before.
- In addition, it started the year with operational efficiency of 76.1%, a 1.1 p.p. Improvement compared to 2023.
- Regarding visitor flow, the company received 72 million visits in 1Q2024 (+3.1% vs. 1Q2023), driven by the company’s TIER A urban centers such as Mallplaza Vespucio, Mallplaza Oeste and Mallplaza Trébol in Chile, in addition to the outstanding growth of 25% registered by Mallplaza NQS in Bogota, Colombia.
Santiago, 7 May 2024.- Mallplaza started the year with solid financial results, as it noted in its latest quarterly report. The company, which operates 26 urban centers in Chile, Peru and Colombia, registered CLP 114,106 million in revenues, thus achieving 14.2% growth compared to the same quarter last year. Meanwhile, EBITDA was CLP 86,852 million in the period, up 15.9% compared to the same period in 2023. Operational efficiency measured as EBITDA to revenues was 76.1%, a 1.1 p.p. improvement compared to 2023. For its part, FFO registered 14.7% growth compared to the first quarter of 2023 and reached CLP 70,671 million, with a revenue margin of 60.1%.
Tenant sales increased by 3.9% in 1Q2024 compared to the first quarter of 2023, mainly thanks to growing sales in Colombia.
“The financial results that we began 2024 with reflect the successful execution of our business strategy, which has allowed us to offer a varied, improved and customer-focused value proposition with urban centers capable of providing multiple and powerful reasons for visiting through new brands, services and categories. Thus, we opened 196 new stores in our urban centers, continuing with the sustained pace of openings that we began in 2022,” said Plaza S.A. CEO Fernando de Peña.
Among our customers’ preferred brands, new H&M, Decathlon, Victoria’s Secret, Miniso and Samsung stores opened, as did new Cinemark movie theaters and service areas like the Civil Registry in Chile and Banco de Crédito in Peru.
Growth
Growth is part of Mallplaza’s DNA and as such, in 1Q2024 the company opened its fifth urban center in Colombia and 26th in the region. Mallplaza Cali added 67,000 m2 of GLA to the portfolio and began operations with 91% of it leased and 70% occupancy in the first days of operation.
Regarding M&A growth, an event that took place after the quarter’s close was Mallplaza’s agreement with Falabella to acquire Falabella Peru S.A.A., which controls 100% of Open Plaza Peru’s operations and 66.6% of Mallplaza in Peru. This transaction will consolidate the Peruvian operation and means expanding Mallplaza’s portfolio by approximately 619,000 m2 of GLA and reaching a total of 15 urban centers.
“This transaction will allow us to achieve synergies by merging two companies and their structures, in addition to achieving efficiencies thanks to an increased operational scale,” Fernando de Peña explained.
In addition, the company will implement organic growth of 225,000 m2 of GLA in the next five years. Of these, 100,000 m2 correspond to the assets that will be incorporated in Peru to enhance the shopping centers in Angamos, Trujillo, Piura, La Marina, Atocongo, Arequipa and Bellavista, including a plan to have a second Tier A asset in that market, which will be Angamos, in Lima.
Meanwhile, in Chile the company has a robust organic growth plan of 125,000 m2 of GLA in Mallplaza Vespucio, Mallplaza Trébol, Mallplaza Oeste, Mallplaza Norte, Mallplaza Antofagasta, Mallplaza La Serena, Mallplaza Iquique and Mallplaza Biobio.
These investment plans respond to Mallplaza’s solid financial position, with a Net Financial Debt-to-EBITDA ratio of 3.1 times at the end of the first quarter of 2024.
Omnichannel platform
During the reporting period, Mallplaza ranked first place in the Shopping Centers category of the Omnichannel Index 2023, while positioning itself second among IPSA listed companies and fifth among all Chilean companies (>265 companies in 17 industries). This acknowledgment was accompanied by the operation of 19 Click&Collect points, which registered 180,000 orders in 1Q2024 (+242% vs the same period of the previous year). Meanwhile, a total of approximately 1 million digital payment transactions were registered through the Banco Fallabella app for digital parking services in Mallplaza, with a Free-Flow experience that customers resolve from their smartphones.
