MEXICO CITY, MEXICO / ACCESSWIRE / October 23, 2024 / GRUPO GICSA, S.A.B. de C.V. ("GICSA" or GICSAB.MX) (BMV:GICSA), owner and manager of 18 income-generating properties (twelve shopping malls, five mixed-used properties, and one corporate office building) announced on today its 3Q24 results.
Abraham Cababie, CEO of GRUPO GICSA, stated: "This past July, we relaunched our shopping center in Cuernavaca, transforming it into Grand Outlet Cuernavaca, a revolutionary shopping destination poised to become the go-to place for all shopping and bargain enthusiasts. This innovative concept will offer a wide variety of brands, allowing customers to purchase the best outfits, products, and accessories at affordable prices with exclusive discounts, along with an unmatched entertainment offering. Located just 50 minutes south of Mexico City, Grand Outlet Cuernavaca is set to become a key attraction for residents of both Mexico City and the metropolitan area of Morelos.
Moving on to our key operational indicators, 3Q24 continued to deliver stable results. Same-property visitor traffic increased by 2% compared to 3Q23, and tenant sales grew by 4% during the same period. On the other hand, our operating portfolio's occupancy rate remained at 86%, and our rents per square meter stood at Ps. 382.
In terms of commercialization, we signed 66 new lease agreements totaling 15,123 square meters during 3Q24. Additionally, 64 new leased spaces began operations, adding 27,219 square meters.
Regarding our financial performance, this quarter showed moderate growth. Consolidated and proportional NOI increased by 8% and 9%, respectively, compared to 3Q23, reaching Ps. 933 million and Ps. 778 million, respectively. Consolidated and proportional EBITDA for 3Q24 were Ps. 875 million and Ps. 721 million, both representing 8% growth year-over-year.
Finally, we remain focused on our CORR (Collect-Operate-Renew-Lease) strategy, as well as on improving our balance sheet, leverage levels, and liquidity.
We greatly appreciate your trust and continued support".
About GRUPO GICSA
GICSA is a leading company in the development, investment, commercialization and operation of shopping malls, corporate offices and mixed used well known for their high-quality standards, which transform and create new development spaces, lifestyles, and employment in Mexico, in accordance with its history and executed projects. For more information visit: https://www.gicsa.com.mx/home
Forward-Looking Statements
This press release may contain forward-looking statements and involve risk and uncertainty. The words "estimates", "anticipates", "projects", "plans", "believes", "expects", "seeks" and similar expressions, are intended to identify forward-looking statements. Grupo GICSA warns readers that declarations and/or estimates mentioned in this document, or stated by Grupo GICSA's management team, are subject to a number of risks and uncertainties that could be in function of various factors that are out of Grupo GICSA's control. Future expectations reflect Grupo GICSA's judgement at the date of this document. Grupo GICSA reserves the right or obligation to update information contained in the report or derived from it. Past or present performance is not an indicator of future performance. Grupo GICSA warns that a significant number of factors may cause actual results to differ materially from estimates, objectives, expectations, and intentions expressed in this report. Neither the Company or any of its subsidiaries, affiliates, directors, executives, agents or employees may be held responsible before third parties (including shareholders) for any investment, decision, or action taken in relation to the information included in this document, or by any special damage or similar that may result.
Contact:
+52 (55) 5148 0400
inversionistas@gicsa.com.mx
informes@gicsa.com.mx
SOURCE: Grupo Gicsa, S.A. de C.V.
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