Q2 2024 Plaza SA Earnings Call Transcript
Key Points
- Plaza SA (XSGO:MALLPLAZA) reported a 7% increase in footfall across its urban centers, reaching 73 million visitors in Q2 2024.
- Tenant sales grew by 8.8% year-over-year, driven by strong performance in retail, food and beverage, and entertainment sectors.
- The occupancy rate improved to 95.5%, with notable increases in Peru, particularly in Mallplaza Trujillo and Mallplaza Comas.
- Revenues increased by 17% year-over-year, attributed to higher lease revenues and parking income.
- EBITDA rose by 16.3% year-over-year, achieving a margin of 76.1%, reflecting operational efficiency.
- Net income decreased by 27.6% year-over-year, primarily due to lower variations in the fair value of investment properties.
- Administrative expenses increased by 20.6%, driven by higher personnel costs and currency exchange effects in Colombia.
- Sales per square meter in Peru declined by 7%, with revenues per square meter down by 4%, indicating challenges in that market.
- Higher tax expenses and losses in participation in associates negatively impacted financial performance.
- The company faced temporary negative impacts in Peru due to road detours affecting Mallplaza Buenavista.
Good day, everyone, and thank you for standing by. Welcome to Mallplaza second quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
Now it's my pleasure to turn the call to Derek Tang. Please go ahead.
Greetings, and welcome to Mallplaza earnings conference call. Thank you for joining us this morning. I'm here today with Fernando de Pena, our CEO; and the only Latin American member of the Board of Trustees of the ICSC. Also with us is Cristián Somarriva, our Peruvian Division Manager; and the Investor Relations team represented by Rodrigo Sirhan and MatÃÂas Guerra.
We're pleased to introduce the company's earnings results for the second quarter of 2024. First, we'll begin with a brief overview of the company's quarterly results. Second, we will highlight some strategic remarks regarding the quarter. And as usual, we will end with a Q&A session.
The second quarter of 2024 was marked
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