GICSA Announces Consolidated Results for The Second Quarter 2024
MEXICO CITY, MEXICO / ACCESSWIRE / July 17, 2024 /GRUPO GICSA, S.A.B. de C.V. ("GICSA" or GICSAB.MX) (BMV:GISCSA), owner and manager of 18 income-generating properties (twelve shopping malls, five mixed-used properties, and one corporate office building) announced on today its 2Q24 results.
Abraham Cababie, CEO of GRUPO GICSA, stated: "During 2Q24, our main operating indicators continued with stable results. Same-property visitor traffic was 2% higher compared to 2Q23, and our tenant sales grew 3% during the quarter. On the other hand, the occupancy rate of our operating portfolio remained at 86% and our rents per square meter stood at 374 pesos.
Regarding our commercialization, in 2Q24, 63 new lease contracts were signed, equivalent to 21,786 square meters, meanwhile, 55 new lease spaces began operations, corresponding to 14,952 square meters.
As for our main financial indicators, this quarter 's results recorded moderate growth. Consolidated and proportional NOI continued to grow 6% compared to 2Q23, with results of Ps. 894 million and Ps. 741 million, respectively. Consolidated and proportional EBITDA for 2Q24 was Ps. 829 million and Ps. 676 million, with increases of 5%, compared to 2Q23.
On the development side, we continue to make progress in the stabilization of Grand Outlet Riviera Maya shopping mall, which had its soft opening in late 2023; regarding Paseo Metepec, we continue advancing in its development, which is currently 89% complete. Finally, our residential project Cero5Cien, has reached 92% construction progress.
We will continue to work in line with our CORR strategy (Collect, Operate, Renew and Rent) to gradually improve our occupancy levels and commercial offer.
As always, we 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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