MEXICO CITY, MEXICO / ACCESSWIRE / October 26, 2023 / GRUPO GICSA, S.A.B. DE C.V. ("GICSA" or "GICSAB.MX") (BMV:GICSA), owner of 17 income-generating properties, comprised of eleven shopping malls, five mixed use projects and one corporate office building, announced its results for 3Q23, a period in which it improved its financial and operating position.
During the third quarter of 2023, the number of visitors registered a double-digit increase of 19%, from 17 million in 3Q22 to 21 million at the end of the period. Likewise, GLA totaled 939,601 square meters, while the occupancy rate increased 300 bps, closing at 87%.
Likewise, Ps.748 million in fixed rental revenues were reported in 3Q23, representing an increase of 15% versus the Ps.653 million reported in 3Q22, in line with the average monthly fixed rent per square meter, which reached Ps.377 per square meter at the end of the quarter.
In this context, Total Revenues grew from Ps.1,141 million in the third quarter of 2022 to Ps.1,153 million in this reporting period. Similarly, for 3Q23, NOI and EBITDA increased from Ps.753 million to Ps.861 million (+14% YoY) and from Ps.744 million to Ps.813 million (+9% YoY). NOI and EBITDA margins reached 80.9% and 76.4%, respectively.
As for consolidated financial debt, it stood at Ps.27,493 million at the end of the quarter (70% fixed debt and 30% floating debt), 5% lower than Ps.29,580 million in 3Q22. Total Assets at the end of 3Q23 totaled Ps.76,885 million, versus Ps.75,946 million in 3Q22, and LTV stood at 36% at the end of the quarter.
In his message to investors, Abraham Cababie, GRUPO GICSA's Chief Executive Officer, commented: "This third quarter has been positive and the results certainly show progress in the execution of our business strategy. As part of this, 'Grand Outlet Riviera Maya' had its 'soft opening' with the opening of the first commercial stores. In conclusion, these achievements make us feel enthusiastic about our objective of strengthening our financial position in order to meet our long-term goals."
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/.
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 nor 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
SOURCE: Grupo Industrial Saltillo, S.A.B de C.V.
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