MEXICO CITY, MX / ACCESS Newswire / February 25, 2025 / 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 its results for 4Q and full-year 2024. The Company reported revenues of Ps. 4,697 million in 2024, representing a 10% increase compared to 2023, driven by the signing of new lease agreements and higher revenues from services in owned properties.
On a same-property basis, tenant sales grew by 3% in 2024 compared to 2023, driven by an increase in visitor traffic, which rose from 79 million in 2023 to over 81 million in 2024 (+3% YoY). This, along with GICSA's commercial efforts, contributed to the opening of 247 new leased spaces, totaling 81,000 square meters, throughout the year. Additionally, 277 new lease agreements were signed, covering 83,000 square meters.
For full-year 2024, consolidated and proportional NOI totaled Ps. 3,757 million and Ps. 3,129 million, respectively, both reflecting a 10% increase compared to 2023. Meanwhile, consolidated and proportional EBITDA amounted to Ps. 3,438 million (+14% YoY) and Ps. 2,810 million (+16% YoY), respectively.
Regarding the balance sheet, total assets decreased from Ps. 77,845 million at the end of 2023 to Ps. 77,079 million at the end of 2024, driven by the strategies to strengthen the financial structure. As a result of the above, consolidated debt decreased by 10%, from Ps. 27,336 million in 2023 to Ps. 24,573 million at the end of 2024. Therefore, the loan-to-value (LTV) ratio stood at 32%, compared to 35% in 2023.
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
SOURCE: Grupo Gicsa, S.A. de C.V.
