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Cenco Malls increases its profits by 82%

Cenco Malls, former Cencosud Shopping, reported at the end of March profits of $60,863 million (US$62 million), which is equivalent to an increase of 82% in relation to the same period in 2023, when its profits totaled $33,617 (US$34 million).

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Cenco Malls’ adjusted EBITDA grew by 6.8%, going from $68,516 million (US$69 million) in 2023 to $73,204 million (US$74 million).

For its part, The income of Cencosud’s shopping center subsidiary rose 8.4% in the period up to $82,016 million (US$86 million) versus $75,632 million (US$77 million) in the first quarter of the previous year.

This growth is explained, among other factors, by the increase of more than 20,000 m2 of its GLA, and an occupancy rate that remains at a consolidated level of 98.3%.

In this regard, the general manager of Cencosud Shopping, Sebastián Bellocchio, indicated that “we have started the year in a very positive way, being able to capitalize on the interest of tenants through a significant increase in our GLA and maintaining our high occupancy rate. In the following months the focus will be on continuing to lead the industry through innovation, efficiency, the generation of spaces and experiences for a better world.”

Bellocchio, appointed on February 29 of this year, also detailed that in the first quarter of 2024 Cenco Malls incorporated 35 new tenants in Chile.

Added to this, the complementary businesses of Cenco Malls such as parking lots and the Sky Costanera They increased their sales in double digits due to an increase in visits of 8.9%. “This is explained by the recovery of tourism, especially in Chile and Peru, highlighting Cenco Costanera with an increase in visits of 10.6% (+740,000 visits compared to the first quarter of 2023),” they added.

Traffic in Cenco shopping centers grew almost 9% since March 2023, while tenants recorded increases in sales of 6.2%.

From Cenco Malls they attributed the increase in visits to shopping centers “people are preferring shopping centers again.”

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