Multiplan Shatters Profit Records in Q4 2024, Charts Aggressive Growth Path
Multiplan, Brazil’s second-largest shopping center operator, announced a historic net profit of R$512.5 million for Q4 2024—a 69.4% year-over-year surge—driven by strategic expansions and cost discipline, per its latest earnings report.
The result eclipsed full-year profits from 2018 and 2019 combined, with annual net profit climbing 31% to R$1.34 billion ($223) as foot traffic rebounded and digital engagement soared.
The company funneled R$911 million ($152) into expansions and upgrades last year, revitalizing assets like Rio de Janeiro’s New York City Center, where post-renovation sales jumped 37.5% in Q4.
Ten of Multiplan’s 22 malls surpassed R$1 billion ($167) in annual sales, while leasable area grew 2.3x since its 2007 IPO through targeted renovations.
CFO Armando d’Almeida Neto noted the quarter’s profit alone exceeded earlier annual totals, calling it a “testament to portfolio resilience” amid Brazil’s 13.75% benchmark interest rate.
Digital adoption accelerated sharply, with the Multi loyalty app logging 28 million quarterly sessions—up 60% year-over-year—as shoppers leveraged personalized discounts.
Operational tightening slashed shopping center expenses by 12% and headquarters costs by 1.7%, boosting EBITDA margins to 69.6%. Asset sales, including a 25% stake in JundiaíShopping, freed capital for developments like Porto Alegre’s Golden Lake phase two.
Despite shares dipping 19% over 12 months, Multiplan repurchased R$2 billion ($333) in stock, betting its R$30.1 billion ($502) asset portfolio is undervalued against a R$11.56 billion ($193) market cap.
“High rates pressure consumers, but experiences still draw crowds,” d’Almeida Neto said, pointing to 2025 expansion plans for ParkShoppingBarigüi and DiamondMall.
With debt at 27.4% of equity and liquidity reserves growing, analysts flag Multiplan as a reopening play with pricing power in Brazil’s fragmented retail sector.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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