Multiplan Empreendimentos Imobiliários released its results for the second quarter of 2021 on July 28. The period showed advances in the operating performance of the Company's shopping centers: while in April the operating time was restricted to 41% of the regular hours, in June it reached 87.1%, and in July it was already over 90%. For the quarter as a whole, the malls operated for 72.3% of regular hours, and tenant sales followed suit, remaining open proportionately above operating hours and reaching 78.4% of 2Q19's levels.
In the quarter, EBITDA reached R$ 178.3 million, in line with 2Q20, presenting a margin of 64.7%. Excluding the straight-line effect, the EBITDA for 2Q21 would be R$ 188.9 million, representing 20 times (1,915.3%) the amount in 2Q20.
Net income totaled R$ 93.8 million in 2Q21, up 32.4% over 2Q20. In the last 12 months, net income grew 67% compared to the period ended June 2020, reaching R$ 855.7 million.
In 2Q21, Operating Cash Flow (FFO) totaled R$ 154.5 million, equivalent to almost 10 times (869.8%) the amount reported in 2Q20. In the last 12 months, the FFO reached R$ 1 billion, growing 51% compared to the period ended June 2020.
Lease revenue from Multiplan's malls totaled R$ 246.4 million in 2Q21, an increase of 473.3% compared to 2Q20 and 2.1% compared to 2Q19.
Increase in store sales
The advances of the vaccination campaign against COVID-19 and the ensuing relaxation in opening hours have led consumers to integrate the malls back into their routines.
Compared to 2Q20, the growth of store sales in 2Q21 was 411.4%. The same store sales indicator (SSS) grew five times compared to 2Q20.
Progress in the occupancy rate and rentals at ParkJacarepaguá
The average occupancy rate of Multiplan's shopping mall portfolio demonstrated resilience and remained unchanged at 94.6% in 2Q21 compared to the previous quarter, rising to 94.9% in June 2021. MorumbiShopping, in São Paulo, reported the greatest increase in the occupancy rate in 2Q21, growing 306 p.b. and reaching 98.4%.
Multiplan's latest project, ParkJacarepaguá in Rio de Janeiro, will open to the public in November and currently, more than 85% of its GLA has been leased.
Multi growth and new OmniMIND tool
In the period, Multiplan continued to accelerate its omnichannel strategy, supported by itsMulti superapp and MIND, the Company's Marketing, Innovation and Digital Business area. Multi reached the mark of 1 million downloads with a high ranking in the app stores.
One of the pillars of the superapp is the generation of traffic to the malls and the offer of exclusive coupons, used successfully in this strategy, leading to the creation of a new customization and recommendation tool: Multiplan already is taking the first steps for the OmniMIND rollout. The tool is based on machine learning algorithms that make it unique, being able to match online and offline client behavior data for individualized recommendations - not only of products but also for in-person experiences.
Multiplan Empreendimentos Imobiliários SA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 22:30:03 UTC.