Multiplan, Brazils second-largest shopping center operator, announced a historic net profit of R$512.5 million for Q4 2024a 69.4% year-over-year surgedriven 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 Janeiros New York City Center, where post-renovation sales jumped 37.5% in Q4.Ten of Multiplans 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 dAlmeida Neto noted the quarters profit alone exceeded earlier annual totals, calling it a testament to portfolio resilience amid Brazils 13.75% benchmark interest rate.Multiplan Shatters Profit Records in Q4 2024, Charts Aggressive Growth Path.
(Photo Internet reproduction)Digital adoption accelerated sharply, with the Multi loyalty app logging 28 million quarterly sessionsup 60% year-over-yearas 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 JundiaShopping, freed capital for developments like Porto Alegres 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, dAlmeida Neto said, pointing to 2025 expansion plans for ParkShoppingBarigi and DiamondMall.With debt at 27.4% of equity and liquidity reserves growing, analysts flag Multiplan as a reopening play with pricing power in Brazils fragmented retail sector.