Multiplan: net income grows 87.2% in the 3rd quarter, to R$ 186.098 million

Multiplan, the company that owns a stake in 20 malls, closed the third quarter of 2022 with a net income of R$186.098 million. The amount was 87.2% higher than in the same range in 2021.

Ebitda (earnings before interest, taxes, depreciation and amortization) increased 49.3% on the same basis of annual comparison and reached R$ 322.591 million. The Ebitda margin grew 3.8 percentage points to 70.8%.

FFO (net income excluding depreciation, amortization and non-cash effects) rose 39.6% to R$246.751 million. FFO margin shrank 0.6 percentage point to 54.2%.

The company reported growth of 41.4% in its net revenue, which totaled R$ 455.577 million, boosted by the expansion of revenue from rentals, parking and property sales.

In its presentation, Multiplan highlighted that the balance for the third quarter not only showed strong and sustainable results, but also increased sales growth in all its malls and segments. This sales growth increased every month, which is reflected in the health of tenants, in the delinquency rate and in the demand for space in the developments.

The depreciation and amortization line grew 8.8%, to a negative result of R$ 52.223 million.

The financial result (balance between financial income and expenses) was negative by 62.664 million, an amount 2.5 times higher in the annual comparison, mainly due to the continuous increase in the basic interest rate.

Multiplan’s net debt ended the third quarter of 2022 at R$ 2.052 billion, a decrease of 7.9% compared to the end of the second quarter of the same year. In this period, available cash resources reached R$ 1.158 billion, up 19.9%.

Leverage (measured by the ratio between net debt and Ebitda) reached 1.72 times, the lowest level in ten years, as highlighted by the company. At the end of June, it was at 2.05x times.

Its average cost of debt was 13.62% at the end of September, compared to 13.25% at the end of June.