General de Galerías Comerciales SOCIMI (GGC) H2 2024 earnings summary

Executive summary

• Revenue increased by 10.99% year-over-year to €209.0 million, driven by higher rental income and property sales.

• Net profit rose 9.66% to €126.9 million, with EBITDA up 12.88% to €170.1 million.

• The company maintained a strong liquidity position, with cash and equivalents at €79.5 million at year-end.

• No significant post-closing events or environmental contingencies were reported.

Financial highlights

• Operating income reached €158.3 million, up 13.97% year-over-year.

• Financial result decreased by 28.47% to €11.0 million.

• Total assets grew to €985.1 million, and equity increased 16.91% to €877.5 million.

• Debt was reduced by 50% to €35 million, improving the solvency ratio to 9.16.

• Net cash from operating activities was €114.7 million, up from €86.5 million in 2023.

Outlook and guidance

• The company plans to complete the second phase of La Rambla Shopping in Cartagena by 2026 and finish construction on Avda Ricardo Soriano in Marbella in 2025.

• Expansion and improvement projects are expected to support continued revenue growth.