IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the third quarter of the Fiscal Year 2024 ended March 31, 2024

Rhea-AI Summary

IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA) reported a loss of ARS 111,728 million for the nine-month period of fiscal year 2024, influenced by inflation exposure on investment properties. However, the rental adjusted EBITDA increased by 9.1%, reaching ARS 112,911 million. Real tenant sales in shopping malls dropped by 18.5% due to inflation acceleration. The company maintained high occupancy rates across its rental segments. IRSA approved a cash dividend of ARS 55,000 million.

Positive

• Rental adjusted EBITDA increased by 9.1% to ARS 112,911 million.

• High occupancy rates were maintained in shopping centers, premium offices, and the hotel portfolio.

• Approved a cash dividend of ARS 55,000 million.

Negative

• Reported a loss of ARS 111,728 million for the nine-month period of fiscal year 2024.

• Real tenant sales in shopping malls declined by 18.5%.

News Market Reaction

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+4.49% News Effect

On the day this news was published, IRS gained 4.49%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BUENOS AIRES, Argentina, May 7, 2024 /PRNewswire/ --

HIGHLIGHTS

• The net result for the nine-month period of fiscal year 2024 recorded a loss of ARS 111,728 million compared to a gain of ARS 123,217 million in the same period of the previous year, mainly explained by the impact of inflation exposure on the fair value of investment properties.
• The rental adjusted EBITDA reached ARS 112,911 million in the nine months of fiscal year 2024, 9.1% higher than the same period of the previous year, ARS 86,475 million coming from the Shopping Malls segment, ARS 8,776 million from the office segment and ARS 17,660 million from the Hotels. Total adjusted EBITDA reached ARS 128,826 million, increasing 6.3% compared to the same period of the previous year.
• Real tenant sales in shopping malls fell 18.5% in the third quarter of fiscal year 2024 as a result of the acceleration of inflation and a drop in consumption. In the accumulated nine-month period of the year, sales grew by 0.9% compared to the same period in 2023.
• We maintained high occupancy rates in the three rental segments: 97.9% in shopping centers, 92.8% in our premium offices and 68.7% in the hotel portfolio.
• During the quarter and subsequently, we repurchased approximately 1.7% of the stock capital and in May 2024, we approved a new cash dividend for ARS 55,000 million (ARS/share 76.1457 and ARS/GDS 761.4575), which will be distributed since May 9.

 

Financial Highlights (In millions of Argentine Pesos) 9M FY 2024
Income Statement	03/31/2024	03/31/2023
Revenues	213,565	208,970
Consolidated Gross Profit	144,424	137,387
Net result from changes in the fair value of investment properties	(385,848)	(135,403)
Consolidated Profit / (Loss) from Operations	(275,902)	(56,661)
Result for the Period	(111,728)	123,217
Attributable to:
IRSA's Shareholders	(104,926)	119,339
Non-Controlling interest	(6,802)	3,878
EPS (Basic)	(140.84)	159.33
EPS (Diluted)	(140.84)	145.89
Balance Sheet	03/31/2024	06/30/2023
Current Assets	213,194	220,054
Non-Current Assets	1,606,100	2,009,794
Total Assets	1,819,294	2,229,848
Current Liabilities	256,486	237,277
Non-Current Liabilities	630,651	788,102
Total Liabilities	887,137	1,025,379
Non-Controlling Interest	59,637	69,973
Shareholders' Equity	932,157	1,204,469

The Company's market capitalization as of March 31, 2024, was approximately USD 692 million. (73,890,228 GDS with a price per GDS of USD 9.36).

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the Argentina's largest, most well-diversified real estate company, cordially invites you to participate in its IIIQ FY 2024 Results Conference Call on Wednesday, May 8, 2024, at 10:00 AM US Eastern Time / 11:00 AM BA Time.

To access the Webinar:

https://zoom.us/webinar/register/WN_TzD8MDqvTkWuH3O_bWZhVg

Webinar ID: 992 7772 1006

Password: 367066

In addition, you can participate communicating to this numbers:

Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986

Israel: +972 3 978 6688 or +972 2 376 4509 or +972 2 376 4510

Brazil: +55 11 4632 2237 or +55 11 4680 6788 or +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236

United States of America: +1 564 217 2000 or +1 646 931 3860 or +1 669 444 9171 or +1 669 900 6833 or +1 689 278 1000

Chile:  +56 22 573 9305 or +56 23 210 9066 or +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304

Investor Relations Department.

+ 5411 4323-7449

ir@irsa.com.ar

https://www.irsa.com.ar/home-inversores.php?lng=en

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SOURCE IRSA Inversiones y Representaciones S.A.

FAQ

What was the net result for the nine-month period of fiscal year 2024 for IRSA?

IRSA reported a loss of ARS 111,728 million for the nine-month period of fiscal year 2024.

What was the rental adjusted EBITDA for IRSA in the nine months of fiscal year 2024?

The rental adjusted EBITDA reached ARS 112,911 million in the nine months of fiscal year 2024.

What caused the decline in real tenant sales in shopping malls for IRSA?

Real tenant sales in shopping malls fell by 18.5% in the third quarter of fiscal year 2024 due to inflation acceleration.

What was the occupancy rate in shopping centers for IRSA?

IRSA maintained a high occupancy rate of 97.9% in shopping centers.

When did IRSA approve a new cash dividend and for how much?

IRSA approved a new cash dividend of ARS 55,000 million, which will be distributed since May 9.