BUENOS AIRES, Argentina, Sept. 3, 2024 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE:IRS, BYMA: IRSA)), the leading real estate company in Argentina, announces today its results for the Fiscal Year 2024 ended June 30, 2024.
HIGHLIGHTS
The rental adjusted EBITDA reached ARS 171,772 million, 8.8% higher than in 2023, driven by the Shopping Centers and Hotels segments.
The net result for fiscal year 2024 recorded a loss of ARS 23,054 million due mainly to the negative result due to changes in the fair value of investment properties.
Real tenant sales in Shopping Centers fell 4.5% in fiscal year 2024 compared to 2023 due to a first semester of growth and a second semester of contraction in economic activity. Occupancy remained high at 97.4%.
During the year we sold 3 floors of the "200 Della Paolera" building, the Suipacha 652/64 building, our 50% stake in Quality Invest S.A, owner of the San Martín property, and we bartered the Ezpeleta property in the district of Quilmes, Buenos Aires province. On the other hand, we signed a management trust contract at cost for the residential development of the "Del Plata" building, located in the heart of downtown Buenos Aires.
Subsequently, we acquired a property next to Alto Avellaneda shopping mall, with a built area of 32,660 sqm and potential for future expansion, and we launched an ambitious plan to develop residential projects in Argentina, among which Ramblas del Plata in Puerto Madero Sur stands out, formerly known as Costa Urbana.
We distributed dividends twice during the fiscal year for a total amount of ARS 119,000 million and repurchased our own shares to date for approximately 4.0% of the share capital, having invested ARS 29,674 million.
Financial Highlights (In millions of Argentine Pesos) FY 2024
Income Statement
06/30/2024
