IRSA Inversiones y Representaciones S.A. announces its results for Fiscal Year 2024, ended June 30, 2024
Rhea-AI Summary
IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA) announced its results for Fiscal Year 2024, ended June 30, 2024. Key highlights include:
- Rental adjusted EBITDA reached ARS 171,772 million, up 8.8% from 2023
- Net loss of ARS 23,054 million, mainly due to negative changes in fair value of investment properties
- Shopping Centers' real tenant sales fell 4.5% compared to 2023
- High occupancy rate maintained at 97.4%
- Several property transactions completed, including sales and acquisitions
- Dividends distributed twice, totaling ARS 119,000 million
- Share repurchases of approximately 4.0% of share capital, investing ARS 29,674 million
The company's financial performance showed mixed results, with increased EBITDA but a significant net loss. IRSA continues to actively manage its real estate portfolio and return value to shareholders through dividends and share buybacks.
Positive
- Rental adjusted EBITDA increased by 8.8% to ARS 171,772 million
- High occupancy rate maintained at 97.4% in Shopping Centers
- Distributed dividends totaling ARS 119,000 million
- Repurchased approximately 4.0% of share capital, investing ARS 29,674 million
- Acquired property next to Alto Avellaneda shopping mall with expansion potential
- Launched plan to develop residential projects, including Ramblas del Plata in Puerto Madero Sur
Negative
- Net loss of ARS 23,054 million for fiscal year 2024
- Negative result due to changes in fair value of investment properties
- Real tenant sales in Shopping Centers fell 4.5% compared to 2023
- Total revenues decreased from ARS 331,721 million in FY 2023 to ARS 328,546 million in FY 2024
- EPS (Basic and Diluted) declined from 284.86 and 259.85 in FY 2023 to -24.77 in FY 2024
News Market Reaction – IRS
On the day this news was published, IRS gained 0.60%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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 at97.4% . - 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 downtownBuenos 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 investedARS 29,674 million .
Financial Highlights
(In millions of Argentine Pesos)
FY 2024
Income Statement | 06/30/2024 | 06/30/2023 |
Revenues | 328,546 | 331,721 |
Consolidated Gross Profit | 219,305 | 217,276 |
Net result from changes in the fair value of investment properties | (350,591) | (182,590) |
Consolidated Result from Operations | (190,695) | (97,115) |
Result for the Period | (23,054) | 215,837 |
Attributable to: | ||
IRSA's Shareholders | (18,377) | 213,076 |
Non-Controlling interest | (4,677) | 2,761 |
EPS (Basic) | (24.77) | 284.86 |
EPS (Diluted) | (24.77) | 259.85 |
Balance Sheet | 06/30/2024 | 06/30/2023 |
Current Assets | 227,724 | 260,910 |
Non-Current Assets | 2,014,041 | 2,382,939 |
Total Assets | 2,241,765 | 2,643,849 |
Current Liabilities | 274,913 | 281,329 |
Non-Current Liabilities | 814,415 | 934,425 |
Total Liabilities | 1,089,328 | 1,215,754 |
Non-Controlling Interest | 73,792 | 82,965 |
Shareholders' Equity | 1,152,437 | 1,428,095 |
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the
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SOURCE IRSA Inversiones y Representaciones S.A.
FAQ
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