IRSA Inversiones y Representaciones S.A. FY 2024 Results Overview
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IRSA Inversiones y Representaciones S.A. FY 2024 Results
IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), Argentina's premier real estate company, has reported its financial results for the fiscal year 2024, concluding June 30. This overview sheds light on the highlights and critical financial data that shape their ongoing strategies.
Highlights of FY 2024
During the fiscal year, IRSA achieved an impressive EBITDA, adjusted for rental income, reaching ARS 171,772 million. This figure marks an 8.8% increase compared to the previous year, largely propelled by the performance of both the Shopping Centers and Hotels segments. However, despite this growth, the company faced challenges, including a net loss of ARS 23,054 million, primarily due to fluctuations in the fair value of its investment properties.
Sales Performance
In terms of sales performance, tenant sales in Shopping Centers experienced a 4.5% decline compared to FY 2023. This downturn was attributed to varying economic conditions across the fiscal year, marked by an initial growth phase followed by a contraction in activity. Notably, the occupancy rates remained favorable at 97.4%, reflecting consistent customer engagement.
Strategic Transactions
The year saw IRSA making significant strategic moves. The company successfully sold properties such as three floors of the prominent "200 Della Paolera" building, and its 50% stake in Quality Invest S.A., which owns the San Martín property. Additionally, IRSA has embarked on new residential developments, including Ramblas del Plata in Puerto Madero South, previously known as Costa Urbana, utilizing a property adjacent to the Alto Avellaneda shopping mall.
Financial Highlights
Here are some critical financial metrics from the fiscal year 2024:
- Revenues: ARS 328,546 million (down from ARS 331,721 million in FY 2023)
- Consolidated Gross Profit: ARS 219,305 million (up from ARS 217,276 million in FY 2023)
- Net result from investment properties: ARS (350,591 million) (compared to ARS (182,590 million) in FY 2023)
- Consolidated Result from Operations: ARS (190,695 million) (increased from ARS (97,115 million) last year)
- Total Assets: ARS 2,241,765 million (down from ARS 2,643,849 million)
- Total Liabilities: ARS 1,089,328 million (compared to ARS 1,215,754 million in FY 2023)
- Shareholders' Equity: ARS 1,152,437 million (decreased from ARS 1,428,095 million)
Future Plans and Shareholder Engagement
Moving forward, IRSA remains committed to enhancing its shareholder value, having distributed ARS 119,000 million in dividends while executing share repurchases amounting to 4.0% of the total share capital to date, with an investment of approximately ARS 29,674 million.
Conference Call Details
IRSA Inversiones y Representaciones S.A. invites all stakeholders to join its FY 2024 Results Conference Call. This event will provide further insights into their performance and future strategies.
Frequently Asked Questions
What were the main financial highlights for IRSA in FY 2024?
IRSA reported revenues of ARS 328,546 million and a net loss of ARS 23,054 million, primarily due to changes in property valuations.
What were IRSA's strategies for property sales in FY 2024?
The company sold and engaged in significant property transactions, solidifying their market presence by focusing on key developments.
How did tenant sales perform in IRSA's Shopping Centers?
Tenant sales in Shopping Centers decreased by 4.5%, impacted by economic fluctuations; however, occupancy remained excellent at 97.4%.
How does IRSA plan to enhance shareholder value?
IRSA plans to enhance shareholder value by distributing dividends and executing share repurchases to increase investor confidence.
What is the contact information for IRSA's Investor Relations?
Investors can reach IRSA's Investor Relations Department at +5411 4323-7449 for inquiries regarding their financial results or upcoming events.
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