Multiplan (MULT3) reported R$263.4 million in Q3 profits, up 41.5% year-over-year

Multiplan ( MULT3 ) recorded net income of R$263.37 million in the third quarter of 2023 (3Q23), up 41.5% from the same period in 2022, the mall company said this Thursday ( 26).

Earnings before interest, depreciation and amortization (EBITDA) were R$390.78 million in 3Q23, up 21.1% year-on-year.

According to the company, this result was mainly driven by net revenue growth (+12.3%) combined with a reduction in real estate expenses in the quarter (-36.6% compared to 3Q22).

EBITDA margin of 76.4% in 3Q23 was up 5.56 percentage points (pp) from 3Q23.

Net income was R$511.725 million in the second quarter of 2022, an increase of 12.3% compared to the same period in 2022.

Same-store sales (SSS) rose 7.8% in the third quarter compared to 3Q22.

Same-store rent (SSR) was 7.0% higher compared to 3Q12, and the effect of the IGP-DI adjustment was 2.6%, representing real SSR growth of 4.3% – despite negative inflation of 5.3% from IGP-DI (September 23, 12 months).

“Multiplan ended the quarter with a cash position of R$737.5 million, gross debt of R$2.7027 billion and net debt of R$1.965 billion, slightly below June 2023 (-1.8%)” , – explains the company.

As of 30-Sep-2022, EBITDA growth contributed to a reduction in the net debt/EBITDA ratio from 1.40x at the end of 2Q23 to 1.32x at the end of 3Q23. 23, the lowest level since June 2012.

The leverage ratio, measured by net debt/adjusted profitability, was 2.05x in Jun/22, down from 1.31x from the peak in Sep 2021.

In 3Q23, Multiplan announced an equity interest distribution (JCP) of R$120.0 million gross, to be paid by September 2024, with R$515 million paid to JCP in the last 12 months.

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