Multiplan Empreendimentos Imobiliários released the results of the third quarter of 2020 on October 28. In the period, EBITDA, net income and FFO set records, positively impacted by the conclusion of the sale of Diamond Tower in São Paulo. In addition, the Company's operations increased from 8.4% of regular hours in 2Q20 to 73.9% at the end of 3Q20, surpassing 80% in October with the easing of part of the restrictions, which also contributed to the improvement in the flows of mallgoers. Current figures indicate that 4Q20 is starting off in line with the positive trend of previous quarter.
In 3Q20, EBITDA was R$ 703.8 million, with a margin of 68.9%. The result represents almost three times the EBITDA of the same period in the previous year, and was benefited by the sale of Diamond Tower. Considering the last 12 months ended in September 2020, EBITDA totaled R$ 1.48 billion, an increase of 62.8% over the same period of the previous year.
Net income totaled R$ 568.8 million with 55.7% margin in 3Q20. The sale of Diamond Tower contributed R$ 519.8 million. The result also was positively impacted by the Company's successful cost control initiative and the recent renegotiation of debts, prepayments and reduction of Brazil's prime interest rate (Selic).
In July 2020, despite operating for 21.9% of the regular pre-pandemic time, store sales reached 39.4% of the result observed in July 2019. September 2020 confirmed the recovery, and sales totaled R$ 891.1 million, which is equivalent to 74.6% of the 2019 level, with malls operating for 73.9% of normal time.
From October 1-25, store sales have posted the best results since March 20, reaching 80.8% of last year's levels, benefiting from the increase in shopping malls' opening hours, which reached 84.8% in the month. The performance also was driven by Children's Day, the first commemorative date since the beginning of the pandemic in which all Multiplan's projects were in operation.
Digital Initiatives
The third quarter was marked by the one-year anniversary of the multi superapp and the acceleration of in-app releases. Multi now has eight times more active users than in the same period of last year. The Company is launching the in-app marketplace function in seven new malls by November 5, and will reach Black Friday with 16 malls integrated with the app, which lets clients make purchases for same-day delivery. In the last quarter, Multi reached the mark of 44,000 products from different segments available for purchase through the superapp.
