Increased customer visits drive Scentre Group’s full-year profit

(Source: Supplied)

Westfield mall owner Scentre Group has reported a 20.8 per cent lift in operating profit in its full-year results.

For the year to December 31, funds from operations (FFO) grew 20.6 per cent to $1.04 billion while EBIT reached $1.7 billion and an operating profit $1 billion.

Scentre’s business partners – or tenants – achieved combined turnover of $26.7 billion for the year, up 21 per cent compared to the same period a year earlier, when Covid-19 restrictions impacted trading hours. About $2.6 billion was collected in gross rent while occupancy across the group’s properties grew to 98.9 per cent.

The group completed 3409 lease deals during the year, including 2232 renewals and 1177 new merchants adding 288 new brands to the portfolio.

During the year, Elliott Rusanow was appointed CEO while Andrew Clarke became the company’s new CFO through internal appointments.

CEO Rusanow said the business’ “strong operating performance and proactive customer strategy” drove the successful result.

“Our focus on driving more customer visits was fundamental to our business partners achieving … a record level of sales across our Westfield portfolio.”

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