ASUR ANNOUNCES 4Q24 RESULTS
Grupo Aeroportuario del Sureste (ASR) reported mixed Q4 2024 results with overall passenger traffic declining 0.3% year-over-year. While Mexico saw an 8.0% decrease in traffic, Puerto Rico and Colombia posted strong growth of 9.6% and 14.1% respectively.
The company's financial performance showed significant improvement with revenues increasing 31.2% YoY to Ps.9,020.6 million. Excluding construction services, revenues grew 19.0%. Commercial revenue per passenger rose 9.4% to Ps.130.2. Consolidated EBITDA increased 22.5% to Ps.5,111.3 million, with adjusted EBITDA margin expanding to 69.7% from 67.7% in Q4 2023.
ASR maintained a strong financial position with a cash balance of Ps.20,083.4 million and a negative Debt to LTM Adjusted EBITDA ratio of 0.3x, indicating robust liquidity.
Grupo Aeroportuario del Sureste (ASR) ha riportato risultati misti per il quarto trimestre del 2024, con un calo complessivo del traffico passeggeri dello 0,3% rispetto all'anno precedente. Mentre il Messico ha registrato una diminuzione dell'8,0% nel traffico, Porto Rico e Colombia hanno mostrato una forte crescita rispettivamente del 9,6% e del 14,1%.
Le performance finanziarie dell'azienda hanno mostrato un miglioramento significativo, con ricavi in aumento del 31,2% su base annua, raggiungendo i Ps.9.020,6 milioni. Escludendo i servizi di costruzione, i ricavi sono cresciuti del 19,0%. Il ricavo commerciale per passeggero è aumentato del 9,4% a Ps.130,2. L'EBITDA consolidato è aumentato del 22,5% a Ps.5.111,3 milioni, con un margine EBITDA rettificato che è passato dal 67,7% del quarto trimestre del 2023 al 69,7%.
ASR ha mantenuto una solida posizione finanziaria con un saldo di cassa di Ps.20.083,4 milioni e un rapporto Debito su EBITDA rettificato LTM negativo di 0,3x, indicando una robusta liquidità.
Grupo Aeroportuario del Sureste (ASR) reportó resultados mixtos para el cuarto trimestre de 2024, con un descenso general del tráfico de pasajeros del 0.3% en comparación con el año anterior. Mientras que México experimentó una disminución del 8.0% en el tráfico, Puerto Rico y Colombia mostraron un fuerte crecimiento del 9.6% y 14.1%, respectivamente.
El desempeño financiero de la empresa mostró una mejora significativa, con ingresos que aumentaron un 31.2% interanual, alcanzando Ps.9,020.6 millones. Excluyendo los servicios de construcción, los ingresos crecieron un 19.0%. Los ingresos comerciales por pasajero aumentaron un 9.4% a Ps.130.2. El EBITDA consolidado aumentó un 22.5% a Ps.5,111.3 millones, con un margen EBITDA ajustado que se expandió al 69.7% desde el 67.7% en el cuarto trimestre de 2023.
ASR mantuvo una sólida posición financiera con un saldo de efectivo de Ps.20,083.4 millones y una relación de Deuda a EBITDA Ajustado LTM negativa de 0.3x, lo que indica una robusta liquidez.
그룹 아에로포르투아리오 델 수레스트 (ASR)는 2024년 4분기 혼합 실적을 보고했으며, 전체 승객 교통량이 전년 대비 0.3% 감소했습니다. 멕시코는 8.0%의 감소를 보였지만, 푸에르토리코와 콜롬비아는 각각 9.6% 및 14.1%의 강력한 성장을 기록했습니다.
회사의 재무 성과는 상당한 개선을 보여주었으며, 수익은 전년 대비 31.2% 증가하여 Ps.9,020.6백만에 달했습니다. 건설 서비스를 제외하면 수익은 19.0% 증가했습니다. 승객당 상업 수익은 9.4% 증가하여 Ps.130.2에 달했습니다. 통합 EBITDA는 22.5% 증가하여 Ps.5,111.3백만에 도달했으며, 조정 EBITDA 마진은 2023년 4분기의 67.7%에서 69.7%로 확대되었습니다.
ASR은 Ps.20,083.4백만의 현금 잔액과 -0.3x의 부채 대 LTM 조정 EBITDA 비율로 강력한 재무 상태를 유지하고 있으며, 이는 견고한 유동성을 나타냅니다.
Grupo Aeroportuario del Sureste (ASR) a rapporté des résultats mitigés pour le quatrième trimestre 2024, avec une baisse globale du trafic passagers de 0,3 % par rapport à l'année précédente. Alors que le Mexique a enregistré une diminution de 8,0 % du trafic, Porto Rico et la Colombie ont affiché une forte croissance de 9,6 % et 14,1 % respectivement.
Les performances financières de l'entreprise ont montré une amélioration significative, avec des revenus en hausse de 31,2 % d'une année sur l'autre, atteignant Ps.9.020,6 millions. En excluant les services de construction, les revenus ont augmenté de 19,0 %. Le revenu commercial par passager a augmenté de 9,4 % pour atteindre Ps.130,2. L'EBITDA consolidé a augmenté de 22,5 % pour atteindre Ps.5.111,3 millions, avec une marge EBITDA ajustée passant de 67,7 % au quatrième trimestre 2023 à 69,7 %.
ASR a maintenu une solide position financière avec un solde de trésorerie de Ps.20.083,4 millions et un ratio d'endettement par rapport à l'EBITDA ajusté LTM négatif de 0,3x, indiquant une liquidité robuste.
Grupo Aeroportuario del Sureste (ASR) hat gemischte Ergebnisse für das vierte Quartal 2024 berichtet, mit einem Rückgang des Gesamtpassagieraufkommens um 0,3 % im Vergleich zum Vorjahr. Während Mexiko einen Rückgang des Verkehrs um 8,0 % verzeichnete, wiesen Puerto Rico und Kolumbien ein starkes Wachstum von 9,6 % bzw. 14,1 % auf.
Die finanzielle Leistung des Unternehmens zeigte eine signifikante Verbesserung, mit einem Umsatzanstieg von 31,2 % im Jahresvergleich auf Ps.9.020,6 Millionen. Ohne die Bauleistungen wuchs der Umsatz um 19,0 %. Der kommerzielle Umsatz pro Passagier stieg um 9,4 % auf Ps.130,2. Das konsolidierte EBITDA erhöhte sich um 22,5 % auf Ps.5.111,3 Millionen, wobei die bereinigte EBITDA-Marge von 67,7 % im vierten Quartal 2023 auf 69,7 % anstieg.
ASR hielt eine starke finanzielle Position mit einem Barguthaben von Ps.20.083,4 Millionen und einem negativen Verhältnis von Schulden zu LTM bereinigtem EBITDA von 0,3x, was auf eine robuste Liquidität hinweist.
- Revenue increased 31.2% YoY to Ps.9,020.6 million
- Commercial revenue per passenger grew 9.4% to Ps.130.2
- EBITDA rose 22.5% YoY to Ps.5,111.3 million
- Adjusted EBITDA margin improved to 69.7% from 67.7%
- Strong cash position of Ps.20,083.4 million with negative debt ratio
- Overall passenger traffic declined 0.3% YoY
- Mexican operations showed 8.0% decrease in total traffic
- International traffic in Mexico decreased 7.5%
- Domestic traffic in Mexico fell 8.6%
Insights
ASUR's Q4 2024 results demonstrate remarkable financial execution despite challenging traffic patterns. The headline 31.2% revenue growth, coupled with a 19.0% increase in core revenues (excluding construction services), showcases the company's robust pricing power and operational efficiency. The divergent traffic patterns across regions tell an important story - while Mexico experienced an 8.0% decline, the strong growth in Puerto Rico (9.6%) and Colombia (14.1%) highlights the benefits of geographical diversification in the airport operator's portfolio.
The 9.4% increase in commercial revenue per passenger to Ps.130.2 is particularly impressive, as it indicates successful implementation of retail strategy and improved monetization of passenger flow. This metric is important as it represents high-margin, non-aeronautical revenue that provides stability against volatile aviation cycles.
The company's financial position is exceptionally strong, with Ps.20,083.4 million in cash and a negative debt to EBITDA ratio, effectively meaning more cash than debt. This robust balance sheet provides significant strategic flexibility for potential expansion or shareholder returns. The expansion of adjusted EBITDA margin to 69.7% demonstrates excellent cost control and operational leverage, positioning well above industry average margins for airport operators.
The contrasting regional performance suggests a strategic opportunity - while Mexico's traffic declined, the strong growth in Puerto Rico's international traffic (28.9%) and Colombia's overall performance (14.1%) indicates potential for further investment and capacity expansion in these markets. The ability to grow revenues substantially despite flat overall traffic demonstrates strong pricing power and effective commercial strategy execution.
Passenger Traffic Declined
4Q24 Highlights1
- Total passenger traffic declined
0.3% year-over-year ("YoY"). By country of operations, passenger traffic showed the following YoY variations:Mexico : decreased8.0% , reflecting7.5% decrease in international traffic and8.6% decrease in domestic traffic.Puerto Rico (Aerostar): increased9.6% , driven by an increase of28.9% and7.3% in international and domestic traffic, respectively.Colombia (Airplan): increased14.1% , reflecting an increase of20.4% and12.5% in international and domestic traffic, respectively.
- Revenues increased
31.2% YoY to Ps.9,020.6 million. Excluding construction services, revenues increased19.0% YoY. - Commercial revenue per passenger increased
9.4% YoY to Ps.130.2. - Consolidated EBITDA increased
22.5% YoY to Ps.5,111.3 million. - Adjusted EBITDA margin (excluding IFRIC 12 effect) increased to
69.7% from67.7% in 4Q23. - Cash position of Ps.20,083.4 million at year-end with Debt to LTM Adjusted EBITDA at negative 0.3x.
Table 1: Financial and Operating Highlights1 | |||
Fourth Quarter | % | ||
2023 | 2024 | ||
Financial Highlights | |||
Total Revenue | 6,876,941 | 9,020,577 | 31.2 |
| 5,113,019 | 6,707,511 | 31.2 |
| 1,065,015 | 1,384,247 | 30.0 |
698,907 | 928,819 | 32.9 | |
Commercial Revenues per PAX | 119.0 | 130.2 | 9.4 |
142.1 | 158.5 | 11.6 | |
| 133.6 | 153.9 | 15.2 |
44.0 | 50.4 | 14.5 | |
EBITDA | 4,171,453 | 5,111,286 | 22.5 |
Net Income | 2,617,143 | 3,589,717 | 37.2 |
Majority Net Income | 2,537,108 | 3,414,581 | 34.6 |
Earnings per Share (in pesos) | 8.4570 | 11.3819 | 34.6 |
Earnings per ADS (in US$) | 4.0686 | 5.4757 | 34.6 |
Capex | 707,723 | 2,532,698 | 257.9 |
Cash & Cash Equivalents | 13,872,897 | 20,083,457 | 44.8 |
Net Debt | (1,648,127) | (6,724,001) | 308.0 |
Net Debt/ LTM EBITDA | (0.1) | (0.3) | 250.7 |
Operational Highlights | |||
Passenger Traffic | |||
10,986,641 | 10,105,370 | (8.0) | |
2,920,579 | 3,199,545 | 9.6 | |
3,884,480 | 4,433,379 | 14.1 | |
For a full version of ASUR's 4Q24 Quarter of 2024 Earnings Release, please visit: https://www.asur.com.mx/informacion-financiera-page-0
4Q24 Earnings Call
Day: Tuesday, February 25, 2025, at 9:00 AM ET; 8:00 AM Mexico City time
Dial-in: +1 877 407 4018 (
Access Code: 13751404
Replay: Tuesday, February 25, 2025, at 2:00 PM ET, ending at 11:59 PM ET on Tuesday, March 4, 2025.
Dial-in: +1 844 512 2921 (
1 Unless otherwise stated, all financial figures discussed in this press release are unaudited, prepared in accordance with International Financial Reporting Standards (IFRS). All figures in this report are expressed in Mexican pesos, unless otherwise noted. Tables state figures in thousands of Mexican pesos, unless otherwise noted. Passenger figures for
Definitions
Concession Services Agreements (IFRIC 12 interpretation). In
Majority Net Income reflects ASUR's equity interests in each of its subsidiaries and therefore excludes the
EBITDA means net income before provision for taxes, deferred taxes, profit sharing, non-ordinary items, participation in the results of associates, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, as an alternative to cash flow or as an indicator of liquidity. Our management believes that EBITDA provides a useful measure that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under
Adjusted EBITDA Margin is calculated by dividing EBITDA by total revenues excluding construction services revenues for
About ASUR
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a leading international airport operator with a portfolio of concessions to operate, maintain, and develop 16 airports in the
Analyst Coverage
In accordance with Article 4.033.01 of the Mexican Stock Exchange Internal Rules, ASUR reports that the stock is covered by the following broker-dealers: Actinver, Banorte, Barclays, BBVA, Bradesco, BTG Pactual, Citi Global Markets, GBM Grupo Bursatil, Goldman Sachs, HSBC Securities, Insight Investment Research, Intercam, Itau BBA Securities, Jefferies, JP Morgan, Punto Research, Santander, Scotiabank, Signum Research, UBS Casa de Bolsa and Vector.
Please note that any opinions, estimates or forecasts with respect to the performance of ASUR issued by these analysts reflect their own views, and therefore do not represent the opinions, estimates or forecasts of ASUR or its management. Although ASUR may refer to or distribute such statements, this does not imply that ASUR agrees with or endorses any information, conclusions or recommendations included therein.
Forward Looking Statements
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR's filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
View original content:https://www.prnewswire.com/news-releases/asur-announces-4q24-results-302383704.html
SOURCE Grupo Aeroportuario del Sureste, S.A.B. de C.V.
FAQ
What was ASR's revenue growth in Q4 2024?
How did ASR's passenger traffic perform across different regions in Q4 2024?
What was ASR's EBITDA margin in Q4 2024?
What is ASR's current debt position?
How did ASR's commercial revenue per passenger perform in Q4 2024?
