Grupo Aeroportuario del Pacifico Reports in December 2023 a Passenger Traffic Increase of 2.2% Compared to 2022

Rhea-AI Summary

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) reports a 1.3% increase in total terminal passengers at its 12 Mexican airports for December 2023, compared to the same period in 2022. Puerto Vallarta, Los Cabos, and Guadalajara saw significant increases in passenger traffic, while Montego Bay experienced a notable 13.2% growth. The company also announced new routes and reported a 0.9% decrease in available seats during December 2023.

Insights

Market Research Analyst

The reported increase in terminal passenger traffic for Grupo Aeroportuario del Pacífico (GAP) reflects a cautiously optimistic outlook for the aviation sector, particularly within the Latin American market. The 1.3% year-over-year growth for December 2023, with notable spikes in specific airports, such as a 13.2% increase in Montego Bay, suggests a recovery trajectory post-pandemic. This is a crucial indicator of performance for GAP, as passenger volumes directly influence revenue streams from both aeronautical and non-aeronautical sources.

Furthermore, the introduction of new routes and a higher load factor, which rose from 78.0% to 80.4%, indicate an effective capacity management strategy. This is significant as load factors are a critical measure of efficiency in the airline industry, directly correlating with profitability. The expansion of routes, particularly to tourist destinations, aligns with global travel trends favoring leisure over business travel in the post-pandemic context.

Financial Analyst

GAP's preliminary traffic figures are indicative of the company's operational health and potential future earnings. Investors should note the positive trajectory in international traffic, which tends to yield higher revenue per passenger compared to domestic flights. This is reflected in the substantial 13.5% increase in total annual passengers for Guadalajara and the 19.6% for Montego Bay. Such figures may suggest an upward trend in the company's financial performance and could be a harbinger of positive future financial disclosures.

It is also worth noting the slight decrease in available seats, juxtaposed with increased load factors, which may signify an efficient alignment of supply and demand. This operational optimization can lead to improved margins and profitability. However, investors should also be aware of the volatility of the aviation industry and external factors such as fluctuating fuel prices, geopolitical tensions and health crises that can rapidly alter market dynamics.

Economist

The data presented by GAP provides insights into broader economic trends, such as the resurgence of tourism and the increasing mobility of people in the post-pandemic era. The growth in passenger numbers, particularly in tourist-centric airports, is a positive signal for the regional economy, suggesting increased consumer confidence and discretionary spending. This could have a multiplier effect on the local economies, stimulating job creation and business opportunities in the hospitality and service sectors.

Moreover, the positive performance in international passenger traffic could have favorable implications for trade and investment, as it may reflect strengthened economic ties with other regions. The new air routes could facilitate business exchanges and tourism, contributing to economic diversification and resilience. However, the sustainability of this growth depends on consistent demand and the capacity of the infrastructure to support increased traffic without compromising service quality.

GUADALAJARA, Mexico, Jan. 05, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces preliminary terminal passenger traffic figures for December 2023, compared with the same period of 2022.

For December 2023, the total number of terminal passengers at GAP’s 12 Mexican airports increased by 1.3%, compared to the same period in 2022. Puerto Vallarta, Los Cabos, and Guadalajara presented an increase in passenger traffic of 4.6%, 2.0%, and 1.2% respectively, compared to December 2022. On the other hand, Montego Bay presented an increase in passenger traffic of 13.2% compared to the same period in 2022.

Domestic Terminal Passengers (in thousands):

Airport	Dec-22	Dec-23	% Change	Jan - Dec 22	Jan - Dec 23	% Change
Guadalajara	1,105.4	1,030.4	(6.8%)	11,155.3	12,502.9	12.1%
Tijuana*	719.6	711.6	(1.1%)	8,102.9	8,870.4	9.5%
Los Cabos	248.3	252.9	1.8%	2,577.8	2,965.7	15.0%
Puerto Vallarta	251.0	230.7	(8.1%)	2,654.5	2,860.1	7.7%
Montego Bay	0.0	0.1	N/A	0.0	0.2	N/A
Guanajuato	189.9	190.9	0.5%	1,828.7	2,345.6	28.3%
Hermosillo	176.4	183.5	4.0%	1,867.2	2,114.3	13.2%
Kingston	0.0	0.2	1020.0%	1.4	1.8	31.0%
Mexicali	134.5	147.1	9.4%	1,292.5	1,596.7	23.5%
Morelia	74.1	66.6	(10.2%)	673.2	795.8	18.2%
La Paz	91.3	105.1	15.2%	1,053.9	1,102.0	4.6%
Aguascalientes	59.7	52.9	(11.5%)	694.8	639.7	(7.9%)
Los Mochis	34.6	43.8	26.4%	416.6	463.8	11.3%
Manzanillo	8.3	11.8	42.8%	97.9	112.8	15.2%
Total	3,093.1	3,027.4	(2.1%)	32,416.7	36,371.7	12.2%

International Terminal Passengers (in thousands):

Airport	Dec-22	Dec-23	% Change	Jan - Dec 22	Jan - Dec 23	% Change
Guadalajara	438.4	531.6	21.3%	4,451.3	5,207.4	17.0%
Tijuana*	431.7	395.6	(8.4%)	4,221.7	4,324.5	2.4%
Los Cabos	439.1	448.2	2.1%	4,441.5	4,749.9	6.9%
Puerto Vallarta	418.9	469.8	12.1%	3,554.2	3,930.0	10.6%
Montego Bay	437.2	495.0	13.2%	4,356.1	5,211.7	19.6%
Guanajuato	74.3	83.6	12.5%	774.5	875.2	13.0%
Hermosillo	6.7	7.3	8.4%	78.1	75.5	(3.3%)
Kingston	159.8	155.8	(2.5%)	1,560.7	1,746.3	11.9%
Mexicali	0.5	0.5	3.2%	6.3	6.9	9.6%
Morelia	48.7	49.9	2.6%	499.6	588.5	17.8%
La Paz	2.4	1.1	(54.0%)	25.8	13.9	(46.2%)
Aguascalientes	22.4	25.7	14.9%	234.5	288.3	22.9%
Los Mochis	0.5	0.7	49.8%	7.4	6.9	(5.6%)
Manzanillo	7.7	10.2	33.7%	67.9	67.7	(0.2%)
Total	2,488.1	2,675.1	7.5%	24,279.7	27,092.8	11.6%

Total Terminal Passengers (in thousands):

Airport	Dec-22	Dec-23	% Change	Jan - Dec 22	Jan - Dec 23	% Change
Guadalajara	1,543.8	1,562.0	1.2%	15,606.6	17,710.2	13.5%
Tijuana*	1,151.4	1,107.2	(3.8%)	12,324.6	13,194.9	7.1%
Los Cabos	687.4	701.1	2.0%	7,019.3	7,715.6	9.9%
Puerto Vallarta	669.9	700.5	4.6%	6,208.7	6,790.1	9.4%
Montego Bay	437.2	495.1	13.2%	4,356.1	5,211.9	19.6%
Guanajuato	264.2	274.5	3.9%	2,603.2	3,220.8	23.7%
Hermosillo	183.2	190.7	4.1%	1,945.4	2,189.9	12.6%
Kingston	159.8	155.9	(2.4%)	1,562.1	1,748.1	11.9%
Mexicali	135.0	147.7	9.4%	1,298.8	1,603.6	23.5%
Morelia	122.8	116.5	(5.1%)	1,172.7	1,384.3	18.0%
La Paz	93.6	106.2	13.4%	1,079.7	1,115.8	3.3%
Aguascalientes	82.1	78.6	(4.3%)	929.3	928.0	(0.1%)
Los Mochis	35.1	44.5	26.7%	424.0	470.7	11.0%
Manzanillo	15.9	22.1	38.4%	165.8	180.5	8.9%
Total	5,581.3	5,702.4	2.2%	56,696.4	63,464.4	11.9%

*Passengers in Tijuana who use CBX in both directions are classified as international.

CBX users (in thousands):

Airport	Dec-22	Dec-23	% Change		Jan - Dec 22	Jan - Dec 23	% Change
Tijuana	428.1	391.5	(8.5%)		4,186.5	4,288.0	2.4%

Highlights for the month:

• Seats and load factors: The seats available during December 2023 decreased by 0.9%, compared to December 2022. The load factors for the month went from 78.0% in December 2022 to 80.4% in December 2023.
  
  
• New routes:
  
  
  • Guanajuato – Dallas Fort Worth​: Viva Aerobus
  • Guadalajara – Felipe Angeles: Viva Aerobus
  • Guadalajara – Tulum: Viva Aerobus
  • La Paz – Monterrey: Viva Aerobus
  • Puerto Vallarta – Abbotsford: WestJet
  • Puerto Vallarta – Las Vegas: Alaska
  • Puerto Vallarta – Prince George: WestJet
  • Puerto Vallarta – Kitchener-Waterloo: Flair
  • Los Cabos – Montreal: Air Canada
  • Los Cabos – Abbotsford: WestJet
  • Los Cabos – Las Vegas: Alaska
  • Tijuana – Tulum: Viva Aerobus
  • Montego Bay – Londres Gatwick: Norse Atlantic UK
  • Montego Bay – Toronto: Jetlines Canada
    

COMPANY DESCRIPTION

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico ’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at denuncia@lineadedenunciagap.com. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

Alejandra Soto, Investor Relations and Social Responsibility Officer	asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294

FAQ

What is the total percentage increase in terminal passengers at Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) for December 2023?

The total terminal passengers at Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) increased by 1.3% in December 2023 compared to the same period in 2022.

Which airports experienced significant increases in passenger traffic for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) in December 2023?

Puerto Vallarta, Los Cabos, and Guadalajara saw significant increases in passenger traffic for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) in December 2023.

What was the percentage increase in passenger traffic at Montego Bay for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) in December 2023?

Montego Bay experienced a notable 13.2% increase in passenger traffic for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) in December 2023.

What was the percentage change in available seats during December 2023 for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)?

The available seats during December 2023 decreased by 0.9% for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) compared to December 2022.

What new routes were announced by Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)?

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) announced new routes including Guanajuato – Dallas Fort Worth, Guadalajara – Felipe Angeles, Guadalajara – Tulum, La Paz – Monterrey, Puerto Vallarta – Abbotsford, Puerto Vallarta – Las Vegas, Puerto Vallarta – Prince George, Puerto Vallarta – Kitchener-Waterloo, Los Cabos – Montreal, Los Cabos – Abbotsford, Los Cabos – Las Vegas, Tijuana – Tulum, Montego Bay – Londres Gatwick, and Montego Bay – Toronto.

What is the company description of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)?

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) operates 12 airports throughout Mexico’s Pacific region and has shares listed on the New York Stock Exchange under the ticker symbol 'PAC' and on the Mexican Stock Exchange under the ticker symbol 'GAP'. The company also acquired a majority stake in MBJ Airports Limited and entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica.