Grupo Aeroportuario del Pacifico Reports in December 2024 a Passenger Traffic Increase of 2.9% Compared to 2023

Rhea-AI Summary

Grupo Aeroportuario del Pacifico (PAC) reported a 2.9% increase in total terminal passengers for December 2024 compared to December 2023. Guadalajara and Tijuana airports showed growth of 8.2% and 2.7% respectively, while Puerto Vallarta and Los Cabos experienced decreases of 1.8% and 0.9%. Montego Bay saw a 5.6% decline.

The company's load factors improved from 80.4% to 85.5%, despite a 3.1% decrease in available seats. For the full year 2024, total passenger traffic decreased by 2.1% compared to 2023. Notable expansions included multiple new routes from Guadalajara to various domestic and international destinations, operated by carriers including Viva, Volaris, Alaska Airlines, and Aeromexico.

Positive

• Load factor improved from 80.4% to 85.5% in December 2024
• Monthly passenger traffic increased 2.9% in December 2024
• Significant route expansion with multiple new destinations from Guadalajara
• International passenger traffic grew 4.1% in December 2024

Negative

• Overall 2.1% decrease in total passenger traffic for full year 2024
• Available seats decreased by 3.1% in December 2024
• Montego Bay traffic declined 5.6% in December 2024
• Mexicali airport showed significant decline of 29.2% in December 2024

Insights

Financial Analyst

The December 2024 traffic figures reveal a mixed performance across GAP's airport portfolio. The 2.9% overall increase in terminal passengers masks significant variations, with Guadalajara showing robust growth of 8.2% while strategic tourist destinations like Puerto Vallarta and Los Cabos experienced slight declines. The international segment outperformed with 4.1% growth, offsetting weaker domestic traffic growth of 1.9%.

The improved load factor from 80.4% to 85.5% despite a 3.1% reduction in available seats indicates enhanced operational efficiency and pricing power. However, the year-to-date figures showing a 2.1% decline in total passengers suggest ongoing recovery challenges in certain markets. Mexicali's concerning 29.2% traffic decline requires monitoring, while Kingston's 13.8% growth demonstrates portfolio diversification benefits.

The extensive new route additions, particularly from Guadalajara, indicate strong airline confidence in market demand and should support revenue diversification. This expansion strategy could help offset weaknesses in traditional tourist markets and drive future growth.

Market Research Analyst

The traffic patterns reflect evolving post-pandemic travel dynamics. The stronger performance in international traffic suggests robust recovery in cross-border travel, particularly notable in business-centric routes. The significant route expansion, especially in Guadalajara with major carriers like Aeromexico, Viva and Alaska, indicates strategic positioning to capture growing business and leisure travel demand.

The divergence between tourist destinations (showing slight declines) and business hubs (showing growth) points to a shift in travel patterns that could impact future revenue mix. The addition of new international connections, particularly to U.S. destinations, positions GAP to capitalize on strong Mexico-U.S. travel demand. The improved load factors despite reduced capacity demonstrate effective yield management and could support stronger pricing power in 2025.

GUADALAJARA, Mexico, Jan. 06, 2025 (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 2024, compared with December 2023.

For December 2024, the total number of terminal passengers at GAP’s 12 Mexican airports increased by 3.4%, compared to December 2023. Guadalajara and Tijuana airports presented an increase in passenger traffic of 8.2% and 2.7% respectively, while Puerto Vallarta and Los Cabos airports presented a decrease of 1.8% and 0.9% respectively, compared to December 2023. On the other hand, Montego Bay presented a decrease in passenger traffic of 5.6%, compared to December 2023.

Domestic Terminal Passengers (in thousands):
Airport	Dec-23	Dec-24	% Change	Jan- Dec 23	Jan- Dec 24	% Change
Guadalajara	1,030.4	1,083.7	5.2%	12,502.9	11,939.5	(4.5%)
Tijuana*	711.6	714.6	0.4%	8,870.4	8,431.6	(4.9%)
Los Cabos	252.9	251.4	(0.6%)	2,965.7	2,830.4	(4.6%)
Puerto Vallarta	230.6	248.5	7.7%	2,860.1	2,841.9	(0.6%)
Montego Bay	0.0	0.0	N/A	0.0	0.0	N/A
Guanajuato	190.9	190.7	(0.1%)	2,345.6	2,116.6	(9.8%)
Hermosillo	183.5	190.9	4.0%	2,114.3	2,074.4	(1.9%)
Kingston	0.2	0.4	145.8%	1.8	2.9	60.9%
Morelia	66.6	65.4	(1.8%)	795.8	645.9	(18.8%)
La Paz	105.1	108.6	3.4%	1,102.0	1,191.9	8.2%
Mexicali	147.1	104.0	(29.3%)	1,596.7	1,026.9	(35.7%)
Aguascalientes	52.9	56.6	7.1%	639.7	636.1	(0.6%)
Los Mochis	43.8	57.8	32.0%	463.8	577.4	24.5%
Manzanillo	11.8	12.2	3.2%	112.8	128.3	13.7%
Total	3,027.3	3,084.7	1.9%	36,371.5	34,443.8	(5.3%)
International Terminal Passengers (in thousands):
Airport	Dec-23	Dec-24	% Change	Jan- Dec 23	Jan- Dec 24	% Change
Guadalajara	531.6	606.9	14.2%	5,207.4	5,909.1	13.5%
Tijuana*	395.6	422.3	6.7%	4,324.5	4,114.1	(4.9%)
Los Cabos	448.0	443.1	(1.1%)	4,749.8	4,657.8	(1.9%)
Puerto Vallarta	467.4	437.0	(6.5%)	3,927.6	3,961.6	0.9%
Montego Bay	495.0	467.4	(5.6%)	5,211.7	5,057.0	(3.0%)
Guanajuato	83.6	109.5	31.0%	875.2	1,052.4	20.2%
Hermosillo	7.3	6.9	(6.0%)	75.5	82.5	9.2%
Kingston	155.8	177.0	13.7%	1,746.3	1,774.3	1.6%
Morelia	49.9	66.6	33.4%	588.5	658.8	12.0%
La Paz	1.1	2.2	104.9%	13.9	14.1	1.8%
Mexicali	0.5	0.6	18.8%	6.9	7.3	4.4%
Aguascalientes	25.7	29.9	16.4%	288.3	325.7	13.0%
Los Mochis	0.7	0.6	(11.5%)	6.9	7.8	13.0%
Manzanillo	10.2	12.3	20.4%	67.7	90.1	33.1%
Total	2,672.4	2,782.3	4.1%	27,090.2	27,712.6	2.3%
Total Terminal Passengers (in thousands):
Airport	Dec-23	Dec-24	% Change	Jan- Dec 23	Jan- Dec 24	% Change
Guadalajara	1,562.0	1,690.6	8.2%	17,710.2	17,848.7	0.8%
Tijuana*	1,107.2	1,136.9	2.7%	13,194.9	12,545.8	(4.9%)
Los Cabos	700.9	694.5	(0.9%)	7,715.5	7,488.2	(2.9%)
Puerto Vallarta	698.0	685.5	(1.8%)	6,787.7	6,803.5	0.2%
Montego Bay	495.0	467.4	(5.6%)	5,211.7	5,057.0	(3.0%)
Guanajuato	274.5	300.1	9.4%	3,220.8	3,169.0	(1.6%)
Hermosillo	190.7	197.7	3.7%	2,189.9	2,156.9	(1.5%)
Kingston	155.9	177.4	13.8%	1,748.1	1,777.1	1.7%
Morelia	116.5	132.0	13.3%	1,384.3	1,304.6	(5.8%)
La Paz	106.2	110.8	4.4%	1,115.8	1,206.0	8.1%
Mexicali	147.7	104.6	(29.2%)	1,603.6	1,034.1	(35.5%)
Aguascalientes	78.6	86.5	10.2%	928.0	961.8	3.6%
Los Mochis	44.5	58.4	31.3%	470.7	585.2	24.3%
Manzanillo	22.1	24.5	11.2%	180.5	218.4	21.0%
Total	5,699.7	5,867.1	2.9%	63,461.7	62,156.4	(2.1%)
*Passengers in Tijuana who use CBX in both directions are classified as international.
CBX users (in thousands):
Airport	Dec-23	Dec-24	% Change	Jan- Dec 23	Jan- Dec 24	% Change
Tijuana	391.5	414.3	5.8%	4,288.0	4,048.6	(5.6%)

Highlights for the month:

• Seats and load factors: The seats available during December 2024 decreased by 3.1%, compared to December 2023. The load factors for the month went from 80.4% in December 2023 to 85.5% in December 2024.
  

• New routes:
  • Guadalajara – Mexicali: Viva
  • Guadalajara – Ciudad Obregon: Viva
  • Guadalajara – Torreon: Viva
  • Guadalajara – Puerto Escondido: Viva
  • Guadalajara – Tulum: Volaris
  • Guadalajara – Oakland: Viva
  • Guadalajara – Las Vegas: Viva
  • Guadalajara – San Antonio: Viva
  • Guadalajara – Fresno: Alaska
  • Guadalajara – Dallas-Fort Worth: Viva
  • Guadalajara – Las Vegas: Aeromexico
  • Guadalajara – Miami: Aeromexico
  • Guadalajara – Orlando: Aeromexico
  • Guadalajara – Denver: Aeromexico
  • Mexicali – Guadalajara: Viva
  • Manzanillo – Los Angeles: Aeromexico
  • Montego Bay – Lima: LATAM
  • Kingston – Fort Lauderdale: Caribbean Airlines
    

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 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 was PAC's passenger traffic growth in December 2024?

PAC reported a 2.9% increase in total terminal passengers in December 2024 compared to December 2023.

How did PAC's load factor change in December 2024?

PAC's load factor improved from 80.4% in December 2023 to 85.5% in December 2024.

Which PAC airports showed the strongest growth in December 2024?

Guadalajara airport showed the strongest growth among major airports with an 8.2% increase in passenger traffic.

What was PAC's full-year 2024 passenger traffic performance?

PAC experienced a 2.1% decrease in total passenger traffic for the full year 2024 compared to 2023.

How many new routes did PAC add from Guadalajara airport?

PAC added 14 new routes from Guadalajara, including both domestic and international destinations.