Grupo Aeroportuario del Pacifico Reports in June 2024 a Passenger Traffic Decrease of 1.9% Compared To 2023

Rhea-AI Summary

Grupo Aeroportuario del Pacifico (GAP) reported a 1.9% decrease in total terminal passenger traffic for June 2024 compared to June 2023. This decline was seen across most of GAP's 12 Mexican airports, with Tijuana and Los Cabos experiencing significant decreases of 5.8% and 0.4%, respectively. However, Puerto Vallarta and Guadalajara airports saw slight increases of 0.7% and 0.5%, respectively. The seats available during June 2024 decreased by 6.2%, but the load factor improved to 83.4%, up from 79.7% in June 2023.

On a year-to-date basis, total terminal passengers also decreased by 1.9% compared to the same period in 2023. The most notable decreases were observed in Morelia and Mexicali, with declines of 27.7% and 35.8%, respectively. Despite the overall decline, international passenger traffic showed a modest increase of 1.7% compared to June 2023.

Positive

• Puerto Vallarta and Guadalajara airports saw passenger traffic increases of 0.7% and 0.5%, respectively.
• International passenger traffic increased by 1.7% compared to June 2023.
• Load factors improved from 79.7% in June 2023 to 83.4% in June 2024.

Negative

• Total terminal passenger traffic decreased by 1.9% in June 2024 compared to June 2023.
• Tijuana and Los Cabos airports experienced significant passenger traffic declines, 5.8% and 0.4% respectively.
• Seats available during June 2024 decreased by 6.2% compared to June 2023.
• Morelia and Mexicali recorded substantial passenger traffic declines of 27.7% and 35.8% year-to-date.

Insights

Financial Analyst

The June 2024 passenger traffic figures for Grupo Aeroportuario del Pacífico (GAP) indicate a mixed performance across its airports. The total number of terminal passengers decreased by 1.9%, a key metric that could concern investors as it reflects a potential decline in demand or operational challenges. This decline is more pronounced in specific airports like Tijuana, which saw a 5.8% drop, while others like Guadalajara and Puerto Vallarta showed marginal improvements of 0.5% and 0.7%, respectively.

Short-term implications include potential pressure on GAP’s revenue streams, as fewer passengers generally translate into lower revenues from airport services, concessions and other related businesses. However, the 6.2% reduction in available seats coupled with a higher load factor of 83.4% (up from 79.7%) suggests that airlines are operating more efficiently, which may mitigate some revenue losses.

Long-term outlook will depend on how GAP adapts to changing travel patterns and economic conditions. Airports like Guadalajara and Puerto Vallarta showing slight growth could indicate localized strengths that can be leveraged.

Overall, while the figures are moderately concerning, they do not suggest a systemic issue across all GAP airports, warranting a cautious yet watchful stance from investors.

Market Research Analyst

The variations in passenger traffic across different airports managed by GAP reveal valuable insights into regional travel behaviors. The increase in passenger traffic at tourist-heavy airports like Puerto Vallarta and the relatively stable numbers at Guadalajara suggest robust local tourism and business travel. Contrarily, the significant drops at Tijuana and Mexicali could be indicative of broader socio-economic or infrastructural issues affecting those regions.

From a market perspective, understanding the factors behind these changes is crucial. For instance, the decrease in Tijuana might be due to changes in cross-border travel patterns or increased competition from neighboring airports. On the other hand, the slight increase in Puerto Vallarta’s traffic hints at favorable tourism trends that GAP could capitalize on by expanding services or improving facilities.

Investors should also note the role of external factors such as economic conditions, security issues and competitive dynamics in influencing passenger traffic. These elements can present both risks and opportunities, dependent on GAP’s strategic responses.

GUADALAJARA, Mexico, July 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 June 2024, compared with June 2023.

For June 2024, the total number of terminal passengers at GAP’s 12 Mexican airports decreased by 2.1%, compared to June 2023. Puerto Vallarta and Guadalajara airports presented an increase in passenger traffic of 0.7% and 0.5%, respectively, while Tijuana and Los Cabos airports presented a decrease in passenger traffic of 5.8% and 0.4% respectively, compared to June 2023. On the other hand, Montego Bay presented a decrease in passenger traffic of 0.2%.

Domestic Terminal Passengers (in thousands):

Airport	Jun-23	Jun-24	% Change	Jan- Jun 23	Jan- Jun 24	% Change
Guadalajara	1,044.2	1,009.3	(3.3%)	6,133.2	5,666.5	(7.6%)
Tijuana*	721.0	686.3	(4.8%)	4,303.3	4,083.4	(5.1%)
Los Cabos	238.6	238.5	(0.0%)	1,411.7	1,328.3	(5.9%)
Puerto Vallarta	260.0	259.6	(0.2%)	1,397.6	1,317.4	(5.7%)
Montego Bay	0.0	0.0	N/A	0.0	0.0	N/A
Guanajuato	184.7	174.3	(5.7%)	1,066.6	998.2	(6.4%)
Hermosillo	173.0	168.3	(2.7%)	995.6	988.5	(0.7%)
Kingston	0.0	0.1	13.6%	0.6	1.1	94.0%
Morelia	71.8	51.9	(27.7%)	388.0	299.5	(22.8%)
La Paz	90.4	97.3	7.6%	510.6	559.4	9.6%
Mexicali	126.4	81.1	(35.8%)	727.2	514.6	(29.2%)
Aguascalientes	51.8	49.5	(4.5%)	307.0	308.6	0.5%
Los Mochis	38.5	42.7	10.9%	213.1	268.0	25.8%
Manzanillo	8.5	9.8	15.5%	52.8	66.2	25.4%
Total	3,009.0	2,868.7	(4.7%)	17,507.3	16,399.8	(6.3%)

International Terminal Passengers (in thousands):

Airport	Jun-23	Jun-24	% Change	Jan- Jun 23	Jan- Jun 24	% Change
Guadalajara	441.9	484.4	9.6%	2,506.7	2,860.0	14.1%
Tijuana*	391.3	361.9	(7.5%)	2,160.6	1,934.0	(10.5%)
Los Cabos	407.6	404.8	(0.7%)	2,603.7	2,607.8	0.2%
Puerto Vallarta	247.7	251.8	1.7%	2,264.8	2,441.5	7.8%
Montego Bay	448.5	447.4	(0.2%)	2,656.8	2,742.4	3.2%
Guanajuato	73.3	91.2	24.4%	418.1	489.3	17.0%
Hermosillo	6.0	6.7	11.9%	36.7	43.6	18.7%
Kingston	147.7	144.4	(2.2%)	829.5	810.6	(2.3%)
Morelia	48.5	54.0	11.5%	294.9	313.9	6.5%
La Paz	1.3	0.9	(29.5%)	7.7	6.1	(20.4%)
Mexicali	0.7	0.8	9.3%	3.5	3.8	7.2%
Aguascalientes	24.4	27.5	12.8%	132.9	151.2	13.8%
Los Mochis	0.6	0.6	9.8%	3.5	4.0	14.5%
Manzanillo	2.2	4.0	84.9%	42.7	56.1	31.6%
Total	2,241.6	2,280.5	1.7%	13,962.1	14,464.4	3.6%

Total Terminal Passengers (in thousands): 

Airport	Jun-23	Jun-24	% Change	Jan- Jun 23	Jan- Jun 24	% Change
Guadalajara	1,486.2	1,493.7	0.5%	8,639.9	8,526.5	(1.3%)
Tijuana*	1,112.3	1,048.2	(5.8%)	6,463.9	6,017.4	(6.9%)
Los Cabos	646.2	643.3	(0.4%)	4,015.4	3,936.2	(2.0%)
Puerto Vallarta	507.7	511.5	0.7%	3,662.4	3,758.9	2.6%
Montego Bay	448.5	447.4	(0.2%)	2,656.8	2,742.4	3.2%
Guanajuato	258.1	265.5	2.9%	1,484.8	1,487.5	0.2%
Hermosillo	178.9	174.9	(2.2%)	1,032.3	1,032.0	(0.0%)
Kingston	147.8	144.5	(2.2%)	830.1	811.8	(2.2%)
Morelia	120.3	106.0	(11.9%)	682.9	613.4	(10.2%)
La Paz	91.7	98.2	7.1%	518.3	565.6	9.1%
Mexicali	127.1	81.9	(35.6%)	730.7	518.4	(29.1%)
Aguascalientes	76.2	77.0	1.0%	439.9	459.8	4.5%
Los Mochis	39.1	43.4	10.9%	216.6	272.0	25.6%
Manzanillo	10.7	13.8	29.6%	95.5	122.4	28.2%
Total	5,250.6	5,149.2	(1.9%)	31,469.4	30,864.2	(1.9%)

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

CBX users (in thousands):

Airport	Jun-23	Jun-24	% Change	Jan- Jun 23	Jan- Jun 24	% Change
Tijuana	386.8	355.8	(8.0%)	2,142.7	1,907.6	(11.0%)

Highlights for the month:

• Seats and load factors: The seats available during June 2024 decreased by 6.2%, compared to June 2023. The load factors for the month went from 79.7% in June 2023 to 83.4% in June 2024.
  

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 the total terminal passenger traffic change for Grupo Aeroportuario del Pacifico in June 2024?

Total terminal passenger traffic decreased by 1.9% in June 2024 compared to June 2023.

How did Puerto Vallarta and Guadalajara airports perform in June 2024?

Puerto Vallarta and Guadalajara airports saw passenger traffic increases of 0.7% and 0.5%, respectively, in June 2024.

What were the significant passenger traffic declines reported by GAP in June 2024?

Tijuana and Los Cabos airports experienced passenger traffic declines of 5.8% and 0.4%, respectively, in June 2024.

How did the available seats and load factors change for GAP in June 2024?

Seats available decreased by 6.2%, but the load factor improved from 79.7% in June 2023 to 83.4% in June 2024.

What were the year-to-date passenger traffic changes in Morelia and Mexicali?

Morelia and Mexicali recorded year-to-date passenger traffic declines of 27.7% and 35.8%, respectively.

Did international passenger traffic for Grupo Aeroportuario del Pacifico increase in June 2024?

Yes, international passenger traffic increased by 1.7% in June 2024 compared to June 2023.