Grupo Aeroportuario del Pacifico Reports in November 2024 a Passenger Traffic Increase of 1.8% Compared to 2023

Rhea-AI Summary

Grupo Aeroportuario del Pacifico (PAC) reported a 1.8% increase in total terminal passengers for November 2024 compared to November 2023. Key airports showing growth included Tijuana (+5.3%), Guadalajara (+5.0%), Los Cabos (+0.5%), and Puerto Vallarta (+0.1%). However, Montego Bay experienced a 7.4% decrease.

Total domestic passengers increased by 0.6% to 2.95 million, while international passengers grew by 3.5% to 2.28 million. The company's available seats decreased by 1.0%, but load factors improved from 82.8% to 85.2%. Several new routes were launched, including connections to Frankfurt, Winnipeg, and Atlanta.

Positive

• Overall passenger traffic increased 1.8% in November 2024
• International passenger traffic grew 3.5%
• Load factors improved from 82.8% to 85.2%
• Major airports showed positive growth: Tijuana +5.3%, Guadalajara +5.0%
• Multiple new routes launched across various airports

Negative

• Overall available seats decreased by 1.0%
• Montego Bay traffic declined 7.4%
• Year-to-date total passenger traffic down 2.5%
• Mexicali showed significant traffic decline of 39.3%

Insights

Financial Analyst

The November 2024 traffic data for Grupo Aeroportuario del Pacifico shows mixed performance across its airport network. The 1.8% overall passenger growth was primarily driven by strong domestic performance in key hubs like Tijuana (5.3%) and Guadalajara (5.0%). However, the concerning 7.4% decline in Montego Bay traffic and 39.3% drop in Mexicali suggest some regional challenges.

Load factor improvement from 82.8% to 85.2% despite a 1.0% decrease in available seats indicates better capacity utilization and revenue efficiency. The expansion of routes, particularly international connections like Los Cabos-Frankfurt and new domestic routes by Volaris, demonstrates strategic network development that could support future growth.

Year-to-date figures showing a 2.5% decline in total passengers suggest some recovery is still needed to return to previous growth trajectories. However, international passenger growth of 2.1% YTD provides some offset to domestic weakness.

Market Research Analyst

The expansion of routes across multiple markets indicates GAP's strategic focus on diversification and market penetration. New connections to major hubs like Frankfurt and Atlanta strengthen the network's international appeal, while additional domestic routes by Volaris enhance regional connectivity.

The contrasting performance between domestic and international segments reveals shifting travel patterns. Strong international growth in airports like Guadalajara (15.6%) and Guanajuato (15.6%) suggests recovering business and leisure travel demand. The decline in CBX (Cross Border Xpress) usage by 6.7% YTD at Tijuana indicates changing cross-border travel dynamics that warrant attention.

The introduction of new carriers like Avelo and Bahamasair to the network enhances market competition and could stimulate demand in previously underserved routes. This network diversification strategy helps mitigate risks from individual market fluctuations.

GUADALAJARA, Mexico, Dec. 04, 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 November 2024, compared with November 2023.

For November 2024, the total number of terminal passengers at GAP’s 12 Mexican airports increased by 2.5%, compared to November 2023. Tijuana, Guadalajara, Los Cabos, and Puerto Vallarta airports presented an increase in passenger traffic of 5.3%, 5.0%, 0.5%, and 0.1%, respectively, compared to November 2023. On the other hand, Montego Bay presented a decrease in passenger traffic of 7.4%, compared to November 2023.

Domestic Terminal Passengers (in thousands):

Airport	Nov-23	Nov-24	% Change	Jan- Nov 23	Jan- Nov 24	% Change
Guadalajara	1,015.2	1,021.8	0.6%	11,472.4	10,855.8	(5.4%)
Tijuana*	672.0	716.9	6.7%	8,158.8	7,717.0	(5.4%)
Los Cabos	240.6	225.6	(6.2%)	2,712.9	2,578.7	(4.9%)
Puerto Vallarta	220.0	240.2	9.2%	2,629.4	2,593.4	(1.4%)
Montego Bay	0.1	0.0	(100.0%)	0.1	0.0	(100.0%)
Guanajuato	203.8	187.5	(8.0%)	2,154.7	1,925.9	(10.6%)
Hermosillo	186.8	188.5	0.9%	1,930.9	1,883.5	(2.5%)
Kingston	0.2	0.0	(81.6%)	1.6	2.5	52.1%
Morelia	58.2	62.6	7.5%	729.2	580.5	(20.4%)
La Paz	94.3	103.0	9.2%	996.9	1,083.3	8.7%
Mexicali	136.4	82.5	(39.5%)	1,449.6	922.9	(36.3%)
Aguascalientes	54.0	57.7	6.8%	586.9	579.5	(1.3%)
Los Mochis	44.0	55.3	25.6%	420.0	519.6	23.7%
Manzanillo	11.9	12.8	7.2%	101.0	116.1	14.9%
Total	2,937.6	2,954.4	0.6%	33,344.3	31,358.8	(6.0%)

International Terminal Passengers (in thousands):

Airport	Nov-23	Nov-24	% Change	Jan- Nov 23	Jan- Nov 24	% Change
Guadalajara	413.8	478.5	15.6%	4,675.7	5,302.3	13.4%
Tijuana*	348.9	358.3	2.7%	3,928.9	3,691.9	(6.0%)
Los Cabos	383.1	401.5	4.8%	4,301.7	4,214.7	(2.0%)
Puerto Vallarta	371.4	351.8	(5.3%)	3,460.2	3,524.6	1.9%
Montego Bay	403.6	373.9	(7.4%)	4,716.7	4,590.2	(2.7%)
Guanajuato	74.0	85.6	15.6%	791.7	943.0	19.1%
Hermosillo	6.9	6.2	(10.3%)	68.2	75.6	10.8%
Kingston	122.9	132.8	8.0%	1,590.5	1,597.2	0.4%
Morelia	48.4	55.6	15.0%	538.5	592.2	10.0%
La Paz	1.5	2.1	42.9%	12.8	11.9	(6.9%)
Mexicali	0.6	0.6	(2.6%)	6.4	6.6	3.2%
Aguascalientes	23.5	26.6	13.4%	262.6	295.7	12.6%
Los Mochis	0.5	0.5	1.1%	6.2	7.2	15.7%
Manzanillo	6.2	8.3	34.2%	57.5	77.8	35.4%
Total	2,205.1	2,282.1	3.5%	24,417.7	24,930.8	2.1%

Total Terminal Passengers (in thousands):

Airport	Nov-23	Nov-24	% Change	Jan- Nov 23	Jan- Nov 24	% Change
Guadalajara	1,429.0	1,500.2	5.0%	16,148.2	16,158.1	0.1%
Tijuana*	1,020.9	1,075.2	5.3%	12,087.6	11,408.9	(5.6%)
Los Cabos	623.7	627.1	0.5%	7,014.6	6,793.4	(3.2%)
Puerto Vallarta	591.4	592.0	0.1%	6,089.6	6,118.0	0.5%
Montego Bay	403.6	373.9	(7.4%)	4,716.8	4,590.2	(2.7%)
Guanajuato	277.8	273.1	(1.7%)	2,946.4	2,868.9	(2.6%)
Hermosillo	193.7	194.7	0.5%	1,999.1	1,959.2	(2.0%)
Kingston	123.2	132.8	7.8%	1,592.2	1,599.7	0.5%
Morelia	106.6	118.2	10.9%	1,267.8	1,172.7	(7.5%)
La Paz	95.8	105.1	9.8%	1,009.6	1,095.2	8.5%
Mexicali	136.9	83.1	(39.3%)	1,456.0	929.5	(36.2%)
Aguascalientes	77.5	84.4	8.8%	849.5	875.2	3.0%
Los Mochis	44.5	55.7	25.4%	426.3	526.8	23.6%
Manzanillo	18.2	21.1	16.4%	158.5	193.9	22.3%
Total	5,142.6	5,236.5	1.8%	57,762.0	56,289.6	(2.5%)

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

CBX users (in thousands):

Airport	Nov-23	Nov-24	% Change	Jan- Nov 23	Jan- Nov 24	% Change
Tijuana	346.3	351.8	1.6%	3,896.5	3,634.3	(6.7%)

Highlights for the month:

• Seats and load factors: The seats available during November 2024 decreased by 1.0%, compared to November 2023. The load factors for the month went from 82.8% in November 2023 to 85.2% in November 2024.
  
  
• New routes:
  
  
  • Hermosillo – Monterrey: Volaris
  • La Paz – Los Angeles: Alaska
  • Los Mochis – Monterrey: Volaris
  • Morelia – Monterrey: Volaris
  • Mexicali – Monterrey: Volaris
  • Los Cabos – Frankfurt: Condor
  • Los Cabos – Winnipeg: WestJet
  • Manzanillo – Atlanta: Aeromexico
  • Montego Bay – Nassau: Bahamasair
  • Montego Bay – Hartford, Connecticut: Avelo
    

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 November 2024?

PAC reported a 1.8% increase in total terminal passengers in November 2024 compared to November 2023.

How did PAC's international passenger traffic perform in November 2024?

International passenger traffic increased by 3.5% to 2.28 million passengers in November 2024.

What was PAC's load factor in November 2024?

PAC's load factor improved to 85.2% in November 2024, up from 82.8% in November 2023.

Which PAC airports showed the strongest growth in November 2024?

Tijuana showed the strongest growth among major airports with 5.3%, followed by Guadalajara with 5.0%.