Grupo Aeroportuario del Pacifico Reports in October 2024 a Passenger Traffic Decrease of 0.8% Compared to 2023

Rhea-AI Summary

Grupo Aeroportuario del Pacifico (PAC) reported a 0.8% decrease in total terminal passengers for October 2024 compared to October 2023. Guadalajara and Los Cabos airports showed growth of 3.4% and 2.6% respectively, while Tijuana and Puerto Vallarta experienced declines of 1.6% and 0.8%. Montego Bay saw an 8.8% decrease. The company's available seats decreased by 5.9%, though load factors improved from 82.0% to 86.5%. New routes were established connecting various destinations including Guadalajara-San Jose, Tijuana-Las Vegas, Puerto Vallarta-Praga, and Kingston-Punta Cana.

Positive

• Load factor improved from 82.0% to 86.5%
• Guadalajara airport traffic increased 3.4%
• Los Cabos airport traffic grew 2.6%
• Four new routes established across network

Negative

• Overall passenger traffic decreased 0.8%
• Available seats reduced by 5.9%
• Montego Bay traffic declined 8.8%
• Year-to-date total passenger traffic down 3.0%

Insights

Financial Analyst

The 0.8% decline in total passenger traffic across GAP's airports reveals a mixed performance landscape. While key hubs like Guadalajara and Los Cabos showed growth of 3.4% and 2.6% respectively, concerning declines were observed at Montego Bay (-8.8%) and Tijuana (-1.6%). The year-to-date figures paint a more challenging picture with a 3.0% overall decline in passenger volume.

The improved load factor of 86.5% (up from 82.0%) despite a 5.9% reduction in available seats suggests effective capacity management. However, the significant decline in Mexicali traffic (-45.5%) and continued weakness in international routes at key tourist destinations warrant attention. The expansion of routes, particularly international connections, could help offset domestic weaknesses, though recovery trajectory remains uncertain.

Aviation Industry Analyst

The route network expansion with new services to Costa Rica, Las Vegas, Prague and Punta Cana demonstrates strategic diversification, particularly in international markets. However, the 7.5% year-to-date decline in Cross Border Xpress (CBX) usage at Tijuana signals challenges in the important US-Mexico border market. The divergent performance between domestic (-3.0%) and international (2.8%) traffic in October suggests shifting travel patterns that could impact revenue mix and airport utilization strategies.

GUADALAJARA, Mexico, Nov. 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 October 2024, compared with October 2023.

For October 2024, the total number of terminal passengers at GAP’s 12 Mexican airports decreased by 0.4%, compared to October 2023. Guadalajara and Los Cabos airports presented an increase in passenger traffic of 3.4% and 2.6%, respectively, while Tijuana and Puerto Vallarta airports presented a decrease in passenger traffic of 1.6% and 0.8%, respectively, compared to October 2023. On the other hand, Montego Bay presented a decrease in passenger traffic of 8.8%.

Domestic Terminal Passengers (in thousands):

Airport	Oct-23	Oct-24	% Change	Jan- Oct 23	Jan- Oct 24	% Change
Guadalajara	1,062.2	1,054.4	(0.7%)	10,457.2	9,834.1	(6.0%)
Tijuana*	735.2	711.8	(3.2%)	7,486.8	7,000.1	(6.5%)
Los Cabos	228.1	233.4	2.3%	2,472.3	2,353.2	(4.8%)
Puerto Vallarta	212.3	231.6	9.1%	2,409.4	2,353.2	(2.3%)
Montego Bay	0.0	0.0	N/A	0.0	0.0	(100.0%)
Guanajuato	221.4	193.1	(12.8%)	1,950.9	1,738.4	(10.9%)
Hermosillo	191.6	182.3	(4.8%)	1,744.0	1,695.0	(2.8%)
Kingston	0.1	0.1	(29.7%)	1.4	2.4	74.6%
Morelia	62.0	53.4	(13.8%)	671.0	517.9	(22.8%)
La Paz	88.4	100.3	13.5%	902.6	980.3	8.6%
Mexicali	138.4	75.3	(45.6%)	1,313.2	840.3	(36.0%)
Aguascalientes	54.2	54.7	0.9%	532.9	521.8	(2.1%)
Los Mochis	39.8	52.4	31.6%	376.0	464.4	23.5%
Manzanillo	9.0	8.9	(0.8%)	89.1	103.3	16.0%
Total	3,042.7	2,951.8	(3.0%)	30,406.7	28,404.4	(6.6%)

International Terminal Passengers (in thousands):

Airport	Oct-23	Oct-24	% Change	Jan- Oct 23	Jan- Oct 24	% Change
Guadalajara	413.1	470.7	13.9%	4,262.0	4,823.8	13.2%
Tijuana*	325.4	331.6	1.9%	3,580.0	3,333.6	(6.9%)
Los Cabos	315.5	324.2	2.8%	3,918.6	3,813.2	(2.7%)
Puerto Vallarta	225.0	202.3	(10.1%)	3,088.8	3,172.8	2.7%
Montego Bay	350.0	319.3	(8.8%)	4,313.2	4,216.4	(2.2%)
Guanajuato	72.2	83.8	16.2%	717.7	857.4	19.5%
Hermosillo	6.3	6.9	8.5%	61.3	69.5	13.2%
Kingston	128.7	139.6	8.5%	1,467.6	1,464.5	(0.2%)
Morelia	46.1	52.7	14.2%	490.2	536.6	9.5%
La Paz	1.0	1.1	13.6%	11.3	9.8	(13.3%)
Mexicali	0.5	0.5	(7.5%)	5.8	6.1	3.7%
Aguascalientes	24.8	27.0	9.1%	239.1	269.1	12.6%
Los Mochis	0.4	0.6	51.7%	5.8	6.8	16.9%
Manzanillo	2.1	3.8	78.0%	51.3	69.5	35.5%
Total	1,911.1	1,964.1	2.8%	22,212.7	22,648.8	2.0%

Total Terminal Passengers (in thousands):

Airport	Oct-23	Oct-24	% Change	Jan- Oct 23	Jan- Oct 24	% Change
Guadalajara	1,475.3	1,525.0	3.4%	14,719.2	14,657.9	(0.4%)
Tijuana*	1,060.6	1,043.5	(1.6%)	11,066.7	10,333.7	(6.6%)
Los Cabos	543.6	557.6	2.6%	6,390.9	6,166.3	(3.5%)
Puerto Vallarta	437.3	433.9	(0.8%)	5,498.2	5,526.0	0.5%
Montego Bay	350.0	319.3	(8.8%)	4,313.2	4,216.4	(2.2%)
Guanajuato	293.6	277.0	(5.7%)	2,668.6	2,595.8	(2.7%)
Hermosillo	197.9	189.2	(4.4%)	1,805.4	1,764.5	(2.3%)
Kingston	128.8	139.6	8.4%	1,469.0	1,466.9	(0.1%)
Morelia	108.1	106.1	(1.9%)	1,161.2	1,054.5	(9.2%)
La Paz	89.4	101.5	13.5%	913.9	990.1	8.3%
Mexicali	139.0	75.7	(45.5%)	1,319.0	846.4	(35.8%)
Aguascalientes	79.1	81.8	3.4%	772.0	790.9	2.5%
Los Mochis	40.2	53.0	31.8%	381.8	471.1	23.4%
Manzanillo	11.1	12.7	14.2%	140.3	172.8	23.1%
Total	4,953.8	4,915.9	(0.8%)	52,619.4	51,053.1	(3.0%)

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

CBX users (in thousands):

Airport	Oct-23	Oct-24	% Change	Jan- Oct 23	Jan- Oct 24	% Change
Tijuana	323.3	326.2	0.9%	3,550.2	3,282.5	(7.5%)

Highlights for the month:

• Seats and load factors: The seats available during October 2024 decreased by 5.9%, compared to October 2023. The load factors for the month went from 82.0% in October 2023 to 86.5% in October 2024.

• New routes:
  
  • Guadalajara – San Jose, Costa Rica: Volaris Costa Rica
  • Tijuana – Las Vegas: Volaris
  • Puerto Vallarta – Praga: World2Fly
  • Kingston – Punta Cana: Arajet
  • Guanajuato – Felipe Angeles: Viva Aerobus

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 change in October 2024?

PAC reported a 0.8% decrease in total terminal passengers in October 2024 compared to October 2023.

How did PAC's load factors change in October 2024?

Load factors improved from 82.0% in October 2023 to 86.5% in October 2024.

Which PAC airports showed positive traffic growth in October 2024?

Guadalajara and Los Cabos airports showed positive growth of 3.4% and 2.6% respectively.

What new routes did PAC announce in October 2024?

PAC announced new routes including Guadalajara-San Jose, Tijuana-Las Vegas, Puerto Vallarta-Praga, and Kingston-Punta Cana.