Grupo Aeroportuario Del Pacifico Reports in September 2024 a Passenger Traffic Decrease of 3.9% Compared to 2023

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (NYSE: PAC) reports a 3.9% decrease in total terminal passengers for September 2024 compared to September 2023. Key highlights include:

- Guadalajara airport saw a 4.1% increase in passenger traffic
- Los Cabos, Tijuana, and Puerto Vallarta airports experienced decreases of 9.9%, 6.2%, and 5.1% respectively
- Montego Bay airport reported an 11.5% decrease
- Total domestic passengers decreased by 5.5%
- International passengers decreased by 1.2%
- Seats available decreased by 7.8%
- Load factors improved from 77.8% to 80.1%

A new route was introduced between Guadalajara and Toronto by Flair Airlines.

Positive

• Guadalajara airport saw a 4.1% increase in passenger traffic
• Load factors improved from 77.8% to 80.1%
• New route introduced between Guadalajara and Toronto

Negative

• Overall 3.9% decrease in total terminal passengers
• Significant decreases in passenger traffic at major airports: Los Cabos (-9.9%), Tijuana (-6.2%), Puerto Vallarta (-5.1%)
• Montego Bay airport reported an 11.5% decrease in passenger traffic
• Total domestic passengers decreased by 5.5%
• International passengers decreased by 1.2%
• Seats available decreased by 7.8%

Insights

Financial Analyst

The September 2024 traffic report for Grupo Aeroportuario del Pacífico (GAP) shows a 3.9% decrease in total terminal passengers compared to September 2023. This decline is concerning, particularly in key airports like Los Cabos (-9.9%), Tijuana (-6.2%) and Puerto Vallarta (-5.1%). The Montego Bay airport in Jamaica also saw a significant drop of 11.5%.

However, it's not all negative. Guadalajara, GAP's largest airport, showed growth of 4.1%. The company also improved its load factor from 77.8% to 80.1%, indicating more efficient capacity utilization despite a 7.8% decrease in available seats.

Year-to-date figures show a 3.2% decline in total passengers, suggesting ongoing challenges. The addition of a new route between Guadalajara and Toronto could help offset some losses, but the overall trend remains concerning for GAP's near-term performance.

Market Research Analyst

The traffic decline at GAP's airports may indicate broader economic or industry trends affecting air travel in Mexico and the Caribbean. The decrease in international passengers (-1.2%) is less severe than domestic (-5.5%), suggesting that tourism might be more resilient than local travel.

Notable variations across airports (e.g., Guadalajara's growth vs. Los Cabos' decline) point to regional differences in travel demand. The significant drop in Mexicali (-48%) warrants further investigation into local factors.

The improved load factor is a positive sign for operational efficiency, but it's achieved through capacity reduction rather than demand growth. This strategy may help maintain profitability in the short term but could limit growth potential if demand rebounds quickly.

Investors should monitor macroeconomic indicators, tourism trends and competitive dynamics in the Mexican aviation sector to gauge GAP's future performance prospects.

GUADALAJARA, Mexico, Oct. 02, 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 September 2024, compared with September 2023.

For September 2024, the total number of terminal passengers at GAP’s 12 Mexican airports decreased by 3.6%, compared to September 2023. Guadalajara airport presented an increase in passenger traffic of 4.1%, while Los Cabos, Tijuana, and Puerto Vallarta airports presented a decrease in passenger traffic of 9.9%, 6.2%, and 5.1% respectively, compared to September 2023. On the other hand, Montego Bay presented a decrease in passenger traffic of 11.5%.

Domestic Terminal Passengers (in thousands):

Airport	Sep-23	Sep-24	% Change	Jan- Sep 23	Jan- Sep 24	% Change
Guadalajara	976.4	977.3	0.1%	9,395.0	8,779.4	(6.6%)
Tijuana*	721.6	660.8	(8.4%)	6,751.6	6,288.3	(6.9%)
Los Cabos	227.1	220.9	(2.7%)	2,244.2	2,119.7	(5.5%)
Puerto Vallarta	213.0	219.0	2.8%	2,197.1	2,121.6	(3.4%)
Montego Bay	0.0	0.0	N/A	0.0	0.0	(100.0%)
Guanajuato	202.8	174.1	(14.1%)	1,729.5	1,545.3	(10.7%)
Hermosillo	177.0	163.7	(7.5%)	1,552.4	1,512.7	(2.6%)
Kingston	0.1	0.2	183.5%	1.3	2.4	80.5%
Morelia	61.8	51.2	(17.2%)	609.1	464.5	(23.7%)
La Paz	79.1	90.9	14.9%	814.2	879.9	8.1%
Mexicali	134.3	69.6	(48.2%)	1,174.8	765.1	(34.9%)
Aguascalientes	53.8	51.6	(4.1%)	478.6	467.0	(2.4%)
Los Mochis	34.6	44.4	28.3%	336.2	412.0	22.5%
Manzanillo	8.2	7.9	(3.6%)	80.1	94.4	17.8%
Total	2,889.7	2,731.6	(5.5%)	27,364.0	25,452.3	(7.0%)

International Terminal Passengers (in thousands):

Airport	Sep-23	Sep-24	% Change	Jan- Sep 23	Jan- Sep 24	% Change
Guadalajara	376.6	430.9	14.4%	3,848.9	4,353.1	13.1%
Tijuana*	291.5	288.9	(0.9%)	3,254.5	3,001.9	(7.8%)
Los Cabos	246.0	205.1	(16.6%)	3,603.1	3,489.0	(3.2%)
Puerto Vallarta	139.1	115.0	(17.3%)	2,863.8	2,970.5	3.7%
Montego Bay	324.1	286.8	(11.5%)	3,963.2	3,897.2	(1.7%)
Guanajuato	66.6	81.2	21.9%	645.5	773.5	19.8%
Hermosillo	6.0	5.9	(1.2%)	55.0	62.6	13.8%
Kingston	132.1	137.6	4.2%	1,338.9	1,324.9	(1.0%)
Morelia	42.9	48.7	13.6%	444.0	483.9	9.0%
La Paz	0.8	0.8	3.7%	10.3	8.7	(15.9%)
Mexicali	0.6	0.5	(11.6%)	5.3	5.6	4.8%
Aguascalientes	24.0	27.9	16.5%	214.3	242.1	13.0%
Los Mochis	0.5	0.6	18.3%	5.4	6.1	14.3%
Manzanillo	2.0	2.4	18.0%	49.1	65.7	33.7%
Total	1,652.8	1,632.4	(1.2%)	20,301.5	20,684.7	1.9%

Total Terminal Passengers (in thousands):

Airport	Sep-23	Sep-24	% Change	Jan- Sep 23	Jan- Sep 24	% Change
Guadalajara	1,353.0	1,408.2	4.1%	13,243.9	13,132.5	(0.8%)
Tijuana*	1,013.0	949.8	(6.2%)	10,006.1	9,290.2	(7.2%)
Los Cabos	473.1	426.1	(9.9%)	5,847.3	5,608.7	(4.1%)
Puerto Vallarta	352.1	334.0	(5.1%)	5,060.9	5,092.1	0.6%
Montego Bay	324.1	286.8	(11.5%)	3,963.2	3,897.2	(1.7%)
Guanajuato	269.4	255.3	(5.2%)	2,375.0	2,318.7	(2.4%)
Hermosillo	183.0	169.6	(7.3%)	1,607.5	1,575.3	(2.0%)
Kingston	132.2	137.8	4.3%	1,340.3	1,327.3	(1.0%)
Morelia	104.7	99.9	(4.6%)	1,053.1	948.4	(9.9%)
La Paz	79.9	91.7	14.8%	824.5	888.6	7.8%
Mexicali	134.8	70.1	(48.0%)	1,180.1	770.7	(34.7%)
Aguascalientes	77.8	79.5	2.2%	692.9	709.1	2.3%
Los Mochis	35.1	45.0	28.1%	341.6	418.1	22.4%
Manzanillo	10.2	10.3	0.7%	129.2	160.1	23.9%
Total	4,542.5	4,364.0	(3.9%)	47,665.6	46,137.0	(3.2%)

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

CBX users (in thousands):

Airport	Sep-23	Sep-24	% Change	Jan- Sep 23	Jan- Sep 24	% Change
Tijuana	288.8	283.4	(1.9%)	3,226.9	2,956.3	(8.4%)

Highlights for the month:

• Seats and load factors: The seats available during September 2024 decreased by 7.8%, compared to September 2023. The load factors for the month went from 77.8% in September 2023 to 80.1% in September 2024.
  
• New routes:
  
  • Guadalajara – Toronto: Flair 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 the overall change in passenger traffic for Grupo Aeroportuario del Pacífico (PAC) in September 2024?

Grupo Aeroportuario del Pacífico (PAC) reported a 3.9% decrease in total terminal passengers for September 2024 compared to September 2023.

Which airport operated by PAC saw an increase in passenger traffic in September 2024?

Guadalajara airport saw a 4.1% increase in passenger traffic in September 2024 compared to the same month in 2023.

How did the load factors change for PAC airports in September 2024?

Load factors improved from 77.8% in September 2023 to 80.1% in September 2024.

What new route did PAC introduce in September 2024?

A new route was introduced between Guadalajara and Toronto, operated by Flair Airlines.