Welcome to our dedicated page for Grupo Aeroportuario del Pacifico, S.A.B. de C.V. Amer. Dep. Shares (each rep. 10 Ser. B shares) news (Ticker: PAC), a resource for investors and traders seeking the latest updates and insights on Grupo Aeroportuario del Pacifico, S.A.B. de C.V. Amer. Dep. Shares (each rep. 10 Ser. B shares) stock.
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP), headquartered in Guadalajara, Mexico, is a prominent airport operator engaged in the construction, development, and operation of airports across Mexico. Founded to streamline air travel infrastructure, GAP plays a crucial role in enhancing the connectivity and accessibility of key regions in Mexico and beyond.
GAP's portfolio includes major airports such as Guadalajara, Tijuana, Puerto Vallarta, San Jose del Cabo, Montego Bay, Hermosillo, and Guanajuato, among others. The Guadalajara segment stands as the company's primary revenue generator, contributing significantly to its financial health.
Recent reports highlight notable developments within the company. In 4Q23, the financial results saw a decrease of Ps. 99.7 million, or 13.3%, in net expense compared to 4Q22. This shift was driven by various factors including the consolidation of routes and preventive inspections of GTF engines. Additionally, the company's financial cost increased by Ps. 838.5 million, or 54.5%, from 2022 to 2023, primarily due to adjustments related to the adoption of IFRS accounting standards.
GAP has actively expanded its international footprint, with passenger traffic at Tijuana classified as international when using the Cross Border Xpress (CBX) in both directions. The company's strategic initiatives focus on enhancing passenger experiences, improving operational efficiencies, and maintaining stringent safety standards.
Financially, GAP continues to navigate through challenges by aligning its reporting practices with both Mexican Financial Reporting Standards (MFRS) and International Financial Reporting Standards (IFRS). The company ensures compliance with Mexican legal and tax requirements while delivering transparent and accurate financial information to its stakeholders.
Looking ahead, Grupo Aeroportuario del Pacífico remains committed to its mission of developing world-class airport facilities that support economic growth and regional development. Through continuous investment in infrastructure and technology, GAP aims to provide exceptional service to passengers and contribute to the overall advancement of the aviation industry.
Grupo Aeroportuario del Pacífico (PAC) held its Annual General Ordinary and Extraordinary Shareholders’ Meetings with an attendance quorum of 82.9% and 86.0%. Key resolutions included the approval of financial statements for FY 2021, reporting a net income of Ps. 5.81 billion, and a dividend of Ps. 14.40 per share. The company also approved a share repurchase program of up to Ps. 2 billion and increased its common stock. Furthermore, members of the Board of Directors were ratified. This meeting underscores GAP's strong financial health and commitment to shareholder returns.
Grupo Aeroportuario del Pacífico (PAC) filed its annual report for the year ended December 31, 2021, with the Mexican Stock Exchange and Form 20-F with the U.S. SEC. The reports are accessible via the BMV and SEC websites as well as GAP’s corporate site. The company operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations. GAP's strategic expansions include ownership of Sangster International Airport and a concession for Norman Manley International Airport in Jamaica. The release contains forward-looking statements subject to risks and uncertainties.
Grupo Aeroportuario del Pacífico (PAC) reported a 11.7% increase in terminal passenger traffic in March 2022 compared to 2019. Key airports, including Tijuana and Los Cabos, experienced significant increases of 37.1% and 17.7%, respectively. The total number of terminal passengers reached 4,730.3 thousand, marking a 10.2% increase in March compared to 2019. The company also noted a 48.7% growth in available seats year-over-year, with load factors rising to 77.4%.
Grupo Aeroportuario del Pacífico (PAC) held its Investor Day 2022 at Tijuana International Airport on March 25, 2022, discussing both short- and long-term strategies alongside financial expectations. This event gathered investors and analysts, and the presentation is accessible on the company’s website. Grupo Aeroportuario del Pacífico operates 12 airports across Mexico’s Pacific region and has expanded into Jamaica with significant airport concessions. The company emphasizes forward-looking statements regarding its financial health and strategic decisions.
Grupo Aeroportuario del Pacífico (PAC) has refinanced its bank debt of US$191 million, originally due in early 2024, extending the maturity to 2026. The refinancing involves two loans: US$95.5 million from BBVA México at a 2.45% fixed rate for 48 months, and US$95.5 million from Scotiabank at 2.64% for 46 months. This extension enhances financial flexibility, allowing better allocation of resources in upcoming years.
On March 17, 2022, Grupo Aeroportuario del Pacífico (PAC) successfully issued 50 million long-term bond certificates valued at Ps. 5 billion through a dual tranche strategy in Mexico. The issuance included 20 million 5-year bonds (GAP22) worth Ps. 2 billion at a variable interest rate, and 30 million 10-year bonds (GAP22-2) totaling Ps. 3 billion at a fixed interest rate of 9.67%. The proceeds will fund investments under the Master Development Program and financial liabilities. The bonds received top credit ratings: “Aaa.mx” from Moody's and “MxAAA” from S&P.
Grupo Aeroportuario del Pacífico (PAC) reported a 9.7% increase in total terminal passenger traffic for February 2022 compared to February 2019, with significant growth observed in Tijuana and Los Cabos, which saw increases of 42.9% and 13.7%, respectively. However, Guadalajara, Puerto Vallarta, and Guanajuato airports experienced declines in passenger traffic. The company noted a 32.1% increase in available seats compared to February 2021, indicating a recovery in air travel demand.
Grupo Aeroportuario del Pacífico (PAC) has scheduled its General Ordinary and Extraordinary Shareholders’ Meetings for April 22, 2022, in Guadalajara, Mexico. Key agenda items include the CEO’s operational report for FY2021, ratification of Board actions, approval of financial statements, and a proposed dividend of Ps. 14.40 per share from retained earnings. Additionally, the Extraordinary Meeting will discuss increasing common stock by Ps. 8.03 billion and the cancellation of repurchased shares. Shareholders must register to attend, with details provided in the announcement.
Grupo Aeroportuario del Pacífico (PAC) reported strong recovery metrics for 4Q21, with a 121.3% increase in total revenues compared to 4Q20, resulting in positive EBITDA of Ps. 3,255.0 million, an 84.2% rise. Passenger traffic surged by 55.3%, marking a significant recovery from the pandemic's impact. Despite challenges such as rising operational costs and pandemic uncertainties, the company noted no need for expected credit loss reserves. Their financial position as of December 31, 2021, showed cash reserves of Ps. 13,332.9 million, along with successful long-term debt issuance of Ps. 2,500.0 million.
Grupo Aeroportuario del Pacífico (PAC) reported preliminary passenger traffic for January 2022, indicating a 2.3% increase compared to January 2019. Tijuana and Los Cabos led growth with increases of 28.9% and 6.3%, respectively. In contrast, Guadalajara and Puerto Vallarta saw declines of 8.2% and 11.8%. Compared to January 2021, total traffic rose by 37.1%, with load factors improving from 53.3% to 68.7%.
The number of available seats increased by 28.6%, reflecting expanded capacity.
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