Grupo Aeroportuario del Pacifico, S.A.B. de C.V. Amer. Dep. Shares (each rep. 10 Ser. B shares) - PAC STOCK NEWS

Grupo Aeroportuario del Pacífico (NYSE: PAC) has announced significant amendments to its Concession Agreement with the Airports Authority of Jamaica for the Montego Bay and Kingston Airports. These changes come as a response to the impact of the COVID-19 pandemic on airport operations.

Key amendments include:

• Montego Bay Airport: Concession Period extended by one year, now expiring in March 2034
• Kingston Airport: Concession Fee reduced from 62.01% to 53.22% of Gross Revenues, effective September 11, 2023

The reduction in Kingston's Concession Fee will be applied retroactively, with excess payments reimbursed once the runway extension project begins. This change will be reflected in GAP's 2024 Income Statement.

Grupo Aeroportuario del Pacífico (PAC) reported its unaudited Q2 2024 results, showing a 13.2% decrease in total revenues to Ps. 7,259 million. Aeronautical services revenue dropped by 7.7%, while non-aeronautical services increased by 10.6%. However, total passenger traffic decreased by 3.9%. Operating costs fell by 14.9%, yet the cost of services rose by 17.3%. EBITDA decreased by 8.3% to Ps. 4,198 million, with an EBITDA margin of 66.8%. Despite these declines, comprehensive income surged by 41.0% to Ps. 2,894 million, affected by foreign currency translation gains. Net income dropped by 9.5% to Ps. 2,253 million.

New routes were opened in Q2, and the company refinanced credit facilities worth Ps. 2,500 million. The acquisition of 51.5% of Guadalajara World Trade Center was completed via a Ps. 875 million credit line. Financial results saw a net expense increase of 30.5%. The company reports cash and equivalents of Ps. 12,585 million as of June 30, 2024.

Grupo Aeroportuario del Pacífico (GAP), which operates 12 airports in Mexico's Pacific region, has refinanced a Ps. 1.0 billion credit facility with Banco Nacional de México (Citibanamex). The refinancing extends the maturity date by 12 months, with interest payable monthly at a variable rate of TIIE-28 plus 18 basis points. Principal repayment is due on July 10, 2025. This refinancing ensures continued financial flexibility for GAP, a company with listings on both the New York Stock Exchange (PAC) and the Mexican Stock Exchange (GAP).

Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) announced the payment date for the first installment of a capital stock reduction, approved during the Extraordinary Shareholders’ Meeting on April 25, 2024. Shareholders will receive Ps. 13.86 per outstanding share, with the payment divided into two installments. The first installment of Ps. 6.93 per share will be paid on July 23, 2024. This capital reduction payment marks the thirty-eighth such payment by the company.

GAP operates 12 airports across Mexico’s Pacific region and additional international operations in Jamaica. Since its NYSE listing in February 2006, the company has expanded its portfolio, including significant acquisitions and concession agreements for major airports.

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.

Grupo Aeroportuario del Pacífico (GAP) announced that Hurricane Beryl caused no major damage to its Montego Bay and Kingston airports in Jamaica. Both airports were closed from midnight on July 2 to July 3 as a precaution. The Montego Bay airport resumed operations on July 3 at 6:00 p.m., while Kingston Airport, which sustained minor roof damage, will reopen on July 5 at 5:00 a.m. GAP's property insurance covers natural disasters, so no significant economic impact is expected. The hurricane's center is now more than 100 km southwest of Negril Point, Jamaica.

Grupo Aeroportuario del Pacifico (GAP), operating 12 airports across Mexico's Pacific region, has drawn down Ps. 875.0 million from a BBVA México credit facility. The loan carries a variable interest rate of TIIE-28 plus 20 basis points, with monthly interest payments and principal due on June 19, 2025. Proceeds will finance the acquisition of 51.5% of Guadalajara World Trade Center (GWTC) shares, aligning with a previous announcement on June 11. The company is listed on both the New York (PAC) and Mexican (GAP) stock exchanges.

Grupo Aeroportuario del Pacifico (GAP), listed on NYSE as PAC, announced the acquisition of 51.5% of the shares of Guadalajara World Trade Center (GWTC) for Ps. 875.5 million. GWTC consists of seven companies specializing in international cargo services at Guadalajara and Puebla Airports. In 2023, GWTC generated revenues exceeding Ps. 1 billion with an EBITDA margin of around 40%, and no financial debt. The transaction, expected to close by June 25, will be financed either through a bank loan or the company's resources. This acquisition helps GAP gain expertise in the cargo business and leverage nearshoring opportunities in the region.

Grupo Aeroportuario del Pacífico (NYSE: PAC; BMV: GAP) has refinanced a maturing credit facility with Banco Nacional de México, S.A. (Citibanamex) for Ps. 1.5 billion. The new agreement extends the maturity by 18 months with interest payable monthly at a variable rate of TIIE-28 plus 24 basis points and a principal payment due on December 5, 2025. GAP operates 12 airports in Mexico's Pacific region and holds stakes in airports in Jamaica. GAP is listed on both the New York and Mexican Stock Exchanges.