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) has announced a General Ordinary Shareholders’ Meeting scheduled for May 22, 2023, at Hilton Hotel, Guadalajara. The agenda includes the designation and ratification of Board members and the appointment of special delegates for formalizing resolutions. Shareholders must be registered and present an admission card to attend. The share registry will close three business days before the meeting. Proxy representation is allowed, but proper verification via company forms is required. Additionally, shareholders are granted access to all relevant documents prior to the meeting. The company operates 12 airports in Mexico’s Pacific region and has international operations in Jamaica as well.
Grupo Aeroportuario del Pacífico (PAC) reported strong financial results for the first quarter of 2023, with total revenues up 38.7% year-over-year, reaching Ps. 8.34 billion. Aeronautical revenues increased by 30.5%, while non-aeronautical revenues grew by 25.9%. The company's EBITDA rose 26.6% to Ps. 4.70 billion, despite an EBITDA margin decline from 61.7% to 56.3%. Comprehensive income fell by 4.1%, totaling Ps. 2.15 billion, primarily due to foreign exchange losses. Passenger traffic surged by 23.9%, with 3 million additional passengers at its 14 airports. Cash and cash equivalents stood at Ps. 18.89 billion. However, total operating costs increased by 48.6%, significantly driven by costs associated with improvements to concession assets. The company also faced rising interest expenses due to higher debt levels.
Grupo Aeroportuario del Pacífico (PAC) held its Annual General and Extraordinary Shareholders’ Meetings on April 13, 2023, with a quorum exceeding 87%. Key approvals included the financial results for 2022, reporting a net income of Ps. 8.88 billion, with a dividend of Ps. 14.84 per share to be paid from the retained earnings. The company approved a share repurchase program with a budget of Ps. 2.5 billion for the upcoming year. Additionally, the establishment of a Sustainability Committee was approved to enhance strategic sustainability goals. Shareholders ratified the compensation for Board members and reaffirmed board appointments, including Laura Diez Barroso as Chairwoman. A total of 7,024,113 treasury shares will be canceled. Overall, the outcomes signify a commitment to shareholder returns and corporate governance.
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