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Grupo Aeroportuario del Pacifico reported a 7.3% decrease in passenger traffic in April 2024 compared to 2023, affecting various airports in Mexico. The company highlighted factors such as decreased seat availability due to engine revisions and the impact of the Holy Week Holiday. Despite introducing new routes, the overall passenger traffic declined, impacting both domestic and international terminals.
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Overall, Grupo Aeroportuario del Pacifico experienced a 7.3% decrease in total passenger traffic in April 2024 compared to the previous year. This decline was observed across multiple airports, impacting both domestic and international terminals. The decrease in passenger traffic may raise concerns among investors and stakeholders about the company’s revenue and financial performance.
Grupo Aeroportuario del Pacífico’s reported decrease in passenger traffic of 7.3% in April 2024 compared to the same month in 2023 reflects a notable downturn in its airport operations. The detailed figures reveal significant drops in both domestic and international segments, with Mexicali and Tijuana experiencing the steepest declines. While the increase in load factors from 80.6% to 86.3% indicates improved efficiency in the usage of available seats, this is overshadowed by the overall reduction in seats available due to the mentioned engine maintenance. The timing of the Holy Week Holiday, differing year-on-year, can account for some variance; however, this does not fully explain the year-long downward trend. The introduction of new routes may offer future growth potential, but the immediate effect appears marginal in the context of the broader traffic decline. This performance may raise investor concerns about potential revenue impacts, as passenger traffic is a critical indicator of an airport operator’s financial health.
The reported passenger traffic reduction has direct implications for Grupo Aeroportuario del Pacífico’s revenue streams. Typically, airport revenue is closely tied to passenger volumes, as they influence aeronautical fees and concession income. The presented slump of 7.3% suggests possible adverse effects on the company’s top-line results, which could further impact profitability and stock performance. While the diversification into new routes is a strategic move that could yield positive outcomes, the current data indicates a short-term struggle to regain traffic momentum. Investors must monitor subsequent traffic reports and financial statements for signs of recovery or further decline, as these will significantly influence the company’s financial outlook and stock valuation.
GUADALAJARA, Mexico, May 03, 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 April 2024, compared with April 2023.
For April 2024, the total number of terminal passengers at GAP’s 12 Mexican airports decreased by 7.6%, compared to April 2023. Tijuana, Los Cabos, Guadalajara, and Puerto Vallarta presented a decrease in passenger traffic of 13.0%, 8.5%, 4.6%, and 3.7% respectively, compared to April 2023. On the other hand, Montego Bay presented a decrease in passenger traffic of 4.2% compared to April 2023.
Domestic Terminal Passengers (in thousands):
| Airport | Apr-23 | Apr-24 | % Change | Jan- Apr 23 | Jan- Apr 24 | % Change | |
| Guadalajara | 1,051.9 | 973.0 | (7.5%) | 4,010.7 | 3,644.7 | (9.1%) | |
| Tijuana* | 772.5 | 691.9 | (10.4%) | 2,838.9 | 2,677.5 | (5.7%) | |
| Puerto Vallarta | 260.0 | 232.7 | (10.5%) | 899.7 | 807.6 | (10.2%) | |
| Los Cabos | 259.7 | 216.1 | (16.8%) | 930.3 | 853.8 | (8.2%) | |
| Montego Bay | 0.0 | 0.0 | N/A | 0.0 | 0.0 | N/A | |
| Guanajuato | 187.0 | 163.0 | (12.8%) | 694.3 | 647.0 | (6.8%) | |
| Hermosillo | 177.8 | 179.0 | 0.7% | 651.9 | 636.5 | (2.4%) | |
| Kingston | 0.1 | 0.3 | 168.8% | 0.3 | 0.8 | 200.4% | |
| Morelia | 65.3 | 50.1 | (23.2%) | 252.1 | 196.4 | (22.1%) | |
| La Paz | 96.2 | 94.4 | (1.9%) | 322.8 | 365.8 | 13.3% | |
| Mexicali | 132.8 | 72.2 | (45.6%) | 479.4 | 360.5 | (24.8%) | |
| Aguascalientes | 52.7 | 58.2 | 10.6% | 203.3 | 200.6 | (1.3%) | |
| Los Mochis | 41.3 | 50.6 | 22.6% | 135.6 | 176.8 | 30.4% | |
| Manzanillo | 8.7 | 10.1 | 15.3% | 35.8 | 46.0 | 28.4% | |
| Total | 3,106.2 | 2,791.9 | (10.1%) | 11,455.1 | 10,614.0 | (7.3%) | |
International Terminal Passengers (in thousands):
| Airport | Apr-23 | Apr-24 | % Change | Jan- Apr 23 | Jan- Apr 24 | % Change | |
| Guadalajara | 409.5 | 421.5 | 2.9% | 1,625.6 | 1,911.6 | 17.6% | |
| Tijuana* | 376.4 | 307.8 | (18.2%) | 1,424.1 | 1,260.1 | (11.5%) | |
| Puerto Vallarta | 382.8 | 386.3 | 0.9% | 1,761.0 | 1,930.1 | 9.6% | |
| Los Cabos | 441.5 | 425.5 | (3.6%) | 1,822.6 | 1,833.4 | 0.6% | |
| Montego Bay | 454.5 | 435.5 | (4.2%) | 1,805.5 | 1,892.8 | 4.8% | |
| Guanajuato | 68.3 | 73.1 | 7.1% | 275.7 | 320.2 | 16.1% | |
| Hermosillo | 5.5 | 6.7 | 23.3% | 24.5 | 30.0 | 22.4% | |
| Kingston | 146.5 | 135.1 | (7.7%) | 540.6 | 526.5 | (2.6%) | |
| Morelia | 47.0 | 50.0 | 6.3% | 198.5 | 207.2 | 4.3% | |
| La Paz | 1.4 | 0.9 | (36.1%) | 5.1 | 4.1 | (19.2%) | |
| Mexicali | 0.7 | 0.6 | (4.3%) | 2.2 | 2.2 | 3.2% | |
| Aguascalientes | 23.2 | 26.9 | 15.9% | 83.4 | 96.4 | 15.6% | |
| Los Mochis | 0.6 | 0.7 | 18.4% | 2.3 | 2.7 | 14.7% | |
| Manzanillo | 6.5 | 7.1 | 9.9% | 37.3 | 47.4 | 27.2% | |
| Total | 2,364.4 | 2,277.8 | (3.7%) | 9,608.5 | 10,064.9 | 4.7% | |
Total Terminal Passengers (in thousands):
| Airport | Apr-23 | Apr-24 | % Change | Jan- Apr 23 | Jan- Apr 24 | % Change | |
| Guadalajara | 1,461.5 | 1,394.5 | (4.6%) | 5,636.3 | 5,556.3 | (1.4%) | |
| Tijuana* | 1,148.9 | 999.7 | (13.0%) | 4,262.9 | 3,937.7 | (7.6%) | |
| Puerto Vallarta | 642.9 | 619.0 | (3.7%) | 2,660.7 | 2,737.6 | 2.9% | |
| Los Cabos | 701.2 | 641.6 | (8.5%) | 2,752.9 | 2,687.3 | (2.4%) | |
| Montego Bay | 454.5 | 435.5 | (4.2%) | 1,805.5 | 1,892.8 | 4.8% | |
| Guanajuato | 255.3 | 236.2 | (7.5%) | 970.0 | 967.2 | (0.3%) | |
| Hermosillo | 183.3 | 185.8 | 1.4% | 676.4 | 666.6 | (1.5%) | |
| Kingston | 146.6 | 135.4 | (7.6%) | 540.9 | 527.4 | (2.5%) | |
| Morelia | 112.4 | 100.1 | (10.9%) | 450.7 | 403.5 | (10.5%) | |
| La Paz | 97.7 | 95.3 | (2.4%) | 327.9 | 369.9 | 12.8% | |
| Mexicali | 133.5 | 72.9 | (45.4%) | 481.6 | 362.7 | (24.7%) | |
| Aguascalientes | 75.9 | 85.1 | 12.2% | 286.7 | 297.0 | 3.6% | |
| Los Mochis | 41.9 | 51.3 | 22.6% | 138.0 | 179.5 | 30.1% | |
| Manzanillo | 15.2 | 17.2 | 13.0% | 73.1 | 93.4 | 27.8% | |
| Total | 5,470.6 | 5,069.6 | (7.3%) | 21,063.6 | 20,678.9 | (1.8%) | |
*Passengers in Tijuana who use CBX in both directions are classified as international.
CBX users (in thousands):
| Airport | Apr-23 | Apr-24 | % Change | Jan- Apr 23 | Jan- Apr 24 | % Change | |
| Tijuana | 373.9 | 303.1 | (18.9%) | 1,413.3 | 1,244.9 | (11.9%) | |
Highlights for the month:
- Seats and load factors: The seats available during April 2024 decreased by 8.1%, compared to April 2023, due to the preventive revision of the Pratt & Whitney engines of the A320neo and A321neo fleet. The load factors for the month went from 80.6% in April 2023 to 86.3% in April 2024.
- Holy Week Holiday: the passenger traffic decrease in the month includes the effects of the Holy Week Holiday in 2024 (March 24 to March 31) compared to the Holy Week Holiday in 2023 (April 2 to April 9).
- New routes:
- Guadalajara – Los Cabos: Mexicana
- Los Cabos – Felipe Ángeles: 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
<p>What was the percentage change in passenger traffic for Grupo Aeroportuario del Pacifico in April 2024 compared to April 2023?</p>
Grupo Aeroportuario del Pacifico reported a 7.3% decrease in passenger traffic in April 2024 compared to April 2023 across its Mexican airports.
<p>Which airports experienced the most significant passenger traffic declines for Grupo Aeroportuario del Pacifico in April 2024?</p>
Tijuana, Los Cabos, Guadalajara, and Puerto Vallarta experienced notable decreases in passenger traffic of 13.0%, 8.5%, 4.6%, and 3.7% respectively, compared to April 2023.
<p>What were the major factors contributing to the decrease in passenger traffic for Grupo Aeroportuario del Pacifico in April 2024?</p>
Factors contributing to the decrease in passenger traffic included decreased seat availability due to engine revisions and the impact of the Holy Week Holiday in 2024 compared to 2023.
