Equity Analysis /
Mexico

Grupo Aeroportuario Centro Norte: Flash: April’s passengers reached pre-pandemic levels

  • April’s total passengers growth to 39.5% y/y, (100.6% of the April 2019 figures), slightly above our estimates

  • We highlight OMA’s traffic passengers that reached pre-pandemic levels in April due to the solid demand dynamism

  • The solid 1Q22 reported figures and the positive outlook for the group supports our buy recommendation

Jose Itzamna Espitia Hernandez
Jose Itzamna Espitia Hernandez

Senior Equity Research Analyst, Infrastructure, Materials and Transportation

Marissa Garza Ostos
Marissa Garza Ostos

Head of Equity Research

Banorte
10 May 2022
Published by

Oma reported that in April the total number of passengers of the 13 airports it operates showed an annual increase of 39.5%, representing 100.6% of the April 2019 figure, slightly above of our ~99.0% expectation, due to a solid demand dynamism. Domestic passengers advanced by 42.8% y/y, while international passengers rose 17.5% y/y. In turn, Monterrey airport -46.2% of total passengers- showed an increase of 43.5% y/y, being 98.7% of what was recorded in April 2019. On the other hand, the company mentioned that during the month four new routes began to operate

Positive implication: Oma passengers finally reached pre-pandemic levels, reaffirming the positive outlook for the following months. Given the above, and the solid 1Q22 report, we reiterate our Buy recommendation.