Gap announced that, total passengers in April showed an increase of 43.1% y/y, considering the 14 airports it operates, representing 115.3% of April 2019 traffic figure, as a result of the favorable demand performance. Thus, domestic passengers increased 25.8% y/y, while international passengers rose 73.6% y/y.
The annual increase in total traffic of the 12 airports operating in Mexico was 35.8%, which is equivalent to 114.6% vs. same month of 2019, in line with our ~114.0% expectation. In turn, Montego Bay Airport in Jamaica (MBJ) accounted for 94.5% vs. 2019 figure, while Kingston Airport showed a 17.7% m/m advance. Finally, the group mentioned that during the month one route was opened, and that the volume of seats offered increased 33.3% y/y, while the load factor was placed at 81.4% vs. 71.6% in April 2021.
Neutral implication: Gap's passenger figures reflected a solid dynamism in both Mexico and Jamaica. In this way, we expect that the strong performance will continue driving the company´s results as reported in 1Q22. In this sense, we will be updating our growth expectations with a positive bias.