Equity Analysis /

Grupo Aeroportuario del Pacifico: Flash: Confirms expectation of strong demand in April

  • Gap showed a strong demand increased of 43.1% in April total passengers representing 115.3% of April 2019 figures

  • Mexico’ annual total traffic increased 35.8%, equivalent to 114.6% vs April 2019 figures, in line with our estimates

  • The solid performance will be driving the company results as reported in 1Q22, we will be updating our growth estimates

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

10 May 2022
Published byBanorte

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.