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Grupo Aeroportuario del Pacifico: Flash GAP: Higher than expected recovery in passengers in May

  • Gap posted a 904.2% y/y growth in total May passengers (+14.2% m/m), representing 93.6% of May 2019 figure
  • Total passengers at the 12 airports in Mexico showed an 842.4% y/y rise, equivalent to 95.4% of May 2019, above 88.0%e
  • We reiterate the favorable outlook despite Mexican aviation downgrade which we expect to have a moderate impact on Gap

Gap recorded a 904.2% annual growth in total passengers in May (+14.2% vs. April 2021), taking into account the 14 airports it operates, representing 93.6% vs. May 2019. This increase is due to the low comparative base and improved demand performance. Domestic traffic increased 696.0% y/y, while international traffic rose 1568.6% y/y.

Total passengers at the 12 airports it operates in Mexico showed an 842.4% y/y advance, equivalent to 95.4% of the May 2019 figure, above the anticipated 88.0%. On the other hand, Montego Bay Airport in Jamaica (MBJ) reported a 36.4% m/m growth, similar to Kingston Airport's 32.3% growth in traffic. Finally, the company mentioned that the volume of seats offered in May increased by 268.9% y/y and that the load factor during the month stood at 81.7% vs. 29.6% in May 2020.

Positive implication: Gap's traffic points to improved passenger demand performance in the coming months, and this month, we highlight the figures from Mexico's operations. We reiterate that the outlook for the group is favorable -despite the downgrade to Mexican aviation, which we expect to have a moderate impact on the company- which incorporates solid earnings gains from 2Q21 onward.


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