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Grupo Aeroportuario Centro Norte: Flash OMA: Passenger growth accelerates in May

  • Oma’s May total passengers showed a 1,080.4% y/y hike, equivalent to 77.2% of the same month of 2019 above our ~74.0%e
  • The 11.3% m/m increase was mainly due to an easier comparative base, coupled with a more favorable demand performance
  • We confirm our positive outlook for Oma for the year and remain attentive to the evolution of the ongoing takeover bid

Oma released May total passengers at the 13 airports it operates, which showed a 1,080.4% y/y increase, accounting for 77.2% vs. same month of 2019, better than our estimate of around 74.0%. It is worth mentioning that there was an 11.3% m/m increase. This was mainly due to an easier comparative base, coupled with a more favorable demand performance. Domestic traffic grew 962.3% y/y, while international traffic grew 3,099.3% y/y. In total, Monterrey airport —46.3% of total passengers in May— showed an advance of 1,086.0% y/y (reaching 72.6% of what was recorded in May 2019).

Positive implication: Oma's passenger numbers for the month support expectations of a better recovery in demand going forward. Regarding the downgrade of Mexican aviation, the group has the least exposure to the international side, therefore we anticipate no significant impact on traffic. Thus, we confirm our positive outlook for the company for the year and remain attentive to the evolution of the ongoing takeover bid.


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