Gap announced that, total passengers in May showed an increase of 23.2% y/y, considering the 14 airports it operates, representing 115.3% of May 2019 traffic figures, due to favorable demand performance. Thus, domestic passengers increased 19.3% y/y, while international passengers rose 29.2% y/y.
The annual increase in total traffic of the 12 airports operating in Mexico was 19.2%, which is equivalent to 113.7% vs. same month of 2019, slightly below our ⁓118.0% expectation. In turn, Montego Bay Airport in Jamaica (MBJ) practically reached pre-pandemic figures, representing 99.9% vs. 2019 figure, while Kingston Airport showed a 0.6% m/m moderate retreat. Finally, the group mentioned that during the month four routes were opened and the volume of seats offered increased 24.3% y/y, while the load factor was placed at 81.9% vs. 77.1% in May 2021.
Neutral implication: The demand continued to show a solid performance, highlighting Montego Bay Airport, which partially offset a more moderate-than-expected dynamism in Mexico. However, we believe that passenger’s performance for the coming months will continue with a positive trend, which should be reflected in solid growth in results this year.
