Equity Analysis /
Mexico

Grupo Aeroportuario del Pacifico: Flash: Passengers continue to grow, but at a more moderate pace

  • In May, GAP showed a total passengers increase of 23.2% y/y due to favorable demand performance (115.3% vs 2019)

  • Montego Bay Airport almost reached pre-pandemic levels, offsetting a more moderate-than-expected dynamism in Mexico

  • Positive trend demand will continue for the upcoming months, which should be reflected in solid growth in results

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

Banorte
6 June 2022
Published by

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.