Equity Analysis /
Mexico

Grupo Aeroportuario del Pacifico: Flash: Stands out in the sector for solid passenger performance

  • Gap showed an increase of 65.6% y/y in March total passengers, representing 110.2% of March 2019 traffic

  • Mexico and Jaimaica’s airports recorded a positive trend, 57.8% and 78.4% respectively vs 2019 figures

  • We shall remain attentive to the 1Q22 report in the following weeks, as well as to any outlook update

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 April 2022
Published by

Gap announced that total passengers in March showed an increase of 65.6% y/y, considering the 14 airports it operates, which represents 110.2% of March 2019 traffic, given good demand dynamism. The domestic segment increased 37.0% y/y, and international segment 120.2% y/y.

The annual increase in total traffic of the 12 airports operating in Mexico was 57.8%, which is equivalent to 111.7% vs. same month of 2019, in line with our ~111.0% expectation. In turn, Montego Bay Airport in Jamaica (MBJ) accounted for 78.4% vs. 2019 figure, while Kingston Airport showed a 27.1% m/m advance. Finally, the group mentioned that during the month three new routes were opened, and that the volume of seats offered increased 48.7% y/y, while the load factor was placed at 77.4% vs. 65.9% in March 2021.

Neutral implication: Gap's passenger figures reflected a positive traffic trend in both Mexico and Jamaica, reaffirming the expectation of continuous forward growth. In the meantime, it will be relevant to know any updates in perspectives that could be communicated in the 1Q22 report that will be released in the following weeks.