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.