From GlobeNewswire: 2025-02-24 22:01:00

In the fourth quarter of 2024, Grupo Aeroportuario del Pacífico (GAP) reported a 16.4% increase in aeronautical and non-aeronautical services revenues, totaling Ps. 1,002.2 million. Total revenues rose by 5.4%, while income from operations increased by 11.0%. EBITDA also saw a significant increase of 14.9%, reaching Ps. 4,757.0 million.

The company’s financial position in 4Q24 improved due to increased aeronautical revenues from recovering passenger traffic and the resumption of aircraft operations by Volaris and Viva. Non-aeronautical revenues surged by 32.7% with the consolidation of cargo and free trade zone business at Guadalajara Airport. As of December 31, 2024, GAP reported a cash position of Ps. 13,466.0 million and refinanced its credit line with Santander. In the fourth quarter of 2024, total passengers at the company’s 14 airports increased by 223.4 thousand, a 1.4% rise from the previous year. New domestic and international routes were opened, boosting passenger traffic. Revenues from aeronautical and non-aeronautical services increased, while improvements to concession assets saw a decline.

Aeronautical services revenues rose by 10.5%, non-aeronautical services revenues increased by 32.7%, and revenues from improvements to concession assets decreased by 16.7% in the fourth quarter of 2024 compared to the same period in 2023. Total revenues increased by 5.4% overall, driven by growth in passenger traffic at Mexican and Jamaican airports.

Passenger traffic at the Mexican airports contributed to a 9.2% increase in aeronautical services revenues, while Jamaican airports saw an 18.9% growth in the fourth quarter of 2024 compared to the previous year. Non-aeronautical services revenues at Mexican airports surged by 37.1%, with revenues from businesses operated directly by the company showing significant growth.

In the fourth quarter of 2024, the company reported a 14.9% increase in EBITDA and a 16.2% rise in comprehensive income compared to the same period in 2023. The operating income margin increased to 39.8%, while the EBITDA margin reached 49.4%. Despite a decrease in net income, the company’s financial performance showed positive growth. In 4Q24, total non-aeronautical revenues for the company increased by 32.7% compared to the previous year. The fastest-growing business lines included food and beverage, car rentals, retail, and duty-free stores, which collectively increased by 9.1%. Revenues from Jamaican airports increased by 8.8%, driven by currency exchange rates.

Revenues from improvements to concession assets decreased by 16.7% compared to 4Q23. Operating costs increased by 2.1%, mainly due to increased service costs and depreciation. Operating costs at Mexican airports decreased by 3.2%, offset by an increase in costs at Jamaican airports by 31.8%. Employee costs and maintenance expenses were key factors in the rise.

The cost of services at Mexican airports increased by 29.0% in 4Q24, driven by the consolidation of cargo and free trade zone business. Employee costs rose by 34.9%, maintenance expenses by 19.5%, and safety, security, and insurance by 19.9%. Operating costs at Jamaican airports increased by 31.8%, mainly due to higher costs of improvements to concession assets and services. In the fourth quarter of 2024, operating income margin increased to 39.8%, with a rise of 11.0% in income from operations. EBITDA margin also improved to 49.4%, with a nominal value increase of 14.9%. Financial results saw a net expense decrease of 5.0%, mainly due to foreign exchange rate fluctuations and interest expenses.

Net and comprehensive income in 4Q24 rose by 16.2%, with a significant increase in income before income taxes. However, net income decreased by 3.9%, as taxes for the period increased. The currency translation effect played a major role in the financial results, contributing to both gains and losses.

For the full year of 2024, aeronautical services revenues dropped by 0.8%, while non-aeronautical services revenues increased by 24.4%. Revenues from improvements to concession assets decreased by 12.3%. The total revenues for the year saw an increase of 1.2%.

Revenues from Mexican airports saw a decrease of 2.1%, mainly due to a drop in passenger traffic. Jamaican airport revenues, on the other hand, increased by 6.8% mostly because of the rise in revenues in U.S. dollars and the depreciation of the peso against the dollar. In 2024, passenger traffic at Mexican airports decreased by 1.8%, while non-aeronautical service revenues increased by 24.4%. Revenue from businesses operated directly by the company grew by 60.3%, driven by cargo and free trade zone business consolidation. Jamaican airport revenues increased by 3.0%, mainly due to the depreciation of the peso against the dollar.

Revenue from improvements to concession assets decreased by 12.3% in 2024, with Mexican airports seeing a 17.8% decline and Jamaican airports experiencing a 153.6% increase. Total operating costs increased by 2.6%, mainly due to higher service costs and depreciation. Mexican airport operating costs decreased slightly, while Jamaican airport costs increased by 17.5%. In 2024, operating margin decreased to 44.8%, while EBITDA margin increased to 53.9%. Financial costs rose by Ps. 557.9 million due to exchange rate fluctuations and interest expense increase. Net comprehensive income grew by Ps. 1,242.9 million, but net income decreased by Ps. 814.2 million compared to 2023.

Total assets as of December 31, 2024, increased by Ps. 14,208.2 million, driven by improvements to concession assets and cash equivalents. Liabilities also rose by Ps. 10,531.1 million due to long-term bond certificates and bank loans. The company projects growth in traffic, aeronautical and non-aeronautical revenues, EBITDA, and total revenues for 2025.



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