GUADALAJARA, Mexico, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) ("the Company” or "GAP”) reports its consolidated results for the third quarter ended September 30, 2024 (3Q24). Figures are unaudited and prepared following International Financial Reporting Standards ("IFRS”) as issued by the International Accounting Standards Board ("IASB”).
Summary of Results 3Q24 vs. 3Q23
- The sum of aeronautical and non-aeronautical services revenues increased by Ps. 402.8 million, or 6.4%. Total revenues increased by Ps. 839.7 million, or 11.4%.
- Cost of services increased by Ps. 251.9 million, or 21.3%.
- Income from operations increased by Ps. 70.2 million, or 1.9%.
- EBITDA increased by Ps. 237.8 million, or 5.6%, from Ps. 4,629.9 million in 3Q23 to Ps. 4,507.6 million in 3Q24. EBITDA margin (excluding the effects of IFRIC-12) went from 67.5% in 3Q23 to 67.0% in 3Q24.
- Comprehensive income increased by Ps. 69.1 million, or 2.7%, from Ps. 2,551.4 million in 3Q23 to Ps. 2,620.6 million in 3Q24.
During 3Q24, there was a decrease in the Company's aeronautical revenues compared to 3Q23, mainly due to the decline in passenger traffic, as a result of preventive reviews of Pratt & Whitney A320neo and A321neo engines, which affected the fleet operated by Volaris and VivaAerobus and that started in the third quarter of 2023 reaching its highest volume in the 3Q24. This decrease was offset by an increase in non-aeronautical revenues of 38.7%, generated mainly by the consolidation of the cargo and free trade zone business at the Guadalajara airport starting in July 2024. The Company reports a financial position of cash and cash equivalents as of September 30, 2024, of Ps. 15,828.0 million. During 3Q24, the Company refinanced the credit facilities with Citibanamex for Ps. 1,000.0 million and for USD$40.0 million, additionally, on September 5, 2024, the Company issued long-term bond certificates for an amount of Ps. 5,648.1 million, for capital investments and debt refinancing.
Passenger Traffic
During 3Q24, total passengers at the Company's 14 airports decreased by 923.2 thousand passengers, a decrease of 5.7%, compared to 3Q23.
During 3Q23, the following new routes were opened:
Domestic:
| Airline | Departure | Arrival | Opening date | Frequencies |
| Aeromexico | Guadalajara | Tijuana | July 1, 2024 | 1 daily |
International:
| Airline | Departure | Arrival | Opening date | Frequencies |
| Hainan | Tijuana | Beijing | July 12, 2024 | 2 weekly |
| Flair | Guadalajara | Toronto | September 13, 2024 | 2 weekly |
Domestic Terminal Passengers - 14 airports (in thousands):
| Airport | 3Q23 | 3Q24 | Change | 9M23 | 9M24 | Change |
| Guadalajara | 3,261.8 | 3,113.0 | (4.6%) | 9,395.0 | 8,779.4 | (6.6%) |
| Tijuana * | 2,448.3 | 2,204.9 | (9.9%) | 6,751.6 | 6,288.3 | (6.9%) |
| Los Cabos | 832.5 | 791.4 | (4.9%) | 2,244.2 | 2,119.7 | (5.5%) |
| Puerto Vallarta | 799.5 | 804.2 | 0.6% | 2,197.1 | 2,121.6 | (3.4%) |
| Montego Bay | 0.0 | 0.0 | 0.0% | 0.0 | 0.0 | 0.0% |
| Guanajuato | 662.9 | 547.0 | (17.5%) | 1,729.5 | 1,545.3 | (10.7%) |
| Hermosillo | 556.8 | 524.2 | (5.9%) | 1,552.4 | 1,512.7 | (2.6%) |
| Kingston | 0.7 | 1.3 | 69.8% | 1.3 | 2.4 | 80.5% |
| Mexicali | 447.6 | 250.5 | (44.0%) | 1,174.8 | 765.1 | (34.9%) |
| Morelia | 221.1 | 165.0 | (25.3%) | 609.1 | 464.5 | (23.7%) |
| La Paz | 303.6 | 320.5 | 5.6% | 814.2 | 879.9 | 8.1% |
| Aguascalientes | 171.6 | 158.5 | (7.6%) | 478.6 | 467.0 | (2.4%) |
| Los Mochis | 123.1 | 144.0 | 16.9% | 336.2 | 412.0 | 22.5% |
| Manzanillo | 27.3 | 28.1 | 3.1% | 80.1 | 94.4 | 17.8% |
| Total | 9,856.8 | 9,052.5 | (8.2%) | 27,364.0 | 25,452.3 | (7.0%) |
International Terminal Passengers - 14 airports (in thousands):
| Airport | 3Q23 | 3Q24 | Change | 9M23 | 9M24 | Change |
| Guadalajara | 1,342.2 | 1,493.1 | 11.2% | 3,848.9 | 4,353.1 | 13.1% |
| Tijuana * | 1,093.9 | 1,067.9 | (2.4%) | 3,254.5 | 3,001.9 | (7.8%) |
| Los Cabos | 999.4 | 881.2 | (11.8%) | 3,603.1 | 3,489.0 | (3.2%) |
| Puerto Vallarta | 599.0 | 529.0 | (11.7%) | 2,863.8 | 2,970.5 | 3.7% |
| Montego Bay | 1,306.4 | 1,154.9 | (11.6%) | 3,963.2 | 3,897.2 | (1.7%) |
| Guanajuato | 227.4 | 284.2 | 25.0% | 645.5 | 773.5 | 19.8% |
| Hermosillo | 18.3 | 19.0 | 3.9% | 55.0 | 62.6 | 13.8% |
| Kingston | 509.4 | 514.3 | 1.0% | 1,338.9 | 1,324.9 | (1.0%) |
| Mexicali | 1.8 | 1.8 | 0.1% | 5.3 | 5.6 | 4.8% |
| Morelia | 149.2 | 169.9 | 13.9% | 444.0 | 483.9 | 9.0% |
| La Paz | 2.6 | 2.6 | (2.4%) | 10.3 | 8.7 | (15.9%) |
| Aguascalientes | 81.5 | 90.9 | 11.5% | 214.3 | 242.1 | 13.0% |
| Los Mochis | 1.9 | 2.1 | 13.9% | 5.4 | 6.1 | 14.3% |
| Manzanillo | 6.5 | 9.6 | 47.7% | 49.1 | 65.7 | 33.7% |
| Total | 6,339.5 | 6,220.3 | (1.9%) | 20,301.6 | 20,684.7 | 1.9% |
Total Terminal Passengers - 14 airports (in thousands):
| Airport | 3Q23 | 3Q24 | Change | 9M23 | 9M24 | Change |
| Guadalajara | 4,604.0 | 4,606.0 | 0.0% | 13,243.9 | 13,132.5 | (0.8%) |
| Tijuana * | 3,542.2 | 3,272.7 | (7.6%) | 10,006.1 | 9,290.2 | (7.2%) |
| Los Cabos | 1,831.9 | 1,672.6 | (8.7%) | 5,847.3 | 5,608.7 | (4.1%) |
| Puerto Vallarta | 1,398.5 | 1,333.2 | (4.7%) | 5,060.9 | 5,092.1 | 0.6% |
| Montego Bay | 1,306.4 | 1,154.9 | (11.6%) | 3,963.2 | 3,897.2 | (1.7%) |
| Guanajuato | 890.2 | 831.2 | (6.6%) | 2,375.0 | 2,318.7 | (2.4%) |
| Hermosillo | 575.2 | 543.3 | (5.5%) | 1,607.5 | 1,575.3 | (2.0%) |
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