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Grupo Aeroportuario del Pacifico(PAC) - 2024 Q3 - Quarterly Report
2024-10-22 10:26
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of October 2024 Commission File Number: 001-32751 GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V. (PACIFIC AIRPORT GROUP) (Translation of registrant's name into English) México (Jurisdiction of incorporation or organization) Avenida Mariano Otero No. 1249-B Torre Pacifico, Piso 6 Col. Rinconada del Bosque 4 ...
Grupo Aeroportuario del Pacifico Announces Results for the Third Quarter of 2024
GlobeNewswire News Room· 2024-10-22 02:05
Core Viewpoint Grupo Aeroportuario del Pacífico (GAP) reported a mixed performance in its third quarter of 2024, with total revenues increasing by 11.4% year-over-year, driven by a significant rise in non-aeronautical revenues, while aeronautical revenues faced a decline due to reduced passenger traffic. Financial Performance - Total revenues increased by Ps. 839.7 million, or 11.4%, from Ps. 7,392.9 million in 3Q23 to Ps. 8,232.7 million in 3Q24 [1] - Aeronautical services revenues decreased by Ps. 184.7 million, or 3.8%, while non-aeronautical services revenues increased by Ps. 587.5 million, or 38.7% [11][12] - 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 [1][10] - Comprehensive income rose by Ps. 69.1 million, or 2.7%, from Ps. 2,551.4 million in 3Q23 to Ps. 2,620.6 million in 3Q24 [2][21] Passenger Traffic - Total passengers at the Company's 14 airports decreased by 923.2 thousand, or 5.7%, compared to 3Q23 [4][5] - Domestic passenger traffic showed declines across several airports, with Guadalajara down 4.6% and Tijuana down 9.9% [4][7] - International passenger traffic at Guadalajara increased by 11.2%, while Tijuana saw a decrease of 2.4% [6][7] Revenue Breakdown - Non-aeronautical revenues were significantly boosted by the consolidation of cargo and free trade zone businesses, contributing Ps. 354.1 million starting July 2024 [3][12] - Revenues from improvements to concession assets increased by Ps. 436.9 million, or 41.1%, compared to 3Q23 [15][16] Cost Structure - Total operating costs increased by Ps. 769.5 million, or 20.6%, primarily due to higher costs associated with improvements to concession assets and the consolidation of new business lines [17][18] - The cost of services rose by Ps. 251.9 million, or 21.3%, with significant increases in employee costs and maintenance expenses [18][19] Financial Position - As of September 30, 2024, the Company reported cash and cash equivalents of Ps. 15,828.0 million [3] - The Company refinanced credit facilities totaling Ps. 1,000.0 million and USD$40.0 million during 3Q24 [3] Market Context - The decline in aeronautical revenues was attributed to reduced passenger traffic, particularly due to engine reviews affecting airlines like Volaris and VivaAerobus [3][11] - The peso's depreciation against the U.S. dollar contributed to increased revenues from Jamaican airports, despite a decrease in passenger traffic [11][13]
Grupo Aeroportuario Del Pacifico Reports in September 2024 a Passenger Traffic Decrease of 3.9% Compared to 2023
GlobeNewswire News Room· 2024-10-02 22:30
GUADALAJARA, Mexico, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) ("the Company" or "GAP") announces preliminary terminal passenger traffic figures for September 2024, compared with September 2023. For September 2024, the total number of terminal passengers at GAP's 12 Mexican airports decreased by 3.6%, compared to September 2023. Guadalajara airport presented an increase in passenger traffic of 4.1%, while Los Cabos, Tijuana, and Puerto Vallarta ...
Grupo Aeroportuario del Pacifico Announces Credit Line Refinancing for USD$40.0 Million
GlobeNewswire News Room· 2024-09-26 21:24
Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) has successfully refinanced a credit facility of USD 40 million with Citibanamex, extending the maturity by 6 months and establishing a variable interest rate [1] Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as tourist destinations such as Puerto Vallarta and Los Cabos [2] - GAP's shares are listed on both the New York Stock Exchange (ticker: PAC) and the Mexican Stock Exchange (ticker: GAP) [2] - The company acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, and entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica [2]
Grupo Aeroportuario Del Pacífico: Short-Term Struggles, Long-Term Gains - Time To Buy?
Seeking Alpha· 2024-09-09 13:56
I 9 un Feverpitched In September 2023, I covered Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) ("GAP") for the first time with a buy rating. The stock performance has not been what we were looking for as stock prices declined around 5% while the markets returned over 20%. That underperformance is driven by higher concession fees and changes to the passenger fees that caused a steep drop to share prices of Mexican airport operators in October 2023 and most airport stocks have not been able to o ...
Grupo Aeroportuario del Pacifico Reports in August 2024 a Passenger Traffic Decrease of 7.2% Compared to 2023
GlobeNewswire News Room· 2024-09-04 23:14
Core Insights - Grupo Aeroportuario del Pacífico (GAP) reported a 7.4% decrease in total terminal passenger traffic for August 2024 compared to August 2023, with significant declines at major airports [2][5] - Domestic passenger traffic saw a decline of 10.8% in August 2024, while international passenger traffic decreased by 1.5% during the same period [5][4] Domestic Passenger Traffic Summary - Guadalajara airport experienced an 8.6% decrease in domestic passengers, totaling 1,050.5 thousand in August 2024 [3] - Tijuana airport saw a significant drop of 11.5%, with 780.2 thousand passengers [3] - Los Cabos and Puerto Vallarta airports reported decreases of 8.8% and 2.0%, respectively [3] - Guanajuato airport had the largest decline at 19.7%, totaling 187.6 thousand passengers [3] - Total domestic passengers from January to August 2024 decreased by 7.3% compared to the same period in 2023 [3] International Passenger Traffic Summary - Guadalajara airport recorded a 9.6% increase in international passengers, reaching 501.7 thousand in August 2024 [4] - Tijuana airport's international traffic remained relatively stable with a slight decrease of 0.7% [4] - Los Cabos and Puerto Vallarta airports experienced declines of 13.2% and 11.6%, respectively [4] - Total international passengers from January to August 2024 increased by 2.2% compared to the same period in 2023 [4] Overall Passenger Traffic Summary - The total number of terminal passengers across GAP's airports decreased by 10.8% in August 2024, totaling 3,117.7 thousand [5] - Year-to-date total terminal passengers from January to August 2024 decreased by 3.1% compared to the same period in 2023 [5] Operational Highlights - The number of available seats in August 2024 decreased by 10.4% compared to August 2023, while load factors improved from 81.4% to 84.3% [6] - The company operates 12 airports in Mexico's Pacific region, including major cities and tourist destinations [7]
Grupo Aeroportuario del Pacifico Announces Master Development Program and Maximum Tariffs for Its Mexican Airports for the 2025-2029 Period
GlobeNewswire News Room· 2024-08-27 22:26
Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) has completed the ordinary review process for the Master Development Program (MDP) and Maximum Tariffs for its airports in Mexico, approved for the 2025-2029 period by the Ministry of Infrastructure, Communications and Transportation [1] Tariff Summary - The maximum tariffs per workload unit for each airport were established by the Federal Civil Aviation Agency (AFAC) based on traffic projections, operating costs, and capital investments outlined in the MDP [2] - The applicable maximum tariffs per workload unit for the years 2025 to 2029 are as follows: - Guadalajara: 349.44 (2025), 346.65 (2027), 343.87 (2028), 341.12 (2029), 338.39 - Tijuana: 266.45, 264.31, 262.20, 260.10, 258.02 - Los Cabos: 524.20, 520.01, 515.85, 511.72, 507.63 - Puerto Vallarta: 522.06, 517.88, 513.74, 509.63, 505.55 - Guanajuato: 349.61, 346.82, 344.04, 341.29, 338.56 - Mexicali: 252.45, 250.43, 248.43, 246.44, 244.47 - La Paz: 287.13, 284.83, 282.55, 280.29, 278.05 - Morelia: 412.49, 409.19, 405.92, 402.67, 399.45 - Hermosillo: 261.29, 259.20, 257.13, 255.07, 253.03 - Aguascalientes: 270.36, 268.20, 266.05, 263.93, 261.81 - Los Mochis: 296.10, 293.73, 291.38, 289.05, 286.74 - Manzanillo: 357.18, 354.32, 351.49, 348.67, 345.88 [3][4] Investment Commitments - Committed investments according to the approved MDP are expressed in thousands of pesos as of December 31, 2022, and will be updated based on the National Producer Price Index (NPPI) for the construction sector: - Total committed investments for 2025-2029 amount to 43,184,959 thousand pesos, with significant allocations to Guadalajara (18,884,469), Tijuana (7,970,578), and Los Cabos (5,614,145) [5][6]
Grupo Aeroportuario del Pacifico Announces Amendments to the Concession Agreement of Jamaican Airports
GlobeNewswire News Room· 2024-07-26 21:13
Company Overview - Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as tourist destinations such as Puerto Vallarta and Los Cabos [6] - GAP's shares are listed on the New York Stock Exchange under the ticker symbol "PAC" and on the Mexican Stock Exchange under "GAP" [6] - In April 2015, GAP acquired a 100% stake in Desarrollo de Concessioner Aeroportuarias, S.L., which operates Sangster International Airport in Montego Bay, Jamaica [6] Recent Developments - GAP signed amendments to the Concession Agreement with the Airports Authority of Jamaica (AAJ) for Montego Bay and Kingston Airports due to impacts from the COVID-19 pandemic [4] - The concession fee for Kingston Airport has been reduced from 62.01% of Gross Revenues to 53.22%, effective September 11, 2023 [4] - Any excess amounts paid to AAJ will be reimbursed to the Concessionaire once the runway extension project begins, with the benefit recognized retroactively in the 2024 Income Statement [4] Regulatory Compliance - GAP has implemented a "whistleblower" program in accordance with the Sarbanes-Oxley Act of 2002, allowing anonymous reporting of suspected criminal conduct or violations [3]
Grupo Aeroportuario del Pacífico Announces Credit Line Refinancing for Ps. 1.0 Billion
GlobeNewswire News Room· 2024-07-10 23:45
Core Viewpoint - Grupo Aeroportuario del Pacífico (GAP) has successfully refinanced a credit facility of Ps. 1.0 billion with Citibanamex, extending the maturity by 12 months and establishing a variable interest rate structure [1]. Company Overview - Grupo Aeroportuario del Pacífico operates 12 airports in Mexico's Pacific region, including major cities like Guadalajara and Tijuana, as well as tourist destinations such as Puerto Vallarta and Los Cabos [2]. - The company was listed on the New York Stock Exchange in February 2006 and on the Mexican Stock Exchange in the same year [2]. - GAP acquired a majority stake in MBJ Airports Limited, which operates Sangster International Airport in Jamaica, in April 2015, and entered into a concession agreement for the Norman Manley International Airport in Kingston, Jamaica, in October 2018 [2]. Financial Details - The refinanced credit facility will have interest payable monthly at a variable rate of TIIE28 plus 18 basis points, with the principal payment due on July 10, 2025 [1].
Grupo Aeroportuario del Pacífico Announces Payment Date for the First Installment of the Capital Stock Reduction Approved at the Extraordinary Shareholders' Meeting
GlobeNewswire News Room· 2024-07-09 01:01
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico's Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP's shares were listed on the New York Stock Exchange under the ticker symbol "PAC" and on the Mexican Stock Exchange under the ticker ...