Grupo Aeroportuario del Sureste, S. A. B. de C.

Core Viewpoint - Grupo Aeroportuario del Sureste (ASUR) reported a solid second quarter for 2024, with significant growth in revenues and net income, despite challenges in passenger traffic in Mexico due to external factors like Pratt & Whitney engine issues and reduced capacity at Mexico City Airport [6][12][14]. Operational Performance - Passenger traffic increased by 3% year-on-year to nearly 18 million, marking a record high for the second quarter, with Colombia showing a 21% increase and Puerto Rico a 9% increase, while Mexico experienced a decline of nearly 5% [6][7][8]. - Colombia's traffic growth was driven by the recovery from the suspension of two operators, while Puerto Rico's growth was influenced by normalization following increased operations by Frontier Airlines [7][8]. Financial Performance - Total revenues rose nearly 18% to MXN 7 billion, with Colombia achieving over 30% growth, Mexico delivering high teens growth, and Puerto Rico in the middle single digits [9][12]. - Aeronautical services in Mexico saw high 20s growth, while non-aeronautical revenues increased low single digits [9][10]. - Consolidated EBITDA increased by 18% year-on-year to MXN 5 billion, with an adjusted EBITDA margin remaining stable at 69% [11][12]. Sustainability Initiatives - ASUR is compliant with various ESG reporting requirements and is in the process of calculating scope-3 carbon emissions, with 90% completion as of the end of Q2 [5]. - The company renewed its social project with Pronatura to support local fishing communities and is establishing a strategic alliance with a non-governmental organization to prevent human trafficking [5][6]. Capital Expenditures and Future Outlook - ASUR invested nearly MXN 650 million in CapEx during the quarter, focusing on projects like the expansion of Cancun Airport and Terminal 4 [13]. - The company maintains a healthy financial position with cash and cash equivalents of nearly MXN 15 billion, despite dividend payments totaling MXN 6.3 billion during the quarter [12][13].