MEXICO. Grupo Aeroportuario del Pacífico (GAP) has reported a sharp year-on-year increase in third-quarter revenues, primarily driven by significant growth in non-aeronautical services.
GAP, which operates 12 airports throughout Mexico’s Pacific region and is a majority shareholder at Montego Bay Jamaica Sangster International Airport, posted a +38.7% year-on-year rise in Q3 concessions revenues, amounting to Ps2,103.9 million (US$105.3 million).
In its latest financial report, the airport group attributed its robust commercial growth mainly to the consolidation of the cargo and free trade zone business at Guadalajara International Airport starting in July.
Total non-aeronautical revenues at Mexican airports grew Ps573.4 million (US$29 million), or +45.5% year-on-year, with GAP’s directly operated business revenues surging Ps444.5 million (US$22.3 million) or +100.3%.
Revenues from businesses operated by third parties across the company’s Mexican airport network during Q3 also climbed Ps124.5 million (US$6.3 million) or +16.1%, largely due to the opening of commercial spaces and the renegotiation of contract terms.
The best-performing business segments include car rentals, food & beverage, time shares and retail, which collectively surged Ps122.9 million (US$6.2 million) or +23.4%. This growth was partially offset by a decline of Ps6.3 million (US$317,000) in duty-free store sales.
Jamaican airport revenues also rose Ps14.1 million (US$709,000) or +5.6%, mainly due to a -10.9% decline in the Mexican peso’s value against the US dollar. Revenues in US dollars were down US$0.7 million, or -4.9%.
The company also reported an increase in revenues from improvements to concession assets (IFRIC-12), rising Ps436.9 million (US$22 million), or +41.1%, compared to the same period in 2023.
The group’s total revenues for the third quarter rose +11.4% year-on-year, reaching Ps8,232.7 million (US$411.4 million), while EBITDA climbed to Ps4,507.6 million (US$226 million), reflecting a +5.6% increase.
Comprehensive income stood at Ps2,620.6 million (US$131.5 million), marked by a +2.7% rise, while net income slid -16.6% to Ps1,982.83 million (US$99.4 million).
Aeronautical services revenues for the quarter slipped -3.8% to Ps4,627.6 million (US$232.4 million) due to the decrease in passenger numbers across Mexican and Jamaican airports.
During the third quarter total passengers at the company’s 14 airports dropped to 923,200, down -5.7% compared to the same period of the previous year. ✈
