Business Context and Reporting Period
Company: Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (Pacific Airport Group)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 4, 2022
Reporting Period: Preliminary terminal passenger traffic figures for April 2022 and the first four months (January–April) of 2022.
Operations: The company operates 12 airports in Mexico's Pacific region and holds stakes in two airports in Jamaica (Montego Bay and Kingston).
Key Financial and Operational Metrics
Note: This filing contains operational traffic data only. No revenue, profit, cash flow, margin, debt, or liquidity figures are provided in this document.
Passenger Traffic Highlights (April 2022)
- Total Terminal Passengers: 4.75 million (15.3% increase vs. April 2019; 43.1% increase vs. April 2021).
- Domestic Traffic: 2.66 million (13.9% increase vs. April 2019; 25.8% increase vs. April 2021).
- International Traffic: 2.09 million (17.2% increase vs. April 2019; 73.6% increase vs. April 2021).
- Seats Available: Increased 33.3% compared to April 2021.
- Load Factor: Improved from 71.6% in April 2021 to 81.4% in April 2022.
Top Performing Airports (April 2022 vs. April 2019)
- Tijuana: +35.3% total traffic.
- Puerto Vallarta: +24.1% total traffic.
- Los Cabos: +23.8% total traffic.
- Guadalajara: +2.5% total traffic.
Material Changes vs. Prior Periods
Recovery vs. 2019 (Pre-Pandemic Baseline): Total traffic for April 2022 exceeded 2019 levels by 15.3%. However, year-to-date (Jan-Apr) total traffic remains 8.3% below 2019 levels.
Growth vs. 2021: Significant recovery observed with a 43.1% increase in total traffic for April 2022 compared to the same month in 2021. Year-to-date traffic increased 61.6% compared to Jan-Apr 2021.
Notable Variations:
- Montego Bay: Total traffic decreased 5.5% vs. 2019 and 24.6% vs. 2021 (Jan-Apr).
- Kingston: Traffic increased significantly vs. 2021 (157.7% for April), though 2019 comparisons are limited due to the October 2019 acquisition date.
- Manzanillo: Total traffic decreased 13.1% vs. 2019.
Outlook, Commentary, and Risks
Management Commentary: The company highlights a strong recovery in passenger traffic, particularly in international segments and key tourist destinations like Puerto Vallarta and Los Cabos. Load factors have improved significantly, indicating higher aircraft utilization.
New Routes: Volaris initiated a new route between Morelia and Cancun.
Risks and Forward-Looking Statements: The filing includes standard disclaimers that future results may differ materially from expectations due to economic conditions, industry trends, and operating factors. No specific guidance on future financial performance is provided in this text.
Investor Verification Checklist
- Verify the conversion of passenger traffic growth into actual revenue and EBITDA in the next quarterly or annual financial report.
- Monitor the performance of Montego Bay and Manzanillo airports, which showed declines compared to 2019 levels.
- Confirm the sustainability of the 81.4% load factor as a leading indicator for future profitability.
- Review upcoming filings for capital expenditure plans related to the expansion of capacity at high-growth airports like Tijuana and Puerto Vallarta.