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)
Reporting Period: Preliminary terminal passenger traffic figures for December 2024 and the full year 2024 (January–December), compared to the same periods in 2023.
Operations: The company operates 12 airports in Mexico's Pacific region and two international 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 (December 2024 vs. December 2023)
- Total Terminal Passengers: Increased 2.9% to 5,867,100.
- Domestic Passengers: Increased 1.9% to 3,084,700.
- International Passengers: Increased 4.1% to 2,782,300.
- Seats Available: Decreased 3.1%.
- Load Factor: Increased from 80.4% to 85.5%.
Full Year 2024 vs. Full Year 2023
- Total Terminal Passengers: Decreased 2.1% to 62,156,400.
- Domestic Passengers: Decreased 5.3% to 34,443,800.
- International Passengers: Increased 2.3% to 27,712,600.
Material Changes and Airport Performance
December 2024 Performance by Airport
| Airport | Total Traffic Change (Dec) | Key Driver |
|---|---|---|
| Guadalajara | +8.2% | Strong international growth (+14.2%) |
| Tijuana | +2.7% | International growth (+6.7%) offset domestic decline |
| Los Mochis | +31.3% | Significant growth in both domestic and international |
| Manzanillo | +11.2% | International growth (+20.4%) |
| Mexicali | -29.2% | Sharp decline in domestic traffic (-29.3%) |
| Montego Bay | -5.6% | Decline in international traffic |
| Puerto Vallarta | -1.8% | International decline (-6.5%) offset by domestic growth |
Full Year 2024 Notable Trends
- Declines: Mexicali (-35.5%), Guanajuato (-1.6%), and Tijuana (-4.9%) saw significant year-over-year drops in total traffic.
- Growth: Los Mochis (+24.3%), Manzanillo (+21.0%), and La Paz (+8.1%) showed strong annual growth.
- CBX Usage: Tijuana CBX users decreased 5.6% for the full year.
New Routes Launched
The company reported new routes primarily from Guadalajara, including connections to Oakland, Las Vegas, San Antonio, Fresno, Dallas-Fort Worth, Miami, Orlando, and Denver. Other new routes include Manzanillo–Los Angeles and Montego Bay–Lima.
Guidance, Outlook, and Risks
Management Commentary: The filing highlights a recovery in load factors despite a reduction in available seats, suggesting improved operational efficiency or demand concentration. International traffic growth outpaced domestic traffic in December 2024.
Forward-Looking Statements: The document contains standard disclaimers regarding forward-looking statements. Management notes that future results depend on economic conditions, industry trends, and operating factors. There is no guarantee that expected trends will materialize.
Risks and Contingencies: No specific new risks or contingencies were detailed in this filing beyond the standard forward-looking statement warnings. The filing references a whistleblower program for reporting criminal conduct or violations.
Investor Verification Checklist
- Verify the impact of the 3.1% decrease in available seats on future revenue per available seat mile (RASM).
- Investigate the causes of the significant traffic decline at Mexicali (-29.2% in Dec, -35.5% YTD) and Montego Bay (-5.6% in Dec).
- Confirm if the 85.5% load factor in December is sustainable given the reduced seat capacity.
- Review upcoming quarterly financial reports (Form 20-F or 10-Q) for revenue and profit data, as this filing only covers passenger counts.
- Monitor the performance of new international routes from Guadalajara to assess their contribution to the 4.1% international traffic growth.