Business Context and Reporting Period
This Form 6-K filing by Pacific Airport Group (GAP) covers preliminary terminal passenger traffic figures for September 2021. The company operates 12 airports in Mexico's Pacific region and two international airports in Jamaica (Montego Bay and Kingston). The report compares September 2021 and year-to-date (January–September) 2021 performance against 2019 (pre-pandemic baseline) and 2020 (pandemic baseline).
Key Financial and Operational Metrics
Passenger Traffic (September 2021):
- Total Terminal Passengers: 3.40 million (1.2% increase vs. September 2019; 64.1% increase vs. September 2020).
- Domestic Passengers: 2.15 million (2.7% decrease vs. September 2019; 46.9% increase vs. September 2020).
- International Passengers: 1.25 million (8.6% increase vs. September 2019; 105.4% increase vs. September 2020).
Year-to-Date (Jan–Sep 2021) Performance:
- Total Terminal Passengers: 30.18 million (16.1% decrease vs. 2019; 57.9% increase vs. 2020).
- Domestic Passengers: 18.36 million (11.1% decrease vs. 2019; 61.0% increase vs. 2020).
- International Passengers: 11.81 million (22.8% decrease vs. 2019; 53.4% increase vs. 2020).
Operational Efficiency:
- Seats Available: Increased 38.2% in September 2021 compared to September 2020.
- Load Factors: Improved from 62.0% in September 2020 to 73.7% in September 2021.
Financial Data: The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes vs. Prior Periods
Recovery Trends: Total passenger traffic in September 2021 surpassed 2019 levels by 1.2%, marking a significant recovery milestone. International traffic showed stronger momentum, exceeding 2019 levels by 8.6% for the month, while domestic traffic remained 2.7% below 2019 levels.
Key Airport Performance (Sep 2021 vs. Sep 2019):
- Los Cabos: +30.3% (Total), +39.6% (International).
- Tijuana: +11.9% (Total), -4.1% (International).
- Puerto Vallarta: +7.5% (Total), +20.3% (International).
- Guadalajara: -10.1% (Total), -0.1% (International).
- Montego Bay: -25.7% (Total), -25.4% (International).
Year-to-Date Divergence: While September monthly figures showed recovery, year-to-date totals remain significantly below 2019 levels (-16.1% total), reflecting the severe impact of the pandemic in the first half of 2021.
Outlook, Risks, and Unusual Items
Travel Restrictions: The filing notes ongoing international travel constraints. The United States requires negative COVID-19 tests for entry. Canada reopened non-essential flights on September 7, 2021, requiring full vaccination and negative PCR tests.
New Routes: New routes were launched in September 2021, including La Paz–Puerto Vallarta, La Paz–Culiacán, Hermosillo–Puerto Vallarta, and Hermosillo–Monterrey, all operated by TAR.
Forward-Looking Statements: The company includes standard disclaimers that future results depend on economic conditions, industry trends, and operating factors. There is no guarantee that expected trends will materialize.
Unusual Items: Kingston airport data for 2019 is not comparable as GAP took control in October 2019. Montego Bay domestic traffic dropped to zero in September 2021 compared to 2019.
Investor Verification Checklist
- Verify the correlation between the 1.2% passenger increase vs. 2019 and actual revenue recovery, as revenue per passenger may differ from pre-pandemic levels.
- Confirm the impact of the 73.7% load factor on operating margins and cost efficiency.
- Monitor the sustainability of international traffic growth given the strict entry requirements for the US and Canada.
- Review the specific financial impact of the Montego Bay airport's continued underperformance (-51.4% YTD vs. 2019).
- Assess the timeline for full recovery of domestic traffic, which remains 11.1% below 2019 levels year-to-date.