Business Context and Reporting Period
Company: Pacific Airport Group (Grupo Aeroportuario del Pacífico, S.A.B. de C.V.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: October 6, 2023
Reporting Period: Preliminary terminal passenger traffic for September 2023 and the nine-month period ended September 30, 2023 (Jan-Sep).
Operations: Operates 12 airports in Mexico's Pacific region and 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 (in thousands)
| Metric | Sep 2022 | Sep 2023 | % Change (Sep) | Jan-Sep 2022 | Jan-Sep 2023 | % Change (YTD) |
|---|---|---|---|---|---|---|
| Total Terminal Passengers | 4,275.5 | 4,542.5 | 6.2% | 41,278.3 | 47,665.6 | 15.5% |
| Domestic Passengers | 2,656.8 | 2,889.7 | 8.8% | 23,487.4 | 27,364.0 | 16.5% |
| International Passengers | 1,618.7 | 1,652.8 | 2.1% | 17,790.9 | 20,301.6 | 14.1% |
Operational Highlights
- Seats Available: Increased 6.5% in September 2023 vs. September 2022.
- Load Factor: Decreased slightly from 78.0% (Sep 2022) to 77.8% (Sep 2023).
- Top Performers (YTD Growth): Guanajuato (27.1%), Mexicali (27.8%), Montego Bay (22.9%), and Morelia (25.6%).
- Declines (YTD): La Paz (-46.0% international), Aguascalientes (-0.3% total), Los Mochis (-7.6% international).
Material Changes vs. Prior Period
- Overall Growth: Total passenger traffic grew 6.2% month-over-month and 15.5% year-to-date, indicating a strong recovery trend across the portfolio.
- Domestic vs. International: Domestic traffic growth (8.8% MoM, 16.5% YTD) outpaced international traffic growth (2.1% MoM, 14.1% YTD) for the period.
- Specific Airport Volatility: While most airports showed growth, Kingston and Puerto Vallarta saw month-over-month declines in total traffic (-3.5% and -5.2% respectively), though Kingston maintained strong YTD growth (18.7%).
- CBX Traffic: Tijuana's Cross Border Xpress (CBX) users decreased 3.5% in September but grew 6.2% year-to-date.
Guidance, Outlook, and Risks
- New Routes: A new route was launched between Guadalajara and Villahermosa operated by Volaris.
- Forward-Looking Statements: The filing includes standard disclaimers that future results depend on economic conditions, industry trends, and operating factors. No specific financial guidance or earnings outlook was provided in this text.
- Risks: General risks include changes in economic and market conditions, industry conditions, and operating factors that could cause actual results to differ from expectations.
Investor Verification Checklist
- Verify the conversion of passenger traffic growth into actual revenue and EBITDA in the upcoming quarterly or annual financial reports.
- Monitor the sustainability of the 15.5% year-to-date growth rate, particularly in high-growth airports like Guanajuato and Mexicali.
- Investigate the cause of the significant year-to-date decline in international traffic at La Paz (-46.0%) and the slight decline at Aguascalientes.
- Assess the impact of the slight decrease in load factors (78.0% to 77.8%) on unit economics.
- Review the performance of the Jamaican operations (Montego Bay and Kingston) as a percentage of total consolidated traffic.