Business Context and Reporting Period
This Form 6-K filing by Pacific Airport Group (GAP) covers preliminary terminal passenger traffic figures for December 2021, with comparative data for the full year 2021 versus 2019 and 2020. GAP operates 12 airports in Mexico's Pacific region and two international airports in Jamaica (Montego Bay and Kingston). The report was issued on January 4, 2022.
Key Financial and Operational Metrics
The filing focuses exclusively on operational passenger traffic volumes; it does not provide revenue, profit, cash flow, margins, debt, or liquidity figures.
- Total Terminal Passengers (Dec 2021): 4.70 million (down 0.2% vs. Dec 2019; up 58.8% vs. Dec 2020).
- Total Terminal Passengers (Full Year 2021): 42.94 million (down 11.8% vs. 2019; up 57.1% vs. 2020).
- Load Factor (Dec 2021): 76.4% (up from 67.5% in Dec 2020).
- Available Seats (Dec 2021): Increased 23.9% compared to December 2020.
Material Changes vs. Prior Periods
Performance varied significantly by airport and region when comparing December 2021 to December 2019:
- Outperformers (vs. 2019): Tijuana (+18.9%), Los Cabos (+11.2%), and Puerto Vallarta (+3.2%) saw year-over-year growth in total traffic.
- Underperformers (vs. 2019): Guadalajara (-4.7%), Montego Bay (-24.1%), and Kingston (-37.6%) recorded declines.
- International vs. Domestic: Domestic traffic for the full year 2021 was down 7.5% vs. 2019, while international traffic was down 17.7% vs. 2019.
- Recovery Trend: Compared to the pandemic lows of 2020, all major airports showed significant recovery, with total traffic up 58.8% for the month and 57.1% for the year.
Outlook, Risks, and Unusual Items
Management Commentary and Risks: Management explicitly stated uncertainty regarding the impact of the new "Omicron" variant of the COVID-19 virus on national and international travel restrictions and subsequent passenger volumes.
New Routes (December 2021): Several new routes were launched, including Guadalajara-Madrid (Aeromexico), Puerto Vallarta-Victoria (Swoop), Los Cabos-Toronto (Swoop), Kingston-Toronto (Swoop), and Montego Bay-Newark (Frontier).
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.
Investor Verification Checklist
- Verify the specific impact of the Omicron variant on Q4 2021 and Q1 2022 traffic in upcoming earnings reports.
- Confirm the financial impact of the 11.8% full-year 2021 traffic decline versus 2019 on revenue and EBITDA.
- Monitor the performance of the Kingston and Montego Bay airports, which showed significant declines vs. 2019 levels.
- Review the utilization of new routes announced in December 2021 to assess future growth drivers.