Corporación América Airports S.A. Reports November 2023 Passenger Traffic
Corporación América Airports S.A. (NYSE: CAAP) reported a 14.5% YoY increase in passenger traffic in November 2023, reaching pre-pandemic levels. Total passenger traffic, cargo volume, and aircraft movements all showed significant growth compared to the previous year.
Positive
Passenger traffic increased by 14.5% YoY, reaching pre-pandemic levels, with all countries except Brazil and Italy above November 2019 levels.
International passenger traffic surpassed pre-pandemic levels of November 2019 by 7.5%, while domestic traffic stood at 98.2% of November 2019 levels.
Cargo volume increased by 10.7% YoY and reached 82.1% of November 2019 levels, or 83.1% when adjusting for the discontinuation of operations in Peru.
Aircraft movements remained largely stable YoY, reaching 93.5% of November 2019 levels, or 97.0% when adjusting for the discontinuation of operations in Peru.
The reported 14.5% year-on-year increase in passenger traffic for Corporación América Airports S.A. signifies a robust recovery trend, aligning with pre-pandemic levels. This is a positive signal for investors, as traffic volume is a direct indicator of revenue potential for airport operators. The growth in both domestic and international passenger numbers, particularly the 22.7% increase in Argentina, suggests a rebound in consumer confidence and travel demand post-COVID-19.
However, the mixed performance with Brazil and Italy not reaching November 2019 levels indicates regional disparities, potentially influenced by local economic conditions and labor strikes. The underperformance in cargo volume, at 17.9% below November 2019 levels, could reflect broader economic headwinds or shifts in trade patterns, which merit monitoring for future revenue implications.
Long-term, sustained growth in passenger and cargo traffic is crucial for CAAP's financial health. Investors should consider the company's ability to capitalize on the recovery trend and manage regional challenges. The data suggests a positive outlook, but with caution advised for markets with slower recovery.
The aviation industry is witnessing an uneven recovery from the pandemic, as evidenced by CAAP's performance. The resurgence in passenger numbers, especially in Argentina, Ecuador and Armenia, is commendable and may indicate strategic route and frequency optimizations. However, the underperformance in Brazil and Italy could be symptomatic of broader challenges, such as financial constraints in local airlines or labor disputes.
For stakeholders, the key takeaway is the correlation between passenger traffic recovery and economic stability. The disparity in recovery rates across different countries can inform investment strategies and risk assessment. The data points to a potential competitive advantage for CAAP in markets where it outperforms, but also flags areas requiring strategic attention.
CAAP's traffic report serves as an economic barometer, reflecting not just the company's performance but also the economic vitality of the regions it operates in. The return to pre-pandemic levels is a microcosm of broader economic recovery, indicating increased consumer spending and mobility. The 25.1% year-to-date increase in overall passenger traffic implies a strong rebound in travel demand, which is a positive sign for the service and tourism sectors.
Conversely, the decline in cargo volume compared to 2019 levels could signal a softening in trade activity, which might be a concern for economies reliant on goods movement. The data provides a nuanced picture of post-pandemic recovery, suggesting that while consumer confidence in travel returns, the trade sector may still be facing headwinds.
12/19/2023 - 08:31 AM
Total passenger traffic up 14.5% YoY, reaching pre-pandemic levels
All countries except Brazil and Italy above November 2019 levels
LUXEMBOURG--(BUSINESS WIRE)--
Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”), one of the leading private airport operators in the world, reported today a 14.5% year-on-year (YoY) increase in passenger traffic in November 2023, in line with November 2019 levels.
2-Year Passenger Traffic Monthly Performance (vs. 2019) (Graphic: Business Wire)
Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2023 vs. 2022)
Statistics
Nov'23
Nov'22
% Var.
YTD’23
YTD'22
% Var.
Domestic Passengers (thousands)
3,927
3,375
16.3
%
41,826
34,310
21.9
%
International Passengers (thousands)
2,209
1,861
18.7
%
26,068
19,358
34.7
%
Transit Passengers (thousands)
626
672
-6.8
%
6,506
5,793
12.3
%
Total Passengers (thousands)
6,761
5,907
14.5
%
74,400
59,461
25.1
%
Cargo Volume (thousand tons)
32.5
29.3
10.7
%
334.1
310.6
7.6
%
Total Aircraft Movements (thousands)
64.1
64.0
0.1
%
778.0
669.4
16.2
%
Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2023 vs. 2019)
Statistics
Nov'23
Nov'19
% Var.
YTD’23
YTD'19(1)(2)
% Var.
Domestic Passengers (thousands)
3,927
3,998
-1.8
%
41,826
43,496
-3.8
%
International Passengers (thousands)
2,209
2,055
7.5
%
26,068
26,023
0.2
%
Transit Passengers (thousands)
626
709
-11.7
%
6,506
7,624
-14.7
%
Total Passengers (thousands)
6,761
6,762
0.0
%
74,400
77,143
-3.6
%
Cargo Volume (thousand tons)
32.5
39.5
-17.9
%
334.1
388.4
-14.0
%
Total Aircraft Movements (thousands)
64.1
68.5
-6.5
%
778.0
786.4
-1.1
%
(1)
Note that preliminary passenger traffic figures for 2019, as well as January 2020 for Ezeiza Airport, in Argentina , were adjusted to include additional inbound passengers not accounted for in the initial count, for an average of approximately 5% of total passenger traffic at Ezeiza Airport and 1% of total traffic at CAAP, during that period. Importantly, inbound traffic does not affect revenues, as tariffs are applicable on departure passengers.
(2)
Cargo volumes in Uruguay were rectified from January 2019 to June 2020, to reflect all cargo passing through the cargo terminal, instead of air cargo only.
Passenger Traffic Overview
Total passenger traffic grew 14.5% compared to the same month of 2022, supported by the ongoing recovery in travel demand after the Covid-19 pandemic and the gradual resumption of routes and frequencies across all countries of operations. Overall passenger traffic reached November 2019 levels, with all countries except Brazil and Italy above pre-pandemic. International passenger traffic surpassed pre-pandemic levels of November 2019 by 7.5% , while domestic traffic stood at 98.2% of November 2019 levels.
In Argentina , total passenger traffic continued to recover in November, increasing by 22.7% year-over-year (YoY) and surpassing pre-pandemic volumes by 12.6% . Domestic traffic was 17.9% higher than the levels in November 2019, while International traffic continued to recover and surpassed pre-pandemic levels for the first time, by 1.8% .
In Italy , passenger traffic grew by 12.2% compared to the same month in 2022, reaching 92.7% of November 2019 levels, down from the 106.4% recorded in October. International passenger traffic, which accounted for almost 80% of the total traffic, was 1.3% below November 2019 levels, while domestic passenger traffic was 22.9% below pre-pandemic levels. Although total traffic is still below pre-pandemic levels, Florence airport exceeded November 2019 traffic volumes. Traffic in Italy during November was affected by a strike carried out by unionized airport workers on November 24th .
In Brazil , total passenger traffic decreased by 1.2% YoY, reaching 85.2% of November 2019 levels, slightly up from the 84.5% recorded in October. Domestic traffic, which accounted for over 60% of the total traffic, reached 85.3% of pre-pandemic levels, while transit passengers stood at 85.4% of November 2019 levels, an increase from the 79.9% recorded in October. Traffic in Brazil remained impacted by financial and aircraft constraints in some local airlines.
In Uruguay , total passenger traffic, which is largely international, continued to recover and increased 18.8% YoY, surpassing pre-pandemic levels for the second consecutive month, at 104.4% of November 2019 levels.
In Ecuador , passenger traffic increased 8.1% YoY and surpassed pre-pandemic volumes by 4.7% . Both domestic and international passenger traffic exceeded pre-pandemic levels by 2.0% and 7.3% , respectively.
In Armenia , passenger traffic continued its solid recovery trend, increasing by 10.9% YoY and surpassing the pre-pandemic levels of November 2019 by 56.5% .
Cargo Volume and Aircraft Movements
Cargo volume increased 10.7% YoY and reached 82.1% of November 2019 levels, or 83.1% when adjusting for the discontinuation of operations in Peru . Cargo volumes in Armenia , Ecuador and Italy were above pre-pandemic levels, whereas Uruguay stood at 97.5% , Brazil at 77.1% , and Argentina at 75.6% . Around 70% of cargo volume originated in Argentina , Ecuador and Uruguay .
Aircraft movements remained largely stable YoY, reaching 93.5% of November 2019 levels, or 97.0% when adjusting for the discontinuation of operations in Peru . Aircraft movements were above pre-pandemic levels in Armenia and Uruguay , while it stood at 97.4% in Argentina , 95.7% in Italy , 91.6% in Brazil , and 89.8% in Ecuador .
Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2023 vs. 2022)
Nov'23
Nov'22
% Var.
YTD'23
YTD'22
% Var.
Passenger Traffic (thousands)
Argentina (1)
3,923
3,197
22.7
%
39,850
30,446
30.9
%
Italy
480
428
12.2
%
7,671
6,255
22.6
%
Brazil
1,429
1,446
-1.2
%
15,614
14,264
9.5
%
Uruguay
169
142
18.8
%
1,766
1,287
37.2
%
Ecuador
391
361
8.1
%
4,458
3,869
15.2
%
Armenia
369
333
10.9
%
5,041
3,340
50.9
%
TOTAL
6,761
5,907
14.5
%
74,400
59,461
25.1
%
(1) See Footnote 1 in previous table. (2) See Footnote 2 in previous table.
Cargo Volume (tons)
Argentina
16,905
15,032
12.5
%
172,970
165,470
4.5
%
Italy
1,231
1,307
-5.8
%
11,880
13,655
-13.0
%
Brazil
5,826
4,860
19.9
%
60,193
51,371
17.2
%
Uruguay (2)
2,792
2,783
0.3
%
28,459
29,553
-3.7
%
Ecuador
3,139
2,440
28.7
%
30,245
30,618
-1.2
%
Armenia
2,558
2,893
-11.6
%
30,398
19,944
52.4
%
TOTAL
32,451
29,315
10.7
%
334,145
310,611
7.6
%
Aircraft Movements
Argentina
34,788
35,020
-0.7
%
418,382
347,424
20.4
%
Italy
4,887
4,348
12.4
%
73,133
64,535
13.3
%
Brazil
12,732
12,823
-0.7
%
145,151
130,903
10.9
%
Uruguay
2,594
2,439
6.4
%
28,374
24,444
16.1
%
Ecuador
6,165
6,291
-2.0
%
71,983
70,300
2.4
%
Armenia
2,905
3,056
-4.9
%
40,971
31,811
28.8
%
TOTAL
64,071
63,977
0.1
%
777,994
669,417
16.2
%
Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2023 vs. 2019)
Nov'23
Nov'19
% Var.
YTD'23
YTD'19
% Var.
Passenger Traffic (thousands)
Argentina (1)
3,923
3,485
12.6
%
39,850
39,791
0.1
%
Italy
480
518
-7.3
%
7,671
7,722
-0.7
%
Brazil
1,429
1,676
-14.8
%
15,614
17,298
-9.7
%
Uruguay
169
162
4.4
%
1,766
1,993
-11.4
%
Ecuador
391
373
4.7
%
4,458
4,117
8.3
%
Armenia
369
236
56.5
%
5,041
2,958
70.4
%
Peru
312
-
-
3,263
-
TOTAL
6,761
6,762
0.0
%
74,400
77,143
-3.6
%
(1) See Footnote 1 in previous table. (2) See Footnote 2 in previous table.
Cargo Volume (tons)
Argentina
16,905
22,370
-24.4
%
172,970
208,958
-17.2
%
Italy
1,231
1,212
1.6
%
11,880
12,035
-1.3
%
Brazil
5,826
7,559
-22.9
%
60,193
83,061
-27.5
%
Uruguay (2)
2,792
2,865
-2.5
%
28,459
26,550
7.2
%
Ecuador
3,139
2,896
8.4
%
30,245
34,963
-13.5
%
Armenia
2,558
2,168
18.0
%
30,398
18,159
67.4
%
Peru
-
438
-
-
4,655
-
TOTAL
32,451
39,508
-17.9
%
334,145
388,381
-14.0
%
Aircraft Movements
Argentina
34,788
35,726
-2.6
%
418,382
410,372
2.0
%
Italy
4,887
5,107
-4.3
%
73,133
73,936
-1.1
%
Brazil
12,732
13,898
-8.4
%
145,151
147,234
-1.4
%
Uruguay
2,594
2,318
11.9
%
28,374
26,526
7.0
%
Ecuador
6,165
6,866
-10.2
%
71,983
75,273
-4.4
%
Armenia
2,905
2,164
34.2
%
40,971
25,186
62.7
%
Peru
-
2,450
-
-
27,901
-
TOTAL
64,071
68,529
-6.5
%
777,994
786,428
-1.1
%
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 53 airports in 6 countries across Latin America and Europe (Argentina , Brazil , Uruguay , Ecuador , Armenia and Italy ). In 2022, Corporación América Airports served 65.6 million passengers, 83.7% above the 35.7 million passengers served in 2021 and 22.1% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20231219879709/en/
Investor Relations Contact
Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com
Phone: +5411 4899-671
Source: Corporación América Airports
What is the passenger traffic increase reported by Corporación América Airports S.A. (NYSE: CAAP) in November 2023?
The passenger traffic increased by 14.5% YoY, reaching pre-pandemic levels.
How did the cargo volume change for Corporación América Airports S.A. (NYSE: CAAP) in November 2023?
The cargo volume increased by 10.7% YoY and reached 82.1% of November 2019 levels.
What was the percentage of aircraft movements for Corporación América Airports S.A. (NYSE: CAAP) in November 2023?
Aircraft movements remained largely stable YoY, reaching 93.5% of November 2019 levels.
Which countries showed significant growth in passenger traffic for Corporación América Airports S.A. (NYSE: CAAP) in November 2023?
All countries except Brazil and Italy were above November 2019 levels.
What was the percentage of international passenger traffic increase for Corporación América Airports S.A. (NYSE: CAAP) in November 2023?
International passenger traffic surpassed pre-pandemic levels of November 2019 by 7.5%.