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Grupo Aeroportuario del Pacífico, S.A.B. de C.V. reports developments tied to airport concessions in Mexico and Jamaica. The company operates 12 airports in Mexico’s Pacific region, including Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and operates Jamaican airports through Sangster International Airport in Montego Bay and Norman Manley International Airport in Kingston.
Recurring news covers monthly passenger traffic by airport, airline and route disruptions, infrastructure investment programs, shareholder meeting resolutions, annual reports, and capital-structure actions. Company updates also include the completed consolidation of Cross Border Xpress and technical assistance services, alongside disclosures affecting Series B and Series BB shares.
Grupo Aeroportuario del Pacífico (PAC) has refinanced its bank debt of US$191 million, originally due in early 2024, extending the maturity to 2026. The refinancing involves two loans: US$95.5 million from BBVA México at a 2.45% fixed rate for 48 months, and US$95.5 million from Scotiabank at 2.64% for 46 months. This extension enhances financial flexibility, allowing better allocation of resources in upcoming years.
On March 17, 2022, Grupo Aeroportuario del Pacífico (PAC) successfully issued 50 million long-term bond certificates valued at Ps. 5 billion through a dual tranche strategy in Mexico. The issuance included 20 million 5-year bonds (GAP22) worth Ps. 2 billion at a variable interest rate, and 30 million 10-year bonds (GAP22-2) totaling Ps. 3 billion at a fixed interest rate of 9.67%. The proceeds will fund investments under the Master Development Program and financial liabilities. The bonds received top credit ratings: “Aaa.mx” from Moody's and “MxAAA” from S&P.
Grupo Aeroportuario del Pacífico (PAC) reported a 9.7% increase in total terminal passenger traffic for February 2022 compared to February 2019, with significant growth observed in Tijuana and Los Cabos, which saw increases of 42.9% and 13.7%, respectively. However, Guadalajara, Puerto Vallarta, and Guanajuato airports experienced declines in passenger traffic. The company noted a 32.1% increase in available seats compared to February 2021, indicating a recovery in air travel demand.
Grupo Aeroportuario del Pacífico (PAC) has scheduled its General Ordinary and Extraordinary Shareholders’ Meetings for April 22, 2022, in Guadalajara, Mexico. Key agenda items include the CEO’s operational report for FY2021, ratification of Board actions, approval of financial statements, and a proposed dividend of Ps. 14.40 per share from retained earnings. Additionally, the Extraordinary Meeting will discuss increasing common stock by Ps. 8.03 billion and the cancellation of repurchased shares. Shareholders must register to attend, with details provided in the announcement.
Grupo Aeroportuario del Pacífico (PAC) reported strong recovery metrics for 4Q21, with a 121.3% increase in total revenues compared to 4Q20, resulting in positive EBITDA of Ps. 3,255.0 million, an 84.2% rise. Passenger traffic surged by 55.3%, marking a significant recovery from the pandemic's impact. Despite challenges such as rising operational costs and pandemic uncertainties, the company noted no need for expected credit loss reserves. Their financial position as of December 31, 2021, showed cash reserves of Ps. 13,332.9 million, along with successful long-term debt issuance of Ps. 2,500.0 million.
Grupo Aeroportuario del Pacífico (PAC) reported preliminary passenger traffic for January 2022, indicating a 2.3% increase compared to January 2019. Tijuana and Los Cabos led growth with increases of 28.9% and 6.3%, respectively. In contrast, Guadalajara and Puerto Vallarta saw declines of 8.2% and 11.8%. Compared to January 2021, total traffic rose by 37.1%, with load factors improving from 53.3% to 68.7%.
The number of available seats increased by 28.6%, reflecting expanded capacity.
Grupo Aeroportuario del Pacífico (PAC) reported a 4.1% increase in terminal passenger traffic for December 2021 compared to December 2019 across its 12 airports in Mexico. Tijuana, Los Cabos, and Puerto Vallarta observed significant increases of 18.9%, 11.2%, and 3.2%, respectively. In contrast, Guadalajara's traffic decreased by 4.7%. The company is cautious about the potential impact of the COVID-19 Omicron variant on travel. Overall, passenger traffic in 2021 grew compared to 2020 data, and the number of available seats rose 23.9% from December 2020.
Grupo Aeroportuario del Pacífico (PAC) reported a 3.7% increase in terminal passenger traffic for November 2021 compared to November 2019, despite a 6.7% decline at Guadalajara airport. Key airports, Tijuana, Los Cabos, and Puerto Vallarta, saw significant traffic growth of 19.2%, 16.2%, and 7.8%, respectively. Year-to-date traffic figures for January-November 2021 showed an overall decrease of 8.9% against 2019 numbers. The company experienced a 25.1% rise in available seats and a load factor improvement to 78.9%. New routes were added to bolster connectivity.
Grupo Aeroportuario del Pacífico (PAC) announced the resignation of Alfredo de Jesús Casar Pérez from its Board of Directors on November 5, 2021. The Nominations and Compensation Committee will start the process of finding a replacement for the Series 'B' shareholders. This decision is expected to be presented for approval at the General Shareholders’ Meeting. The company operates 12 airports in Mexico’s Pacific region and continues to focus on maintaining operational efficiency and stakeholder communication.
Grupo Aeroportuario del Pacífico (PAC) reported a 3.4% increase in total terminal passengers for October 2021 compared to October 2019, with significant growth at Los Cabos, Puerto Vallarta, and Tijuana airports.
However, Guadalajara airport saw a 7.8% decline in passenger traffic. The report also indicates an increase in available seats by 30.8% year-over-year, with load factors improving to 78.1% from 66.2%. The U.S. will implement new vaccination requirements for foreign travelers starting November 8, which may positively impact Tijuana airport traffic.