Grupo Aeroport Stock Price, News & Analysis

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (Pacific Airport Group, NYSE: PAC) is a Mexican airport operator that manages a network of airports in the Pacific region of Mexico and in Jamaica. According to its company descriptions in multiple press releases and SEC filings, the company, commonly referred to as GAP, operates 12 airports throughout Mexico’s Pacific region and is also involved in the operation of two international airports in Jamaica. GAP’s shares have been listed on the New York Stock Exchange under the ticker symbol PAC since February 2006 and on the Mexican Stock Exchange under the ticker symbol GAP.

GAP’s Mexican airport network includes major cities and tourist destinations. The company states that it operates airports serving the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. Through acquisitions and concession agreements, GAP also participates in airport operations in Jamaica, where it is linked to Sangster International Airport in Montego Bay and Norman Manley International Airport in Kingston.

Business activities and airport operations

Based on its disclosures, GAP is engaged in the construction, development, and operation of airports in Mexico. Its business is organized around the operation of individual airports, including Guadalajara, Tijuana, Puerto Vallarta, San José del Cabo (Los Cabos), Montego Bay, Hermosillo, Guanajuato, and other airports in its network. Passenger traffic data reported in its press releases and 6-K filings show that GAP manages both domestic and international terminal passengers across its airports, tracking volumes and growth rates by location.

The company regularly reports terminal passenger traffic for each airport, distinguishing between domestic and international segments. For example, GAP publishes monthly and quarterly statistics for airports such as Guadalajara, Tijuana, Los Cabos, Puerto Vallarta, Montego Bay, Kingston, Guanajuato, Hermosillo, Morelia, La Paz, Mexicali, Aguascalientes, Los Mochis, and Manzanillo. These reports highlight changes in passenger volumes, the impact of external events such as Hurricane Melissa on Jamaican operations, and the introduction of new air routes operated by various airlines.

Geographic footprint: Mexico and Jamaica

According to the company description included in its SEC filings, GAP’s core footprint is in Mexico’s Pacific region. The Mexican airports it operates cover a mix of large metropolitan areas, tourist destinations, and mid-sized cities. In addition, GAP has expanded internationally through its involvement in Jamaica:

• In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, the company operating Sangster International Airport in Montego Bay, Jamaica.
• In October 2018, GAP entered into a concession agreement for the operation of Norman Manley International Airport in Kingston, Jamaica, and it states that it took control of the operation in October 2019.

These historical milestones define GAP’s presence in Jamaica and illustrate how the company extended its airport operations beyond Mexico.

Stock listings and regulatory context

GAP’s American Depositary Shares, each representing 10 Series B shares, trade on the New York Stock Exchange under the symbol PAC. The company is a foreign private issuer and files Form 6-K reports under the Securities Exchange Act of 1934, as indicated in multiple SEC filings. It also notes that its financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

The company’s Mexican shares trade on the Mexican Stock Exchange under the ticker GAP. GAP’s filings and press releases reference regulatory frameworks such as the “Ley del Mercado de Valores” in Mexico and describe programs like a whistleblower mechanism that allows anonymous reporting of suspected criminal conduct or violations, overseen by the company’s Audit Committee.

Passenger traffic and route development

GAP’s disclosures emphasize passenger traffic trends as a key operational indicator. The company regularly announces:

• Monthly changes in total terminal passengers across its 12 Mexican airports and its Jamaican airports.
• Separate statistics for domestic and international passengers, including users of the Cross Border Xpress (CBX) facility at Tijuana, which GAP classifies as international passengers.
• Impacts from external events, such as Hurricane Melissa, on operations and passenger volumes in Montego Bay and Kingston.

GAP also reports on new routes launched by airlines at its airports. Examples disclosed in its filings include new domestic and international routes connecting cities like Guadalajara, Puerto Vallarta, Los Cabos, La Paz, Morelia, Mexicali, Montego Bay, and Kingston with destinations in Mexico, the United States, Canada, South America, and Europe. These route additions are presented as part of its regular passenger traffic updates.

Revenue categories and services

In its quarterly results, GAP breaks down revenues into aeronautical services, non-aeronautical services, and improvements to concession assets recognized under IFRIC 12. While the filings provide detailed figures, they also describe the nature of these revenue streams:

• Aeronautical services revenues are linked to airport activities such as passenger fees, with changes influenced by regulatory maximum tariffs and passenger traffic volumes at Mexican and Jamaican airports.
• Non-aeronautical services revenues arise from activities at the airports. GAP distinguishes between businesses operated by third parties and businesses operated directly by the company. Third-party-operated lines mentioned include food and beverage, car rental, duty-free, retail, leasing of space, timeshares, ground transportation, other commercial revenues, and communications and financial services. Directly operated lines mentioned include cargo operation and bonded warehouse, car parking, convenience stores, VIP lounges, hotel operation, advertising, and recovery of costs.
• Revenues from improvements to concession assets reflect construction and infrastructure investments under its development programs and are recognized in line with IFRIC 12, without direct cash impact.

These disclosures show that GAP’s business model combines airport aeronautical activities with a range of commercial and service offerings within its facilities.

Corporate developments and financing

GAP’s 6-K filings describe several corporate and financing actions. For example, the company has reported:

• The issuance of long-term bond certificates (Certificados Bursátiles) under tickers such as “GAP 25-2” and “GAP 25-3” to finance capital investments and repay bank loans.
• The refinancing of credit lines with financial institutions such as Banco Nacional de México, S.A. (Banamex), including a USD 40.0 million credit line with a five-year term and monthly interest payments at a variable rate linked to SOFR.
• The approval by shareholders of a business combination involving Cross Border Xpress (CBX) and technical assistance and technology transfer services, to be executed through the merger of various entities into GAP, including Aeropuertos Mexicanos del Pacífico, S.A.P.I. de C.V. (AMP). The company indicates that this transaction is intended to allow consolidation of those entities.

These elements illustrate how GAP uses capital markets and bank financing to support its airport development and corporate restructuring initiatives, as described in its official communications.

Risk events and operational resilience

GAP’s communications also highlight its response to natural disasters and operational disruptions. In multiple press releases and corresponding 6-K filings, the company describes the impact of Hurricane Melissa on its Jamaican airports, including:

• Temporary suspension of operations at Kingston and Montego Bay airports.
• Resumption of humanitarian and commercial flights following safety inspections of runways, terminal buildings, boarding bridges, security systems, and essential equipment.
• Deployment of technical and maintenance teams and cargo aircraft with materials and supplies to support infrastructure rehabilitation.

In these communications, GAP emphasizes that the safety and well-being of passengers, employees, business partners, and surrounding communities is its highest priority, and that it coordinates with local authorities and humanitarian organizations during recovery efforts.

Sustainability and reporting frameworks

In a 6-K filing announcing its 2024 Sustainability Report, GAP states that the report covers environmental, social, and corporate governance (ESG) results across its airport network. The company notes that the report was prepared in accordance with the Global Reporting Initiative (GRI) Standards and the Sustainability Accounting Standards Board (SASB) framework, and that it has also considered IFRS S1 and S2 issued by the International Sustainability Standards Board as an initial step for disclosing sustainability and climate-related financial information.

Whistleblower and governance mechanisms

GAP’s filings refer to a whistleblower program implemented in accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the Mexican securities law. This program allows complainants to anonymously and confidentially report suspected activities involving criminal conduct or violations. The company states that its Audit Committee is notified of all complaints for investigation, underscoring a formal governance mechanism around ethics and compliance.

FAQs about Grupo Aeroportuario del Pacífico (PAC)

• What does Grupo Aeroportuario del Pacífico (GAP) do?
  According to its company descriptions in press releases and SEC filings, GAP operates airports in Mexico’s Pacific region and participates in the operation of airports in Jamaica. Its activities include the construction, development, and operation of airports and the provision of aeronautical and non-aeronautical services within those facilities.
• Which airports does GAP operate in Mexico?
  GAP states that it operates 12 airports in Mexico’s Pacific region, serving the major cities of Guadalajara and Tijuana, the tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and the mid-sized cities of Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis.
• What airports does GAP operate in Jamaica?
  Through its acquisition of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, GAP is linked to the operation of Sangster International Airport in Montego Bay. GAP also entered into a concession agreement for Norman Manley International Airport in Kingston and reports that it took control of that operation in October 2019.
• On which stock exchanges is GAP listed and under what symbols?
  GAP’s shares are listed on the New York Stock Exchange under the ticker symbol PAC and on the Mexican Stock Exchange under the ticker symbol GAP, as stated in the company’s descriptions.
• How does GAP report its financial information?
  In its SEC filings, GAP explains that its consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. It files Form 6-K reports as a foreign private issuer.
• What are GAP’s main revenue categories?
  GAP’s quarterly results describe revenues from aeronautical services, non-aeronautical services, and improvements to concession assets recognized under IFRIC 12. Non-aeronautical revenues are further broken down into businesses operated by third parties, such as food and beverage, duty-free, car rental, retail and others, and businesses operated directly by the company, such as cargo operation and bonded warehouse, car parking, convenience stores, VIP lounges, hotel operation, and advertising.
• What is Cross Border Xpress (CBX) in relation to GAP?
  In its filings, GAP refers to Cross Border Xpress (CBX) users at Tijuana and classifies them as international passengers. The company also reports that its shareholders approved a business combination involving CBX and certain technical assistance and technology transfer services, to be carried out through the merger of various entities into GAP.
• How has Hurricane Melissa affected GAP’s operations?
  GAP’s press releases and 6-K filings describe that Hurricane Melissa, a Category 5 storm, affected operations at its Jamaican airports in Kingston and Montego Bay. The company reports temporary suspensions of operations, subsequent resumption of humanitarian and commercial flights after safety inspections, and the deployment of technical teams and cargo aircraft to support infrastructure recovery.
• Does GAP publish sustainability information?
  Yes. GAP has announced the release of a Sustainability Report covering ESG results across its airport network. The company indicates that this report follows GRI Standards and the SASB framework and considers IFRS S1 and S2 for sustainability and climate-related disclosures.
• What governance and ethics mechanisms does GAP mention in its filings?
  GAP refers to a whistleblower program that allows anonymous and confidential reporting of suspected criminal conduct or violations, implemented under Sarbanes-Oxley and Mexican securities law. The company states that its Audit Committee is notified of all complaints for investigation.