Grupo Aeroportuario del Pacífico (GAP) reported that during the third quarter of 2022, its 14 airports recorded an increase of 2,885,800 total passengers, representing a 24.6% year-over-year increase.
For reference: GAP was established in May 1998 as an entity wholly controlled by the Mexican government to manage, operate and exploit 12 airports, mainly in the Pacific region of Mexico.
The company also manages, operates and exploits two airports in Jamaica, as of April 2015 Sangster International Airport in Montego Bay by Subsidiary MBJ Airports Limited (MBJA) and as of October 2019 Norman Manley International Airport (NMIA) in Kingston, Jamaica, by Subsidiary PAC Kingston Airport Limited (PACKAL).
Domestic terminal passengers – 14 airports (in thousands):
International terminal passengers – 14 airports (in thousands):
In the third quarter of the current year, GAP’s combined aeronautical and non-aeronautical revenues increased by P1,425.6 million or 32.7%, year-on-year.
While its total revenues increased Ps. 1,459.2 million, or 27.6 percent year-over-year, its cost of service rose Ps. 221.7 million, or 29.2 percent.
At the same time, its operating income increased Ps. 917.0 million, or 35.5%, and net and comprehensive income increased Ps. 642.0 million, or 31.9% year-over-year.
Grupo Aeroportuario del Pacífico
GAP includes twelve airports located in the following cities: Guadalajara, Puerto Vallarta, Tijuana, San José del Cabo, Guanajuato (Bajío), Hermosillo, Mexicali, Los Mochis, La Paz, Manzanillo, Morelia and Aguascalientes.
For the nine-month periods ended September 30, 2021 and 2022, TUA revenues represented 50.7% and 54.6%, respectively, of total revenues.
TUA means the airport use fee, which applies to persons who as domestic passengers or international passengers on departing flights use the facilities of the passenger terminal buildings.
In addition, the TUA is charged for each departing terminal passenger and is generated and collected from passengers through the airlines.
Meanwhile, commercial area lease revenues are charged to third parties, which are generally not airline customers.
29.3% and 34.2% of the company’s revenues in 2021 and 2022 are derived from the TUA fee that was charged to the passenger and collected by three of its major airline customers and subsequently reimbursed to the airports.