In its Third Quarter 2023 Conference Call, Grupo Aeroportuario del Pacífico (GAP) reported solid financial results and discussed regulatory changes and projections. CEO Raul Revuelta highlighted a 10.8% increase in exported passengers, a rise in aeronautical and non-aeronautical revenues, and an EBITDA of Ps. 4.3 billion. The call also touched on the potential impact of Pratt & Whitney's engine inspections and changes in Mexican government regulations.Key takeaways from the call include:
- GAP reported a 10.8% increase in exported passengers, with aeronautical revenues up 8.2% and non-aeronautical revenues growing by 14%.
- The company's EBITDA reached Ps. 4.3 billion for the quarter, rising 4.5% with an EBITDA margin of 67.5%.
- GAP estimated a potential impact of -5% to -7% on total passengers in 2024 and 2025 due to Pratt & Whitney's engine inspections.
- Mexican government regulations have changed, with the House of Representatives passing a bill increasing concession fees from 5% to 9%, effective January 1, 2024.
- The Civil Aviation Agency introduced amended rules for tariff regulations, including changes to the discount rate and terminal value calculations.
- GAP confirmed the company's guidance figure for 2023 and expects to complete the MDP negotiation by the end of 2024.
- The company regularly provides incentives and discounts to the market, including a 10% discount on TUA (Tarifa de Uso de Aeropuerto, or airport usage fee) at nine of its airports during November and December, which will continue in 2024.
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