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News Article

Airport Groups 4Q20 Results Point Toward Small Recovery

By Alicia Arizpe | Tue, 03/02/2021 - 12:47

Mexican airport groups ASUR, OMA and GAP released their financial reports for 4Q20, which point to moderate recoveries in revenue and passenger traffic against the previous quarter. However, the sector remains below pre-pandemic levels.

Grupo Aeroportuario de Sureste (ASUR), which operates several airports in Mexico, San Juan and Colombia, saw a total of MX$4.25 billion (US$204 million) in revenue during 4Q20. This figure represents a 6.4 percent contraction year-on-year but it is an improvement from 3Q20’s 40.4 percent fall. Passenger traffic also contracted by 44.9 percent year-on-year during the quarter. The group’s nine airports in Mexico saw passenger traffic decline by 40.6 percent, with domestic traffic falling by 27.9 percent and international travel by 54 percent as a result of the COVID-19 pandemic. “The COVID-19 pandemic has disrupted the travel industry and governments have introduced travel bans and restrictions. As a result, passenger traffic in ASUR’s three countries of operations began to decline in the second half of March 2020 and continued to decline sharply across ASUR’s airport network in the subsequent months. However, year-on-year declines have been progressively lower since June 2020,” reported the group. These circumstances left the company with a MX$1.33 billion (US$64 million) EBITDA, a 45.4 percent year-on-year contraction.

Grupo Aeroportuario del Pacífico (GAP)’s 4Q20 report also points to the hurdles caused by COVID-19. “During the fourth quarter of the year, the COVID-19 pandemic continued to affect the company’s results, mainly due to the decrease in international and domestic passenger traffic compared to 4Q19,” said the company. The group, which operates 12 airports in Mexico and two in Jamaica, reported a 25.6 percent year-on-year contraction in passenger traffic across its 14 airports. Total revenue for the quarter also went down to MX$2.2 billion (US$106 million), 48.7 percent less than in 4Q19, leaving the company with a MX$1.8 billion (US$87 million) EBITDA for the period.

Grupo Aeroportuario Centro Norte (OMA) reported MX$1.62 billion (US$78.6 million) in revenue during the last quarter of 2020, which represented a 28.3 percent year-on-year contraction. Passenger traffic also fell by 44.5 percent year-on-year for a total of 3.3 million passengers. This figure, however, represents an increase from the 62.4 percent contraction in passenger traffic during 3Q20. For Grupo OMA the sharpest drops in passenger traffic were seen in international routes, which dropped by 57.5 percent in comparison to the 42.7 percent contraction in domestic flights. Altogether, the group reported a total of MX$5.37 billion (US$259.9 million) in revenue during 2020, a 37.1 percent contraction over the previous year. The troublesome year also left Grupo OMA with a total EBITDA of MX$2.55 billion (US$123.4 million), 54.2 percent less than in 2019.

Alicia Arizpe Alicia Arizpe Senior Writer