GAP Plans MX$52 Billion Investment in 12 Mexican Airports

The Pacific Airport Group (GAP) has announced a MX$52 billion (US$2.6 billion) investment plan for its 12 airports across Mexico for the period from 2025 to 2029. This is the largest investment ever made by the company and represents a 173% increase over the previous five-year period. 

The investment plan, outlined in a statement to the Mexican Stock Exchange (BMV), places a strong emphasis on upgrading airport infrastructure, with the centerpiece being the expansion of Guadalajara International Airport (GDL).

Under GAP's Master Development Plan (PMD), more than MX$43 billion will be allocated to infrastructure projects over the next five years, with close to MX$19 billion dedicated to expanding GDL. This expansion includes the construction of a new 69,000-square-meter terminal, expected to boost passenger capacity by around 70%. GAP also plans to acquire land for a potential third runway and additional terminal space.

“Pacific Airport Group is focused on enhancing every aspect of our airports. These investments are carefully planned to increase capacity and support future growth in the regions we serve. While our primary objective is to improve passenger services, we also aim to contribute to Mexico’s economic growth by upgrading our airports’ infrastructure, which will attract more airlines and strengthen our role as key transportation hubs,” said Raúl Revuelta Musalem, CEO, GAP.

In addition to Guadalajara, the plan includes significant expansions at Tijuana Airport (TIJ), which will see 34,000 square meters of new terminal space, and Los Cabos Airport (SJD), which will undergo an 18,700-square-meter expansion.

Other airports set to receive substantial investments include:

• Puerto Vallarta (PVR): MX$2.9 billion

• Guanajuato (BJX): MX$1.3 billion

• Mexicali (MXL): MX$863 million

• La Paz (LAP): MX$852 million

• Morelia (MLM): MX$851 million

• Hermosillo (HMO): MX$677 million

• Aguascalientes (AGU): MX$487 million

• Los Mochis (LMM): MX$389 million

• Manzanillo (ZLO): MX$389 million

Alongside these investments, GAP has revised its maximum tariffs, which take into account traffic forecasts, operational costs, and capital expenditures outlined in the PMD. These tariffs have been adjusted with an annual efficiency factor of 0.8% and will be updated according to the National Producer Price Index (INPP), excluding oil, to align with current economic conditions.

Analysts have reacted positively to the announcement. Valores Mexicanos (Valmex) praised the plan for providing greater clarity on the company’s long-term strategy. Monex Financial Group also emphasized the positive implications of the PMD, noting the 173.3% increase in investment compared to the previous period and the expected boost to the company’s cash flow.