GAP Reports Growth in Revenue; Announces Expansion Projects

Grupo Aeroportuario del Pacífico (GAP) is bouncing back from the pandemic. Although the group’s airports have still not recovered in passenger traffic, revenues have increased and are almost back to their pre-pandemic levels. Because of its positive results, GAP has announced the expansion of its infrastructure in several of its terminals throughout the country.

The group reports that during July 2021 the total number of terminal passengers at GAP’s 12 Mexican airports decreased by 1.6 percent, compared to the same month in 2019. While some airports showed an increase in traffic such as Puerto Vallarta (14.4 percent), Los Cabos (11.1 percent) and Tijuana (10.7 percent), the decrease at other airports dragged the others down. The airports that saw a contraction in passenger traffic were Guanajuato with 13.3 percent, Guadalajara with 14.4 percent and Hermosillo with 14.8 percent.

The drop-in passenger was mainly caused by international travel restrictions, especially in the US, which requests travelers to present a negative COVID-19 test for entry. Canada also paused international flights and claims that it will only accept people who are fully vaccinated, among other conditions.

During 2Q2021, GAP registered a flow of 11 million passengers, which represents a decrease of 2.7 percent compared to 2019’s levels. This generated net revenue of MX$2.24 billion (US$110.6 million), 18.8 percent more in comparison to 2Q2019. In addition to these results, GAP foresees a greater increase in non-aeronautical revenues derived, above all, from the opening of additional spaces for commercial premises, said Revuelta Musalem, CEO of GAP, in an A21 interview. “In terms of commercial income, in the case of the Guadalajara Airport, we currently have two projects. The first is related to the mixed-use of a building, which will have a hotel, office spaces and commercial areas. The second project is the change of the interior design of Terminal 1. We will have additional spaces for food and beverage services. Both projects will be operational by the second quarter of 2023.”

Other expansion projects include a terminal building in Los Cabos International Airport and the construction of the second terminal in Puerto Vallarta, which will be self-sustaining. Meanwhile, GAP is offering a discount program for companies that offer commercial services in airports.