Grupo GAP Reports Double-Digit Growth in 3Q22

Grupo Aeroportuario del Pacífico (Grupo GAP), which manages 12 airports in Mexico and two in Jamaica, reported a double-digit growth in revenue and passenger traffic during 3Q22, as the group recovers from the COVID-19 pandemic. 

“During 3Q22, significantly positive results are presented compared to 3Q21, with an increase in total revenues of 27.6 percent. The Company generated positive EBITDA of MX$4.085 billion (US$205 million), an increase of 31.8 percent over 3Q21,” reads GAP’s press release. 

GAP’s income from aeronautical and non-aeronautical services increased by MX$1.4 billion (US$73.5 million) in 3Q22, which represents a 32.7 percent increase in comparison to 3Q21 and a 64.3 percent growth from 3Q19. Income totals also grew by MX$1.4 billion(US$73.5 million), showing increases of 27.6 percent in comparison to 3Q21 and 56.5 percent in comparison to 3Q19.

During the quarter, the cost of service increased by MX$221 million (US$11 million) which represents a 29.2 percent increase in comparison to 3Q21 and a 46.3 percent increase from 3Q19. Operating income increased 35.5 percent compared to 3Q21 and 74.7 percent compared to 3Q19. GAP’s 14 airports registered an increase of 2.89 million total passengers, an increase of 24.6 percent in comparison to 3Q21 and a 23.2 percent in comparison to 3Q19. 

“In 3Q22, the generation of a positive cash flow in operating activities continued, amounting to MX$3.7 billion (US$188 million). The Company reported a financial position of cash and cash equivalents as of Sep. 30, 2022 of MX$16.16 billion (US$811 million),” explained the company. GAP explained that figures from the report are not audited and were prepared in accordance with the International Financial Reporting Standards.