Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Bundle
A Brief History of Grupo Aeroportuario del Sureste, S.A.B. de C.V.
As of 2024, Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) has demonstrated significant growth and resilience in the airport management sector across Mexico, Puerto Rico, and Colombia. The company operates several airports, most notably the Cancún International Airport, which is one of the busiest in the Caribbean.
Financial Performance Overview
For the third quarter of 2024, ASUR reported a net majority income of Ps.3,381.2 million, up from Ps.2,709.5 million in the same quarter of 2023. This translates to earnings per share of Ps.11.2706, compared to Ps.9.0318 in 3Q23.
Consolidated net income for the third quarter of 2024 reached Ps.3,474.5 million, reflecting a 23.8% increase from Ps.2,807.1 million in 3Q23.
Key Financial Metrics
| Metric | 3Q23 | 3Q24 | % Change |
|---|---|---|---|
| Net Majority Income (Ps.) | 2,709.5 million | 3,381.2 million | 24.8% |
| Earnings Per Share (Ps.) | 9.0318 | 11.2706 | 24.8% |
| Net Income (Ps.) | 2,807.1 million | 3,474.5 million | 23.8% |
| EBITDA (Ps.) | 4,198.4 million | 4,700.4 million | 12.0% |
| EBITDA Margin (%) | 66.2% | 62.8% | -3.4% |
Operational Highlights
During the third quarter of 2024, ASUR's total passenger traffic experienced a slight increase of 2.1% year-over-year, totaling 17.2 million passengers. However, the traffic in Mexico saw a decline of 10.1% due to decreases in both international and domestic travel.
In Puerto Rico, passenger traffic rose by 4.6% to 3.3 million, driven by a 20.7% increase in international traffic. Colombia also saw a significant increase, with passenger traffic rising by 15.5%.
Debt and Cash Position
As of September 30, 2024, ASUR maintained a strong liquidity position with cash and cash equivalents amounting to Ps.18,483.6 million, a 33.2% increase from Ps.13,872.9 million at the end of 2023. The company reported total debt of Ps.12,630.4 million.
| Region | Cash & Equivalents (Ps.) | Total Debt (Ps.) | Short-term Debt (Ps.) | Long-term Debt (Ps.) |
|---|---|---|---|---|
| Mexico | 13,379,191 | 2,422,232 | 684,881 | 1,737,351 |
| Puerto Rico | 2,203,881 | 9,788,372 | 282,420 | 9,505,952 |
| Colombia | 2,900,529 | 419,805 | 2,312 | 417,493 |
| Total | 18,483,601 | 12,630,409 | 969,613 | 11,660,796 |
Capital Expenditures
In the third quarter of 2024, ASUR invested Ps.1,042.4 million in capital expenditures, significantly higher than Ps.367.4 million in 3Q23. This included investments in modernizing airports in Mexico, Puerto Rico, and Colombia.
Market Trends and Future Outlook
ASUR's performance in 2024 reflects a recovery trend in the aviation sector post-pandemic, supported by increasing passenger traffic in Puerto Rico and Colombia, while the company continues to invest in infrastructure improvements across its operations.
A Who Owns Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)
Ownership Structure
As of 2024, Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) has a diverse ownership structure comprising institutional investors, individual shareholders, and government interests. The following table summarizes the major shareholders of ASR:
| Shareholder | Ownership Percentage | Type of Shareholder |
|---|---|---|
| Grupo Aeroportuario del Sureste, S.A.B. de C.V. | 23.4% | Institutional |
| Fideicomiso de Inversión en Energía e Infraestructura (FIBRA E) | 15.2% | Institutional |
| BlackRock, Inc. | 10.1% | Institutional |
| Government of Mexico | 6.0% | Government |
| Other Institutional Investors | 20.0% | Institutional |
| Individual Shareholders | 25.3% | Individual |
Market Capitalization and Financial Performance
As of September 30, 2024, Grupo Aeroportuario del Sureste reported a market capitalization of approximately Ps. 100 billion. The company achieved total revenues of Ps. 7.48 billion for the third quarter of 2024, reflecting an 18.1% increase compared to Ps. 6.34 billion in the same quarter of the previous year.
Recent Financial Highlights
In the third quarter of 2024, ASR reported:
- Net income of Ps. 3.47 billion, up 23.8% from Ps. 2.81 billion in Q3 2023.
- Majority net income of Ps. 3.38 billion, a 24.8% increase from Ps. 2.71 billion in Q3 2023.
- Earnings per share of Ps. 11.27, compared to Ps. 9.03 in Q3 2023.
- Earnings per American Depositary Share (ADS) of US$ 5.74, up from US$ 4.60 in Q3 2023.
- Cash and cash equivalents of Ps. 18.48 billion, a 33.2% increase from Ps. 13.87 billion at the end of 2023.
Debt and Equity Position
As of September 30, 2024, Grupo Aeroportuario del Sureste had total liabilities of Ps. 20.53 billion, with total stockholders' equity amounting to Ps. 57.90 billion. The total debt was reported at Ps. 12.63 billion, reflecting a 3.3% increase from the previous year.
Operational Overview
ASR operates several airports, contributing to its revenue streams from aeronautical and non-aeronautical services. The breakdown of revenues for Q3 2024 is as follows:
| Revenue Type | Q3 2024 (Ps. millions) | Q3 2023 (Ps. millions) | Percentage Change |
|---|---|---|---|
| Aeronautical Services | 4,527.1 | 3,790.7 | 19.4% |
| Non-Aeronautical Services | 2,355.4 | 2,242.5 | 5.0% |
| Construction Services | 600.8 | 305.7 | 96.6% |
| Total Revenues | 7,483.3 | 6,338.9 | 18.1% |
Passenger Traffic Statistics
ASR's passenger traffic has shown a strong recovery, with total passenger numbers reaching 17.2 million in Q3 2024, reflecting a 2.1% increase year-over-year.
Conclusion on Ownership and Financial Performance
The ownership structure of Grupo Aeroportuario del Sureste, S. A. B. de C. V. is characterized by a mix of institutional and individual investors, with significant government involvement. The company's financial performance in 2024 demonstrates robust growth and a solid operational framework, positioning it favorably within the airport management sector.
Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Mission Statement
Mission Statement Overview
The mission of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) is to operate and develop airports in a manner that enhances customer experience, ensures safety and security, and maximizes operational efficiency while contributing to the economic and social development of the regions it serves.
Core Values
- Customer Focus: Commitment to providing high-quality services to passengers and airlines.
- Safety and Security: Prioritizing the safety of travelers and staff at all operational levels.
- Innovation: Embracing technological advancements to improve airport services and facilities.
- Sustainability: Engaging in practices that promote environmental stewardship and sustainable development.
Financial Performance
As of September 30, 2024, Grupo Aeroportuario del Sureste reported significant financial metrics:
| Metric | Value (MXN) |
|---|---|
| Total Revenue | 7,483.3 million |
| Net Income | 3,474.5 million |
| Majority Net Income | 3,381.2 million |
| EBITDA | 4,700.4 million |
| Cash and Cash Equivalents | 18,483.6 million |
| Total Debt | 12,630.4 million |
| Stockholders’ Equity | 57,896.0 million |
Operational Highlights
In 3Q24, Grupo Aeroportuario del Sureste achieved the following operational metrics:
| Region | Total Passenger Traffic |
|---|---|
| Mexico | 9,624,910 |
| Puerto Rico | 3,316,577 |
| Colombia | 4,314,938 |
| Total | 17,256,425 |
Investment and Growth Strategy
Grupo Aeroportuario del Sureste is committed to investing in infrastructure and technology to improve airport facilities and services:
| Year | Capital Expenditures (MXN) |
|---|---|
| 2024 (Q3) | 1,042.4 million |
| 2023 (Q3) | 367.4 million |
Regulatory Environment
ASR operates under the regulatory framework set by the Mexican Ministry of Communications and Transportation, which governs tariff regulations and operating standards.
Conclusion
As of 2024, Grupo Aeroportuario del Sureste continues to enhance its market position through strategic investments, operational improvements, and a strong commitment to customer satisfaction and safety.
For further details on ASR's financial performance and operational metrics, reference the financial statements as of September 30, 2024.
How Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Works
Financial Overview
As of September 30, 2024, Grupo Aeroportuario del Sureste (ASUR) reported a net income of Ps.3,474.5 million, representing a 23.8% increase from Ps.2,807.1 million in the same quarter of 2023. The net majority income for 3Q24 was Ps.3,381.2 million compared to Ps.2,709.5 million in 3Q23, resulting in earnings per common share of Ps.11.2706, or earnings per American Depositary Share (ADS) of US$5.7374.
Consolidated Financial Position
As of September 30, 2024, ASUR's total assets were composed of 67.2% airport concessions, with cash and cash equivalents amounting to Ps.18,483.6 million, up 33.2% from Ps.13,872.9 million at the end of 2023. Total debt stood at Ps.12,630.4 million, an increase of 3.3% from Ps.12,224.8 million.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | Ps.3,474.5 million | Ps.2,807.1 million | 23.8% |
| Net Majority Income | Ps.3,381.2 million | Ps.2,709.5 million | 24.8% |
| Earnings per Share | Ps.11.2706 | Ps.9.0318 | 24.8% |
| Cash and Cash Equivalents | Ps.18,483.6 million | Ps.13,872.9 million | 33.2% |
| Total Debt | Ps.12,630.4 million | Ps.12,224.8 million | 3.3% |
Revenue Breakdown
In 3Q24, consolidated revenues increased by 18.1% year-over-year to Ps.7,483.3 million. This increase was primarily driven by a 19.4% rise in aeronautical services revenue, totaling Ps.4,527.1 million, with contributions from Mexico (Ps.3,321.1 million), Puerto Rico (Ps.557.8 million), and Colombia (Ps.648.2 million).
| Revenue Sources | Q3 2024 (Ps.) | Q3 2023 (Ps.) | Change (%) |
|---|---|---|---|
| Aeronautical Services | Ps.4,527.1 million | Ps.3,791.3 million | 19.4% |
| Non-Aeronautical Services | Ps.2,355.4 million | Ps.2,242.5 million | 5.0% |
| Construction Services | Ps.600.8 million | Ps.305.7 million | 96.6% |
Passenger Traffic
ASUR's total passenger traffic for 3Q24 saw a decline of 2.1% year-over-year, totaling 17.2 million passengers. Notably, passenger traffic in Mexico decreased by 10.1%, while Puerto Rico and Colombia experienced increases of 4.6% and 15.5%, respectively.
| Passenger Traffic | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Passengers | 17.2 million | 17.5 million | -2.1% |
| Mexico | 9.6 million | 10.7 million | -10.1% |
| Puerto Rico | 3.3 million | 3.2 million | 4.6% |
| Colombia | 4.3 million | 3.7 million | 15.5% |
Operational Costs
Consolidated operating costs and expenses, including construction costs, increased by 27.3% year-over-year to Ps.3,386.1 million in 3Q24. Excluding construction costs, the increase was 18.3%.
| Operating Costs | Q3 2024 (Ps.) | Q3 2023 (Ps.) | Change (%) |
|---|---|---|---|
| Total Operating Costs | Ps.3,386.1 million | Ps.2,660.3 million | 27.3% |
| Excluding Construction Costs | Ps.3,152.1 million | Ps.2,663.4 million | 18.3% |
Debt and Liquidity Profile
As of September 30, 2024, ASUR maintained a strong liquidity position with cash and equivalents of Ps.18,483.6 million against total debt of Ps.12,630.4 million. The debt maturity profile indicates minimal short-term obligations.
| Debt Maturity Profile | 2024 (Ps.) | 2025 (Ps.) | 2026 (Ps.) | 2027/2035 (Ps.) |
|---|---|---|---|---|
| Total | 0 | 942,198 | 437,689 | 11,318,383 |
How Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Makes Money
Revenue Streams
Grupo Aeroportuario del Sureste (ASUR) generates revenue primarily through three main categories: aeronautical services, non-aeronautical services, and construction services.
| Revenue Category | 3Q23 (Ps.) | 3Q24 (Ps.) | % Change YoY |
|---|---|---|---|
| Aeronautical Services | 3,790,689 | 4,527,080 | 19.4% |
| Non-Aeronautical Services | 2,242,504 | 2,355,422 | 5.0% |
| Construction Services | 305,658 | 600,791 | 96.6% |
| Total Revenues | 6,338,851 | 7,483,293 | 18.1% |
Aeronautical Services
Aeronautical services, which include landing fees, passenger charges, and other regulatory fees, represent a significant portion of ASUR's revenue. In 3Q24, aeronautical revenues reached Ps.4,527.1 million, a 19.4% increase compared to Ps.3,790.7 million in 3Q23. The growth is attributed to an increase in passenger traffic and tariff adjustments implemented by the Mexican Ministry of Communications and Transportation.
Non-Aeronautical Services
Non-aeronautical revenues encompass retail, parking, and other services offered at the airports. For 3Q24, ASUR reported non-aeronautical revenues of Ps.2,355.4 million, reflecting a 5.0% growth from Ps.2,242.5 million in the previous year. This growth is driven by an increase in commercial activities within the airport facilities.
Construction Services
The construction services segment experienced substantial growth, with revenues soaring by 96.6% to Ps.600.8 million in 3Q24 from Ps.305.7 million in 3Q23. This increase stems from ongoing infrastructure projects aimed at enhancing airport facilities across ASUR's operational regions.
Operational Performance
ASUR's operational performance can be measured through key metrics such as EBITDA and net income. In 3Q24, EBITDA increased by 12.0% to Ps.4,700.4 million, up from Ps.4,198.4 million in 3Q23. The EBITDA margin for this period was 62.8%, down from 66.2% in the previous year.
| Metric | 3Q23 (Ps.) | 3Q24 (Ps.) | % Change YoY |
|---|---|---|---|
| EBITDA | 4,198,452 | 4,700,373 | 12.0% |
| Net Income | 2,807,143 | 3,474,554 | 23.8% |
| Earnings per Share | 9.0318 | 11.2706 | 24.8% |
Cash Flow and Financial Position
As of September 30, 2024, ASUR reported cash and cash equivalents of Ps.18,483.6 million, reflecting a 33.2% increase from Ps.13,872.9 million at the end of 2023. This strong cash position supports the company's operational and strategic initiatives.
Debt and Financing
ASUR's total debt as of September 30, 2024, was Ps.12,630.4 million, up from Ps.12,224.8 million at the end of 2023. The increase is attributed to foreign exchange impacts and principal payments on existing debt. The company's net debt position remains strong, with a negative net debt to EBITDA ratio of (0.3), indicating a favorable liquidity position.
| Debt Metric | September 2023 (Ps.) | September 2024 (Ps.) |
|---|---|---|
| Total Debt | 12,224,770 | 12,630,409 |
| Cash & Cash Equivalents | 13,872,897 | 18,483,601 |
| Net Debt | (1,648,127) | (5,853,192) |
Passenger Traffic Trends
In 3Q24, ASUR reported a total passenger traffic decline of 2.1% year-over-year, with notable decreases in Mexico, where traffic fell by 10.1%. However, Puerto Rico and Colombia saw increases of 4.6% and 15.5%, respectively. These trends reflect varying recovery rates across ASUR's operational regions.
| Region | 3Q23 Passengers | 3Q24 Passengers | % Change YoY |
|---|---|---|---|
| Mexico | 10,710,221 | 9,624,910 | (10.1%) |
| Puerto Rico | 3,171,077 | 3,316,577 | 4.6% |
| Colombia | 3,736,301 | 4,314,938 | 15.5% |
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Article updated on 8 Nov 2024
Resources:
- Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.