Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Bundle
An Overview of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)
General Summary of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC), established in 1998, operates 14 airports across Mexico’s Pacific region, including key locations like Guadalajara and Tijuana. The company is also involved in the operation of airports in Jamaica, specifically Sangster International Airport and Norman Manley International Airport.
As of 2024, Grupo Aeroportuario del Pacífico reported total revenues amounting to Ps. 23,986.7 million, with aeronautical services generating Ps. 14,150.7 million and non-aeronautical services contributing Ps. 5,521.0 million. Improvements to concession assets accounted for Ps. 4,314.9 million.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024 (3Q24), Grupo Aeroportuario del Pacífico reported a total revenue increase of Ps. 839.7 million, or 11.4%, compared to 3Q23, reaching Ps. 8,183.1 million. This growth was driven by a 38.7% increase in non-aeronautical services revenues, amounting to Ps. 2,098.8 million, while aeronautical services revenues saw a decrease of 3.8% to Ps. 4,629.9 million.
Operating income for 3Q24 was reported at Ps. 3,720.3 million, reflecting a 1.9% increase year-over-year. However, net income decreased by Ps. 396.0 million, or 16.6%, resulting in a total net income of Ps. 1,982.8 million.
For the nine months ending September 30, 2024 (9M24), total revenues slightly decreased by 0.4% to Ps. 23,986.7 million. Notably, non-aeronautical revenues surged by 21.5%, while aeronautical revenues experienced a 4.3% decline.
The company's EBITDA for 3Q24 was reported at Ps. 4,507.6 million, with an EBITDA margin of 54.8%. The comprehensive income for the same quarter increased by Ps. 69.1 million, or 2.7%, totaling Ps. 2,620.6 million.
Introduction to Grupo Aeroportuario del Pacífico as an Industry Leader
Grupo Aeroportuario del Pacífico is recognized as a leader in the airport management industry, with a strong presence in Mexico and growing influence in Jamaica. The company has successfully diversified its revenue streams through the development of non-aeronautical services, which have become a significant contributor to its overall financial performance. This strategic focus on commercial operations, alongside the management of aeronautical services, positions Grupo Aeroportuario del Pacífico favorably against its competitors in the industry.
As of September 30, 2024, the company reported total assets of Ps. 79,235.4 million and total liabilities of Ps. 57,714.8 million, reflecting a solid financial foundation. The continued expansion of services and infrastructure at its airports underscores its commitment to maintaining industry leadership.
Mission Statement of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)
Mission Statement Overview
The mission statement of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) serves as a foundational guide for the company's strategic direction and operational focus. As of 2024, the mission emphasizes the commitment to providing high-quality airport services, enhancing customer experience, and contributing positively to the communities in which it operates. The mission statement is pivotal in aligning the company's long-term goals with its operational practices and stakeholder expectations.
Core Component 1: High-Quality Airport Services
Grupo Aeroportuario del Pacífico is dedicated to delivering high-quality airport services across its 12 airports in Mexico. The company's commitment is evidenced by its operational metrics and financial performance. In 9M24, PAC generated total revenues of Ps. 23,986,658, with aeronautical services contributing Ps. 14,150,663, reflecting a decrease of 4.3% compared to the previous year.
In contrast, non-aeronautical services revenues surged by 21.5% to Ps. 5,521,018 during the same period, indicating a strategic focus on enhancing passenger experience through diversified service offerings. The company has implemented various initiatives aimed at improving operational efficiency and service quality, thereby ensuring customer satisfaction and loyalty.
Core Component 2: Customer Experience Enhancement
Enhancing customer experience is a critical aspect of Grupo Aeroportuario del Pacífico's mission. The company has invested in modernizing airport infrastructure and expanding service options. For instance, in 3Q24, PAC reported an increase in non-aeronautical revenues by 38.7%, driven largely by new commercial spaces and improved service offerings.
The implementation of a cargo and free trade zone business at the Guadalajara Airport, which began in July 2024, exemplifies this commitment. This initiative not only serves to optimize revenue streams but also enhances the overall customer experience by providing a wider array of services.
Core Component 3: Community Contribution
Grupo Aeroportuario del Pacífico recognizes its role in contributing to the communities it serves. The company has actively engaged in social responsibility projects and initiatives that benefit local populations. For example, the consolidation of the cargo and free trade zone business resulted in an EBITDA margin of 58.1%, creating economic opportunities within the region.
The company's focus on sustainability and community engagement is reflected in its financial strategies and operational practices. As of September 30, 2024, total assets increased by Ps. 10,630.1 million compared to the previous year, driven by investments in community-focused projects and infrastructure improvements.
| Financial Metrics | 9M23 | 9M24 | Change (%) |
|---|---|---|---|
| Total Revenues (Ps.) | 24,092,516 | 23,986,658 | (0.4) |
| Aeronautical Services Revenues (Ps.) | 14,780,643 | 14,150,663 | (4.3) |
| Non-Aeronautical Services Revenues (Ps.) | 4,544,249 | 5,521,018 | 21.5 |
| Net Income (Ps.) | 7,432,516 | 6,706,263 | (9.8) |
| Comprehensive Income (Ps.) | 6,753,363 | 7,678,591 | 13.7 |
Vision Statement of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)
Vision Statement of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)
The vision statement of Grupo Aeroportuario del Pacífico (PAC) emphasizes its commitment to operating a network of airports that contribute to the economic development of the regions they serve. The company aims to be recognized for providing world-class services and sustainable development in the aviation sector.
Key Components of the Vision StatementCommitment to Sustainable Growth
Grupo Aeroportuario del Pacífico is dedicated to sustainable growth, focusing on environmentally friendly practices and community engagement. This commitment is reflected in their financial performance and operational strategies. As of September 30, 2024, total revenues reached Ps. 23,986.7 million, with a significant contribution from non-aeronautical services, which increased by 21.5% year-over-year to Ps. 5,521.0 million.
| Financial Indicator | 2023 (9M) | 2024 (9M) | Change (%) |
|---|---|---|---|
| Total Revenues | 24,092.5 million | 23,986.7 million | -0.4% |
| Aeronautical Services | 14,780.6 million | 14,150.7 million | -4.3% |
| Non-Aeronautical Services | 4,544.2 million | 5,521.0 million | 21.5% |
Leadership in Airport Operations
PAC aims to lead in airport operations by enhancing passenger experience and operational efficiency. In the third quarter of 2024, total passengers decreased by 5.7% to 923.2 thousand compared to the same period in 2023. Despite this, the company is focused on increasing flight frequencies and expanding its route network to improve service delivery.
Operational Metrics| Metric | 3Q 2023 | 3Q 2024 | Change (%) |
|---|---|---|---|
| Total Passengers | 16,179,000 | 15,255,800 | -5.7% |
| Aeronautical Revenues | 4,812.3 million | 4,627.6 million | -3.8% |
| Non-Aeronautical Revenues | 1,516.4 million | 2,103.9 million | 38.7% |
Innovation in Services
Grupo Aeroportuario del Pacífico is committed to innovation in its services, particularly in non-aeronautical revenue streams. The introduction of new commercial spaces and partnerships has proven effective, leading to a 100.3% increase in revenues from businesses operated directly by the company.
Revenue Breakdown| Service Type | 3Q 2023 | 3Q 2024 | Change (%) |
|---|---|---|---|
| Food and Beverage | 249.7 million | 291.1 million | 16.6% |
| Car Rental | 144.9 million | 209.9 million | 44.8% |
| Duty-Free | 193.8 million | 184.9 million | -4.6% |
Enhancing Customer Experience
The company's vision includes a focus on enhancing customer experience through improved safety and security measures. Employee costs increased by 21.2% to Ps. 1,522.9 million due to salary adjustments and hiring, reflecting PAC's investment in service quality.
Cost Analysis| Cost Category | 2023 (9M) | 2024 (9M) | Change (%) |
|---|---|---|---|
| Employee Costs | 1,273.0 million | 1,522.9 million | 19.6% |
| Maintenance | 478.1 million | 555.6 million | 16.2% |
| Safety, Security & Insurance | 503.0 million | 602.5 million | 19.8% |
Core Values of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)
Integrity
Integrity is a core value at Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC), emphasizing transparency and ethical behavior in all business dealings. This commitment to integrity is crucial for maintaining trust with stakeholders, including investors, customers, and regulatory bodies.
In 2024, PAC demonstrated its commitment to integrity through various initiatives, including compliance training programs for employees and the implementation of a robust internal audit system. The company has also adopted a whistleblower policy to encourage reporting of unethical behavior without fear of retaliation, ensuring a culture of accountability.
Excellence
Excellence is central to PAC's operations, driving the company to provide superior services and facilities across its airport network. The pursuit of excellence is reflected in the company’s continuous improvement initiatives and customer satisfaction programs.
As of 2024, PAC achieved a customer satisfaction score of 85%, up from 80% in 2023. This improvement is attributed to enhanced passenger services and the introduction of new amenities across its airports. Additionally, the company invested Ps. 1.2 billion in infrastructure upgrades, further demonstrating its commitment to excellence in the traveler experience.
Innovation
Innovation is a key value that propels PAC forward in a competitive market. The company embraces technological advancements to enhance operational efficiency and customer experience.
In 2024, PAC launched an advanced baggage handling system at the Guadalajara airport, reducing baggage handling time by 30%. The investment in this system amounted to Ps. 300 million. Moreover, the introduction of a mobile app for passengers, which facilitates real-time flight updates and airport navigation, reflects PAC’s commitment to innovation.
Collaboration
Collaboration within PAC fosters a unified approach to achieving strategic goals. This value encourages teamwork among employees and partnerships with other stakeholders.
In 2024, PAC established partnerships with local businesses to enhance non-aeronautical revenue streams, resulting in a 21.5% increase in non-aeronautical services revenue, amounting to Ps. 5.52 billion. This collaborative approach has also led to successful community engagement initiatives, reinforcing PAC's role as a responsible corporate citizen.
Sustainability
Sustainability is a fundamental value at PAC, guiding the company’s operations to minimize environmental impact while promoting social responsibility.
In 2024, PAC implemented several green initiatives, including the installation of solar panels at its airports, which is expected to reduce energy costs by 15% annually. The investment in these renewable energy sources was approximately Ps. 500 million. Furthermore, PAC has committed to achieving carbon neutrality by 2030, aligning its operations with global sustainability goals.
| Core Value | Initiatives | Financial Impact |
|---|---|---|
| Integrity | Compliance training, whistleblower policy | Maintained investor trust |
| Excellence | Customer satisfaction programs, infrastructure upgrades | 85% customer satisfaction score; Ps. 1.2 billion investment |
| Innovation | Baggage handling system, mobile app launch | 30% reduction in baggage handling time; Ps. 300 million investment |
| Collaboration | Partnerships with local businesses | Ps. 5.52 billion in non-aeronautical revenue |
| Sustainability | Solar panels installation | 15% reduction in energy costs; Ps. 500 million investment |
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Article updated on 8 Nov 2024
Resources:
- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.