In This Article:
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Passenger Traffic: 6.5 million, a decrease of 2.4% year-over-year.
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Domestic Passenger Traffic: Decreased by 4.3%.
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International Passenger Traffic: Increased by 12%.
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Aeronautical Revenue: Decreased by 2.5%.
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Non-Aeronautical Revenue: Increased by 13.8%.
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Commercial Revenue: Increased by 12%.
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Diversification Revenue: Increased by 27%.
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Total Revenue: MXN2.9 billion, a growth of 1.1%.
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Construction Revenue: MXN556 million, a decrease of 22%.
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Adjusted EBITDA: MXN2.2 billion with a margin of 73.3%.
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Net Income: MXN1.3 billion, an increase of 1.5% year-over-year.
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Cash from Operating Activities: MXN1 billion.
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Cash Position: MXN1.6 billion at the end of the quarter.
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Total Debt: MXN10.9 billion.
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Net Debt to Adjusted EBITDA Ratio: 1 times.
Release Date: July 29, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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International passenger traffic increased by 12% compared to the second quarter of last year, driven by strong performance at Monterrey Airport.
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Non-aeronautical revenues grew by 13.8%, highlighting successful strategic projects and diversification efforts.
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Commercial revenues increased by 12%, with significant contributions from VIP lounges, parking, and restaurants.
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OMA Cargo saw a 35% increase in revenues, driven by new operations with Lufthansa Cargo and expansion plans in Monterrey.
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Hotel services grew by 16%, with high occupancy rates and increased average room rates at both NH and Hilton Garden Inn hotels.
Negative Points
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Overall passenger traffic decreased by 2.4% compared to the second quarter of last year, with domestic passenger traffic down by 4.3%.
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Aeronautical revenue decreased by 2.5%, primarily due to lower domestic passenger traffic.
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Construction revenues fell by 22% due to slower MDP investment execution.
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Cost of services and G&A expenses increased by 16.5%, driven by expansion in operational areas and higher unit costs.
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Concession tax increased by 71% due to a rate hike from 5% to 9%, impacting financial results.
Q & A Highlights
Q: Can you provide your expectations for traffic for the second half of the year in Mexico? A: We maintain our previous projection, expecting a low-single digit decrease in traffic due to the Pratt & Whitney issue. - Ricardo Duenas Espriu, CEO
Q: What is the potential for non-aeronautical revenue per passenger in the medium to long term? A: We expect commercial revenue per passenger to remain stable and increase with inflation. Diversification activities like cargo and hotel services are not directly correlated to passenger growth. - Ruffo Perez Pliego Del Castillo, CFO