Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE:PAC) Q1 2023 Earnings Conference Call April 17, 2023 11:00 AM ET
Company Participants
Maria Barona - Investor Relations
Raul Revuelta - Chief Executive Officer
Saul Villarreal - Chief Financial Officer
Conference Call Participants
Rodolfo Ramos - Bradesco BBI
Fernanda Recchia - BTG Pactual
Alberto Valerio - UBS
Filipe Nielsen - Citigroup
Anton Mortenkotter - GBM
Guilherme Mendes - JPMorgan
Operator
Good morning, and welcome to GAP's Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' presentation, we will open the floor for questions and at that time, instructions will be given if you would like to ask any question.
It is now my pleasure to turn the call over to GAP's Investor Relations team. Please go ahead.
Maria Barona
Thank you, and welcome to the Grupo Aeroportuario del Pacifico's First Quarter 2023 Conference Call. Presenting from the company today, we welcome Mr. Raul Revuelta, GAP's Chief Executive Officer; and Mr. Saul Villarreal, Chief Financial Officer.
Please be advised that forward-looking statements may be made during this conference call. These do not account for future economic circumstances, industry conditions, the company's future performance or financial results. As such, statements made are based on several assumptions and factors that could change causing actual results to materially differ from the current expectations. For a complete note on forward-looking statements, please refer to the quarterly report that was issued previously.
At this point, I would like to turn the call over to Mr. Revuelta for his opening remarks. Please go ahead, sir.
Raul Revuelta
Thank you, Maria. Hello, everyone, and welcome. This year has started of a strong and we delivered a great performance across key operational and financial metrics. The number of passengers this quarter was almost 16 million passengers, an increase of nearly 24% compared to 2022. Supporting these passenger traffic growth was the solid demand experienced at the Montego Bay, Guadalajara and Puerto Vallarta airports, as well as the greatest number of routes and frequencies across our network.
Note that for a comparison purpose, when we look at January and February of 2022, the impact of the Omicron variant did affect passenger traffic, which was not the case in 2023. As a result, aeronautical revenues increased by 31%, driven by a passengers traffic recovery throughout GAP's network, as well as the maximum tariff increases, which fulfill almost 99% of the maximum tariff in our Mexican airports. It is important to note, that the benefit of the Jamaican airport consolidation is not fully reflected here because of the effect of appreciation of Mexican pesos of 9% over US dollar, which impacts the increase in revenues. Jamaican airports represented 15% total increase in aeronautical revenues.