Pacific-coast airport operator Grupo Aeroportuario del Pacífico (GAP) announced this week that it will invest more than 52 billion pesos (US $2.6 billion) in its facilities from 2025-2029. The announcement boosted the company’s stock listings on Mexico’s stock exchange (BMV) and the New York Stock Exchange.
In a press bulletin released Wednesday, GAP said its “historic” investment demonstrates its commitment to substantially improving all 12 of the airports it operates in central and western Mexico.
“These investments are carefully calculated to add capacity to all GAP airports in support of the future growth of the regions in which they are located,” said Raúl Revuelta Musalem, CEO of GAP. “Our primary objective is passenger service but we are eager to contribute to Mexico’s economic development … particularly by attracting airlines that want to invest in Mexico.”
GAP operates 12 airports throughout Mexico, including the major cities of Guadalajara and Tijuana, as well as four tourist destinations: Puerto Vallarta, Los Cabos, La Paz and Manzanillo.
Six other mid-sized cities are managed by GAP: Hermosillo, León, Morelia, Aguascalientes, Mexicali and Los Mochis.
Four airports — Guadalajara, Tijuana, San José del Cabo and Puerto Vallarta — will receive 82% of the proposed investments, with Guadalajara getting 22.4 billion pesos (US $1.14 billion).
GAP is building a new, 69,000 square-meter terminal at the Guadalajara International Airport which will increase passenger capacity by 70%, according to the company’s statement. GAP anticipates capacity will climb from 19 million passengers this year to 39 million passengers per year once the new terminal is completed.
The airport operator will also be spending 9.8 billion pesos (US $500 million) to expand the terminal at the Tijuana International Airport, while shelling out an additional 6.9 billion pesos (US $350 million) to expand the Los Cabos International Airport’s terminal.
GAP’s Master Development Plan for 2025-2029 was approved by the federal Infrastructure, Communications and Transport Ministry (SICT).
According to the Master Plan, the investments will increase GAP’s overall terminal capacity by 60% and will add 45% more security checkpoints, as well as increase airfield space and allow for additional gates.
News of the announcement prompted GAP’s stock price to climb 9.1% to 336.9 pesos per share on Mexico’s BMV on Tuesday. Share prices reached 455 pesos by Thursday’s close. On the New York Stock Exchange, the company’s stock was up 6.2% on the week as of 1 p.m. Friday.
The 52 billion-peso investment is more than twice what GAP invested during the previous five-year period. GAP included just over 24 billion pesos for investments in its 2020-2024 Master Plan, more than 15.5 billion of which was spent on improvements at the Guadalajara airport, including a second runway.
With reports from Reforma, El Economista and Expansión
Source: Mexico News Daily
