Q4 2024 Grupo Aeroportuario del Centro Norte SAB de CV Earnings Call Transcript
Key Points
- Grupo Aeroportuario del Centro Norte SAB de CV (OMAB) reported a 4.6% increase in total passenger traffic in the fourth quarter of 2024, with international passenger traffic growing by 26.4%.
- The company achieved a record high commercial revenue per passenger of MXN60 in 2024, a 17% increase compared to 2023.
- OMA's cargo business grew by 22% in 2024, driven by organizational changes to improve efficiency and customer service.
- The industrial park business saw a 61% increase in revenue, supported by strong industrial activity in the Monterrey region and the depreciation of the Mexican peso against the US dollar.
- All 13 OMA airports obtained Level 3 Optimization Certification on the Airport Carbon Accreditation Program, highlighting the company's commitment to sustainable airport management.
- Domestic passenger traffic declined by 3.5% in 2024, influenced by aircraft capacity constraints and operational restrictions at Mexico City International Airport.
- The company faced a 97% increase in concession tax due to a rate hike from 5% to 9%, impacting financial results.
- A bad debt expense of MXN9.7 million was recognized due to a nonperforming tenant in the Monterrey Industrial Park.
- Consolidated net income decreased by 5.9% in the fourth quarter of 2024 compared to the same period in 2023.
- The company experienced a significant increase in financing expenses, primarily due to a noncash effect related to changes in the present value of the major maintenance provision.
Greetings, and welcome to the Grupo Aeroportuario del Centro Norte, OMA, fourth quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Emmanuel Camacho, Investor Relations Officer for the company. Thank you. You may begin.
Thank you, Melissa, and good morning, everyone. Welcome to OMA's fourth quarter 2024 earnings conference call. Joining us this morning are our CEO, Ricardo Duenas; and our CFO, Ruffo Perez Pliego.
Please be reminded that certain statements made in the course of our discussion today may constitute forward-looking statements which are based on current management's expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including factors that may be beyond our control.
And now I'll turn the call over to Ricardo Duenas for his opening remarks.
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