By Justin Lee (Singapore)
Just like other airport operators, 2020 was a difficult year for Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) due to the outbreak of the COVID-19 pandemic which caused unprecedented disruptions to the global air travel industry.
GAP Airport Network – Source: GAP Corporate Presentation
In the past year, GAP’s 12 airports in Mexico and 2 airports in Jamaica saw a year-on-year decline in passenger traffic by 43.9% to 27.3 million passengers.
With the drastic decline in passenger traffic, the airport operator also faced a 26.9% decline in revenues to MXN 11.9b and a 52.4% decline in operating income to MXN 3.9b.
The airport operator’s balance sheet at the end of the year 2020 appears to present its financial position on a more positive note.
GAP Shareholders’ Structure – Source: GAP Corporate Presentation
GAP’s current assets saw an increase by 79.8% to MXN 16.8b while current liabilities increased by 12.5%, translating into an increase in the current ratio from 2.00 at the end of 2019 to 3.19 at the end of 2020. The current ratio of 3.19 indicates that current assets of the company are more than sufficient to cover current liabilities.