Grupo Aeroportuario del Sureste SAB de CV

Latest Results (20.08.2024):

Passenger Traffic

During 4Q23, Grupo Aeroportuario del Sureste SAB de CV (ASUR) reported a 1.1% year-over-year increase in total passenger traffic, reaching 17.8 million passengers. In Mexico, passenger traffic rose by 4.1% to 11.0 million, driven by increases in both domestic (3.4%) and international (4.8%) traffic. Puerto Rico saw a significant 12.5% increase in total passenger traffic to 2.9 million, with domestic traffic up by 10.7% and international traffic by 31.0%. However, Colombia experienced a 12.9% decline in total passenger traffic to 3.9 million, primarily due to a 16.2% drop in domestic traffic following the suspension of Viva Air and Ultra Air operations.

Revenue Decline

ASUR's consolidated revenues for 4Q23 declined by 5.5% year-over-year to Ps.6,876.9 million. This decrease was primarily due to a reduction in construction revenues. However, when excluding construction revenue, ASUR's revenue actually increased by 4.8% compared to 4Q22. The decline in total revenue reflects the challenges faced in certain operational areas, particularly in Colombia.

EBITDA Performance

ASUR's consolidated EBITDA for 4Q23 declined by 5.8% year-over-year to Ps.4,171.4 million. The adjusted EBITDA margin, which excludes the effect of IFRIC 12, was 67.7%, down from 75.3% in 4Q22. Despite the overall decline, when excluding other non-recurring income in 4Q22, EBITDA actually increased by 1.1% year-over-year, indicating some underlying operational improvements.

Net Income

Grupo Aeroportuario del Sureste SAB de CV reported a net income of Ps.2,617.1 million for 4Q23, a 4.8% decrease from the previous year. The majority net income also saw a slight decline of 0.9% year-over-year, amounting to Ps.2,537.1 million. Earnings per share (EPS) were Ps.8.4570, and earnings per American Depositary Share (ADS) were US$4.9985, both reflecting a 0.9% decrease compared to 4Q22.

Cash and Debt Position

As of the end of 4Q23, ASUR had cash and cash equivalents totaling Ps.15,691.8 million. The company's net debt to EBITDA LTM ratio was negative 0.2x, indicating a strong liquidity position. This robust cash position provides ASUR with a solid foundation to navigate future operational and financial challenges.