Grupo Aeroportuario del Sureste(ASR) - 2024 Q3 - Quarterly Report

Financial Performance - Total revenue increased by 18.1% YoY to Ps.7,483.3 million, with consolidated EBITDA rising by 12.0% YoY to Ps.4,700.4 million[2]. - Net income rose by 23.8% YoY to Ps.3,474.6 million, with earnings per share increasing by 24.8% to Ps.11.2706[3]. - Operating profit for Q3 2024 was Ps.4,097.2 million, with an operating margin of 54.8%, down from 58.0% in Q3 2023[20]. - EBITDA increased by 12.0% YoY to Ps.4,700.4 million, with a consolidated EBITDA margin of 62.8% compared to 66.2% in Q3 2023[22]. - Total operating costs and expenses increased by 27.3% YoY to Ps.3,386.1 million, with significant increases in personnel and maintenance costs across all regions[13]. - Total revenues increased by 18.1% YoY to Ps.7,483.3 million in Q3 2024, driven by a 96.6% increase in construction services revenues and a 19.4% increase in aeronautical services revenues[11]. Passenger Traffic - Total passenger traffic declined by 2.1% YoY, with Mexico experiencing a 10.1% decrease, while Puerto Rico and Colombia saw increases of 4.6% and 15.5%, respectively[2][6]. - Passenger traffic in Mexico for 3Q24 was 9.6 million, down from 10.7 million in 3Q23, while Colombia's traffic reached 4.3 million[6][8]. - Domestic passenger traffic in Mexico decreased by 8.0% in Q3 2024 compared to Q3 2023, totaling 5,255,435 passengers[102]. - International passenger traffic in Mexico decreased by 12.6% in Q3 2024, totaling 4,369,475 passengers[102]. - In Colombia, total passenger traffic increased by 15.5% in Q3 2024, reaching 4,314,938 passengers[102]. Capital Expenditures - Capital expenditures (Capex) surged by 183.8% YoY to Ps.1,042.4 million, indicating a strong investment in infrastructure[3]. - Capital expenditures in 3Q24 amounted to Ps.1,042.4 million, significantly higher than Ps.367.4 million in 3Q23, with a focus on modernizing Mexican airports[47]. - Capital expenditures for the first nine months of 2024 totaled Ps.1,861.8 million, compared to Ps.663.3 million in the same period of 2023[48]. Financial Position - Cash and cash equivalents at the end of the quarter were Ps.18,483.6 million, with a net debt position of (Ps.5,853.2 million)[3]. - The company reported a negative net debt to LTM EBITDA ratio of (0.3), reflecting a strong financial position[3]. - Total debt increased by 3.3% to Ps.12,630.4 million from Ps.12,224.8 million as of December 31, 2023, primarily due to foreign exchange impacts and debt principal payments[32]. - Cash and cash equivalents totaled Ps.18,483.6 million, providing a strong liquidity position against total debt of Ps.12,630.4 million[40]. - The interest coverage ratio improved to 12.1x as of September 30, 2024, compared to 11.4x a year earlier[37]. Regional Performance - Total revenues in Mexico increased by 17.1% YoY to Ps.5,386.4 million, driven by a 19.3% increase in aeronautical services revenues[50]. - Total Puerto Rico revenues increased by 14.5% year-over-year to Ps.1,215.6 million in 3Q24, with non-aeronautical services revenues rising by 14.5% and aeronautical services revenues by 11.7%[68]. - Total revenues in Colombia rose by 29.9% YoY to Ps.881.3 million in 3Q24, with commercial revenue per passenger increasing to Ps.52.0 from Ps.43.3 in 3Q23[83]. Operational Highlights - The company reported a consolidated comprehensive financing gain of Ps.906.5 million in Q3 2024, significantly up from Ps.143.0 million in Q3 2023, primarily due to a foreign exchange gain[23]. - ASUR opened 18 new commercial spaces across various airports, enhancing its retail and service offerings[54]. - The company is diversifying its revenue streams with new partnerships in Colombia, including airlines and food and beverage sectors, with several agreements expected to generate revenue from October 2023 to August 2024[104]. Market Outlook - The overall market outlook remains cautious due to the decline in passenger traffic in Mexico, but growth in other regions provides a balanced perspective[2][6]. - The strategic expansion into new markets and sectors is expected to drive growth, with a focus on both car rental and retail operations across various regions[104].