SECsense Logo

OMA's 4Q24 Financial Report: Passenger Traffic Soars & Revenue Grows Amid Challenges

$OMAB
Form 6-K
Filed on: 2025-02-25
Source
OMA's 4Q24 Financial Report: Passenger Traffic Soars & Revenue Grows Amid Challenges

Here are the key insights and information extracted from the financial report of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMA) for the fourth quarter of 2024 (4Q24):

Financial Highlights for 4Q24

  • Passenger Traffic:
  • Total passenger traffic increased by 4.6% compared to 4Q23, reaching 7.1 million passengers.
  • Notable growth in international traffic (+26.4%), while domestic traffic rose by 1.5%.
  • Revenue Growth:
  • Combined aeronautical and non-aeronautical revenues grew by 13.6% year-over-year.
  • Adjusted EBITDA for the quarter was Ps. 2,433 million, with a margin of 73.8%.
  • For the full year 2024, Adjusted EBITDA remained flat at Ps. 9,069 million compared to 2023.
  • Capital Investments:
  • Total capital investments and major maintenance works in 2024 amounted to Ps. 3,458 million.
  • In 4Q24, these investments were Ps. 951 million.

Financial Performance Metrics

  • Operating Income:
  • Operating income for 4Q24 was reported at Ps. 2,193 million, resulting in an operating margin of 53.3%.
  • Net Income:
  • Consolidated net income for the quarter was Ps. 1,181 million, reflecting a 5.9% decline from 4Q23.
  • Earnings per share for net income was Ps. 3.07, with earnings per American Depositary Share (ADS) at US$ 1.18.
  • Debt Metrics:
  • The leverage ratio (Net Debt/Adjusted EBITDA) stood at 1.1x as of December 31, 2024.

Key Investments and Developments

  • Dividends:
  • OMA distributed dividends amounting to Ps. 10.89 per share during 2024.
  • Short-term Financing:
  • In November 2024, OMA secured Ps. 600 million in short-term loans to support working capital, with a maturity date in May 2025.
  • Carbon Accreditation:
  • OMA's 13 airports achieved Level 3 "Optimization" Accreditation from the Airport Carbon Accreditation Program as of February 13, 2025.

Challenges and Considerations

  • The report noted an increase in financing expenses by 48.1% due to higher interest costs, which could impact future profitability.
  • The increase in airport concession taxes (up 97% to Ps. 265.2 million) affects the aeronautical revenue structure and may influence future pricing strategies.

Summary

Overall, OMA demonstrated resilience in passenger traffic growth and revenue generation despite facing operational challenges, such as increased taxation and financing costs. The company's strategic capital investments and focus on sustainability through carbon accreditation reflect a commitment to long-term growth and operational excellence.