Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB; BMV:OMA), also known as OMA, disclosed a 4.2% decrease in passenger traffic across its 13 airports for July 2024 compared to the same month last year. The detailed report, filed today with the U.S. Securities and Exchange Commission, indicates that domestic traffic fell by 6.2%, while international traffic saw a 10.7% increase.
The decrease in passenger numbers is partly attributed to the impact of Hurricane Otis on Acapulco Airport. Excluding this, the combined traffic for OMA's remaining 12 airports showed a 2.8% decline. The majority of the traffic, 99.5%, was commercial, with the remainder being general aviation.
OMA also announced the commencement of four new routes during the month, which could potentially contribute to future traffic growth. The company's report includes forward-looking statements which are based on current expectations and projections about future events. OMA, however, cautions investors that these statements are subject to various risks and uncertainties that could cause actual results to differ materially.
The company, which operates key airports in central and northern Mexico, including Monterrey and tourist destinations like Acapulco, Mazatlán, and Zihuatanejo, also manages hotel properties within airport complexes. OMA employs over 1,200 people and is listed on both the Mexican Stock Exchange and the NASDAQ Global Select Market.
In other recent news, Grupo Aeroportuario del Centro Norte, commonly known as OMA, has unveiled its 2023 Sustainability Report and third Green Bond Report, emphasizing its commitment to environmental and sustainability goals. These reports showcase OMA's strides in various activities and initiatives, including the allocation of proceeds and the environmental impact of projects funded by the Green Bond issued in 2021.
On the financial front, OMA reported mixed results in its second-quarter earnings for 2024. Total passenger traffic saw a 2.4% decrease, largely due to a 4.3% fall in domestic traffic, linked to the Pratt & Whitney engine recall. However, this was offset by a 12% surge in international traffic and a 13.8% growth in non-aeronautical revenues. The company also reported an adjusted EBITDA of MXN 2.2 billion and a cash position of MXN 1.6 billion.
Further, OMA achieved a significant infrastructure milestone with the inauguration of the Terminal A East expansion at Monterrey Airport. The company anticipates a low-single-digit decline in traffic for the second half of the year but expects non-aeronautical revenue per passenger to rise with inflation. These recent developments underscore OMA's ongoing efforts to maintain transparency and accountability in its operations and sustainability endeavors.
InvestingPro Insights
In light of Grupo Aeroportuario del Centro Norte's recent performance update, InvestingPro data offers additional context to the company's financial health. OMA's market capitalization stands at an adjusted $3.1 billion, with an attractive P/E ratio of 11.6, suggesting that the company is trading at a lower earnings multiple which could indicate a potentially undervalued stock. This is reinforced by a robust gross profit margin of approximately 67.95% over the last twelve months as of Q2 2024, illustrating the company's efficiency in managing its cost of sales relative to revenue.
InvestingPro Tips highlight OMA's significant dividend yield of about 10.76%, which is a compelling factor for income-focused investors. Additionally, analysts predict the company will be profitable this year, a sentiment backed by OMA's profitability over the last twelve months. For investors seeking deeper analysis, there are over 10 additional InvestingPro Tips available, providing a comprehensive overview of OMA's financial and operational standing within the Transportation Infrastructure industry.
These insights, coupled with OMA's strategic expansion via new routes and its established presence in key Mexican cities, present a nuanced investment picture that goes beyond the surface-level traffic numbers. Investors may find value in considering these factors as part of their overall assessment of OMA's potential in their portfolios.
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