Jamaica City Airports Earn $ 75 Million in Nine Months

Jamaica’s major international airports earned US $ 75 million, the equivalent of more than $ 11 billion, in combined revenue during the first nine months of this year.

But while its performance was better than the peak year of the pandemic, tickets from the busiest airport, Sangster International in Montego Bay, fell 70% below pre-pandemic levels.

The reduced number of flights and travel restrictions resulting from the pandemic caused an almost total drop in the travel market.

Revenue generated by Sangster International amounted to US $ 52.3 million during the period January to September 2021; Kingston International Airport Norman Manley earned $ 22.7 million, according to information released by Pacific Airport Group, GAP, owner of the concession airport.

Norman Manley’s revenue also increased by double digits compared to 2020, but the 2019 comparative figures were not included in the GAP report, as the Mexican company only took over Kingston Airport on October 2019.

The earnings and traffic figures give an insight into whether arrivals are recovering in Jamaica, which depends on tourism, but also give an idea of ​​the health improvement of GAP, which also operates 12 more airports in Mexico.

The company conducted a stress test during the September quarter and concluded that things are improving and that no airport is likely to suffer declines due to the reduction in expected utility.

“In this evaluation, the company reviewed the financial results in the short, medium and long term, concluding that no significant impairment of the company’s assets is expected. As such, the company does not anticipate a business disruption or closure of operations at any of its airports, ”GAP said in its recently released financial report.

At Sangster International, operated through MBJ Airport Limited, total revenue was 1,060 million pesos or US $ 52.3 million in nine months, up from 945.2 million pesos in 2020 but less than 1,700 million pesos in 2019. The largest increase in revenue in 2021 came from rent. stores, food and beverages and other non-aeronautical services rose 24% to 317.67 million pesos or 15.6 million US dollars. Aeronautical revenues increased 17.3% to 691 million pesos or 34 million US dollars. The company also obtained funds from other concession assets for 56 million pesos or 2.8 million US dollars.

In Kingston, Norman Manley generated nine-month revenue of 463 million pesos or 22.7 million US dollars, 24% more than the 375 million pesos in 2020.

Jamaica’s airports depend on international travel with very small amounts of domestic service. The result is that local airports have fallen to a higher level than Mexican airports, which also feature a large tourism business but have a more vibrant domestic travel market.

Revenues for the entire group fell by 50%, to 5.3 billion pesos in 2021, from 11.6 billion pesos in 2019.

Jamaica has three international airports, the third is the state-controlled Ian Fleming Airport, an improved aerodrome that cannot handle large passenger planes.

In terms of passengers, on the Sangster tourist catwalk, the total number of passengers increased by a third year until September, with 1.76 million passengers compared to 1.32 million in 2020, but a decrease 50% over pre-pandemic levels of 2019 at 3.6. millions.

In Kingston, the capital, the total number of passengers on Norman Manley International increased by 15% to 567,700, compared to 495,700 in 2020.

The combination of the total number of passengers at the two international airports for nine months is equivalent to 2.3 million by 2021 or 28% more than 1.81 million by 2020. This increase in passengers at local airports, however, pales in comparison with the 58% increase nationwide. GAP has a total of 14 airports.

business@gleanerjm.com

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