Mexico Grupo Aeroportuario del Pacífico plans 2025-2030 budget 18 May 2023#71513Mexican airport operator Grupo Aeroportuario del Pacífico (GAP) is planning to invest over 25 billion pesos (US$1.4 billion) between 2025 and 2030 to address the growing demand caused by the nearshoring trend. The company is currently working on its five-year budget, which needs approval from Mexican authorities by the end of 2024. The budget will likely be similar to the previous period but may be larger due to increasing passenger numbers.Some of the investments will be allocated to projects aimed at accommodating the nearshoring phenomenon, such as the expansion of Tijuana airport with the addition of a third terminal. This expansion is driven by urban growth and the expectation of increased traffic from the nearshoring trend. Tijuana airport recently opened a second terminal, known as the "cross-border terminal," which caters to passengers from both sides of the Mexico-US border.Guadalajara airport is also undergoing modernization, including the construction of an additional runway to be completed by the end of this year, as well as the development of a third terminal. The goal is to transform Guadalajara airport into a connection hub to compete with Panama's Tocumen airport. Puerto Vallarta airport is building a new terminal, expected to be operational next year, while the international terminal at Los Cabos airport is being expanded.GAP recorded a 16% increase in passengers in 2022, and they anticipate a further 6-8% growth in traffic this year. The company expects a revenue increase of 10-12% compared to 2022, driven by additional passengers, new routes, and commercial services. GAP currently operates and manages 12 airports in Mexico and two in Jamaica.
