OMA reports dip in passenger traffic for October

Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ: OMAB), known as OMA, disclosed a 4.8% decrease in passenger traffic across its 13 airports for October 2024 compared to the same month last year. The Mexican airport operator noted a 7.0% decline in domestic traffic, while international traffic saw a 12.7% increase.

The report, based on a press release statement, revealed that 99.4% of the total passenger traffic was commercial, with the remaining 0.6% accounting for general aviation. OMA also announced the commencement of operations on a new route during October.

OMA operates major airports including Monterrey, as well as tourist destinations like Acapulco, Mazatlán, and Zihuatanejo. The company manages additional regional centers and border cities. Beyond airport services, OMA also operates hotels such as the NH Collection Hotel in Mexico City's airport and the Hilton Garden Inn at Monterrey airport.

The company's management cautions that forward-looking statements in the report, such as projections and expectations, are subject to various risks and uncertainties. These could lead to actual results differing materially from those projected.

OMA is listed on both the Mexican Stock Exchange and the NASDAQ Global Select Market. The company employs over 1,200 people to provide diverse airport and commercial services.

This recent filing with the Securities and Exchange Commission was signed off by Ruffo Pérez Pliego, OMA's Chief Financial Officer, on Friday, November 8, 2024.

In other recent news, Grupo Aeroportuario del Centro Norte, known as OMA, has announced its second dividend installment of Ps.2,125 million, set to be paid on November 20, 2024. The company also reported a 5.3% decrease in passenger traffic in the third quarter of 2024, but a 1.4% growth in combined aeronautical and non-aeronautical revenues. OMA's consolidated net income for the quarter was Ps.1,385 million, showing a slight decrease of 2.1% from the previous year.

In recent developments, OMA has managed a cybersecurity incident, reporting no significant impact on its operations or financial position. Scotiabank (TSX:BNS) and Morgan Stanley (NYSE:MS) have upgraded their stance on OMA's stock from Sector Underperform to Sector Perform and Equal-weight to Overweight respectively.

The company has also confirmed Deloitte as the external auditor for the fiscal year ending December 31, 2024. These recent developments highlight OMA's commitment to maintaining robust security measures and its ability to sustain revenue growth despite a dip in passenger traffic.

InvestingPro Insights

Despite the recent decline in passenger traffic, OMA's financial metrics paint a picture of a robust company with strong profitability. According to InvestingPro data, OMA boasts impressive gross profit margins of 68.39% for the last twelve months as of Q3 2024, reflecting efficient operations across its airport network. This aligns with an InvestingPro Tip highlighting OMA's "impressive gross profit margins."

The company's financial strength is further underscored by its dividend policy. OMA currently offers a substantial dividend yield of 10.25%, with a remarkable dividend growth of 83.37% over the last twelve months. This generous shareholder return is consistent with the InvestingPro Tip that OMA "pays a significant dividend to shareholders."

For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips on OMA, providing deeper insights into the company's financial health and market position.

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