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Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (NASDAQ:OMAB), known as OMA, disclosed its operating and financial results for the fourth quarter of 2024 today. The Mexican airport operator, currently valued at $3.83 billion and maintaining impressive gross profit margins of 68.39%, announced a slight decrease in passenger traffic for the full year, while Adjusted EBITDA remained flat compared to the previous year. According to InvestingPro analysis, the company’s overall financial health score is rated as GREAT, with particularly strong profitability metrics.
For the year 2024, OMA reported a 1.2% decrease in passenger traffic, totaling 26.5 million passengers. Despite this, the company managed to maintain its Adjusted EBITDA at Ps.9,069 million, consistent with 2023 levels. The company offers an attractive dividend yield of 4.73% and reported a leverage ratio of 1.1x Net Debt/Adjusted EBITDA as of December 31, 2024. Based on InvestingPro’s Fair Value analysis, the stock appears slightly undervalued at current levels.
In the fourth quarter, OMA experienced a 4.6% increase in passenger traffic compared to the same period in the previous year, reaching 7.1 million passengers. The airports showing the most significant growth included Monterrey and Acapulco. Revenues from aeronautical and non-aeronautical sources grew by 13.6% in comparison to the fourth quarter of 2023.
The company invested Ps.951 million in capital and major maintenance works during the quarter, as part of its Master Development Plans and strategic investments. Adjusted EBITDA for the quarter reached Ps.2,433 million.
OMA also highlighted its achievement in obtaining Level 3 "Optimization" Accreditation from the Airport Carbon Accreditation (ACA) Program for all its 13 airports, reflecting its commitment to reducing the carbon footprint in the airport industry.
The company’s financial statements, prepared in accordance with International Financial Reporting Standards, show that total operating costs and expenses increased by 11.7% in the fourth quarter of 2024. Despite these increases, the company maintains a P/E ratio of 15.67 and trades near its 52-week high of $90.53. Financing expenses grew by 48.1% due to higher interest expenses, impacting net income, which saw a 5.9% decrease compared to the fourth quarter of 2023. For deeper insights into OMA’s financial performance and access to 13 additional ProTips, consider subscribing to InvestingPro, which offers comprehensive analysis and valuation metrics for over 1,400 US-listed companies.
OMA’s press release also mentioned a Ps.600 million short-term financing obtained in November 2024 to support working capital needs, with a portion already repaid in February 2025.
The information is based on a press release statement and provides a snapshot of OMA’s financial health and operational achievements as it navigates the aviation industry’s dynamic landscape.
In other recent news, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMA) reported notable increases in passenger traffic over several months. In January 2025, OMA experienced a 9.9% rise in passenger traffic across its 13 airports compared to the previous year, with domestic travel increasing by 7.3% and international traffic surging by 24.0%. This trend followed a 9.1% increase in December 2024, driven by a 6.2% rise in domestic passengers and a 26.1% jump in international travel. In November 2024, OMA also recorded a 9.9% growth in passenger traffic, with international traffic contributing a significant 40.7% increase.
The company attributed these increases to the introduction of new routes, including one in January and multiple seasonal and regular routes in December and November. The overwhelming majority of this traffic, 99.4%, was commercial in nature, with a small portion attributed to general aviation. OMA operates key airports in central and northern Mexico, including Monterrey and popular tourist destinations such as Acapulco and Mazatlán. While the company has not provided specific financial guidance related to these traffic increases, it has noted that forward-looking statements involve risks and uncertainties. OMA’s management remains cautiously optimistic about future trends, acknowledging external factors that could impact results.
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