The following is a summary of the Corporación América Airports S.A. (CAAP) Q4 2023 Earnings Call Transcript:
Financial Performance:
Corporación Ameřica Airports (CAAP) reported robust growth in Q4 2023, driven by passenger traffic increase in the low-teens to mid-20s annually, totalling over 81 million across its airports.
Adjusted EBITDA saw a boost of $166.5 million due to the successful conclusion of the Natal Airport concession agreement.
Revenue saw high teens growth driven by consistent expansion in revenue per passenger and, excluding Natal concession contribution, adjusted EBITDA increased in the high 20s.
Business Progress:
CAAP demonstrated growth momentum across all regions, facilitated by robust demand recovery as reflected in a robust balance sheet and healthy maturity profile.
Flight routes reinstatements and increased frequencies led to total traffic achieving 99% of pre-pandemic levels, with international passengers surpassing Q4 2019 levels by 7%.
Armenia and Argentina airports have both surpassed pre-pandemic levels, with Armenia registering continuous growth overall seven consecutive quarters.
Development plans for the Armenia and Italy airports have been projected over the subsequent 4-5 years, following local authority approval.
The company is monitoring the Argentinian government's proposed Open Skies policy, perceived as auspicious for CAAP's operations.
More details: Corporacion America Airports IR
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