JAMAICA’S two key international airports brought in an estimated US$60.64 million ($9.67 bilion) in revenue during the third quarter for concession operator Grupo Aeroportuario del Pacífico, S.A.B. de C.V (Pacific Airport Group or GAP), as both facilities processed 1.77 million passengers.

MBJ Airports Limited, which operates the Sangster International Airport (SIA), had a nine per cent increase in revenue to US$41.46 million as it experienced an increase in passengers processed at the airport. This increase in passenger traffic was largely captured under aeronautical services (passenger fees, landing fees, bridge fees) which saw revenue increase nine per cent to US$26.25 million.

Passenger traffic at SIA improved 7.7 per cent from 1.15 million passengers to 1.24 million passengers during Q3 2025 as the prior period was impacted by Hurricane Beryl. The current figure remains below Q3 2024 when 1.31 million passengers were processed through the airport.

Operating expenses at both airports increased 22 per cent or US$10.24 million due to higher concession fees, improvement costs and depreciation charges. Despite the increase in costs, SIA had a 1.7 per cent improvement in operating profit to US$13.17 million with EBITDA (earnings before interest, tax, depreciation and amortisation) rising 2.5 per cent to US$17.64 million.

GAP noted in its quarterly report that the operating income margin for the Jamaican airports declined 200 basis points (two per cent) to 43.3 per cent and 52.5 per cent if the cost to improvement of concession assets were excluded. GAP noted that the operating profit increased by US$23.04 million or 11.5 per cent compared to Q3 (July to September) 2024 while net profit for the Jamaican operations increased US$38.25 million or 36 per cent. However, comprehensive income declined by US$8.73 million or 6.2 per cent when compared to Q3 2024 due to foreign currency translation losses.

GAP publishes the key financial performance of MBJ Airports in its quarterly reports and groups its Kingston operation under Jamaican airports. Both airports derive more than two-thirds of their revenue in United States dollars (USD). This was revealed in the company’s Q3 (July to September) report which was published on Monday.

For the overall nine months, the Jamaican airports segment generated an estimated US$178.14 million in revenue with MBJ Airports seeing a 14.6 per cent increase in revenue to US$126.25 million. Despite operating expenses rising by US$23.34 million or 17.9 per cent, operating profit improved by US$118.52 billion or 19.7 per cent. MBJ reported a 14 per cent increase in operating profit to US$45.73 million with EBITDA rising 15 per cent to US$59 million.

GAP indicated that net profit for the Jamaican operations increased by 22.4 per cent while comprehensive income decreased by 2.2 per cent due to foreign currency translation.

For the overall nine months, SIA’s airport traffic is down 1.3 per cent from 3.90 million passengers to 3.85 million passengers while Norman Manley International Airport (NMIA) experienced a 6.3 per cent rise from 948,400 passengers to 1.09 million passengers.

GAP is set to have its earnings call in the coming days on the company’s recent quarterly performance. GAP has US$203.30 million in committed investments to improve both airports between 2026 to 2030. The company also benefited from the recent approval of new aeronautical rates at both airports over the same time period. SIA’s rates are set to move from US$17.38 in 2026 to US$19.07 in 2030 while Kingston will see its rates move from US$38.18 in 2026 to US$60.10 in 2030.

MBJ Airports’ concession was extended by a year to March 2034 while its revenue share for PACKAL (PAC Kingston Airports Limited) was reduced from 62.01 per cent to 53.22 per cent in 2024. MBJ Airports represented 11.1 per cent of GAP’s 2024 revenue and was one of five airports responsible for 81 per cent of consolidated revenue. SIA handles over 70 per cent of tourists entering Jamaica with 88 per cent of the island’s hotel capacity in Montego Bay.

“And on the long term, we’re going to see also an important increase of number of rooms that will bring additional tourists to the island. So, we are really optimistic on the long term for Jamaica,” said GAP chief executive officer Raul Revuelta in the July earnings call.