MBJ Airports Jamaica Limited reported a 42 per cent decline in fourth-quarter revenue after Hurricane Melissa drove a 46 per cent drop in passenger arrivals at Sangster International Airport.

This was revealed on Monday by its parent company Grupo Aeroportuario del Pacífico, S.A.B. de C.V (Pacific Airport Group or GAP), which published its fourth quarter (October to December) report. GAP is the parent company of MBJ and PAC Kingston Airports Limited (PACKAL), which manage the operations of SIA and Norman Manley International Airport (NMIA).

MBJ Airports saw fourth-quarter revenue fall from MXN$773.64 million to MXN$450.27 million (US$24.58 million), equivalent to approximately $3.89 billion. The bulk of this decline was attributed to the 52.6 per cent dip in aeronautical services (passenger fees, landing fees, bridge fees) from MXN$456.53 million to MXN$216.48 million (US$11.82 million) due to the passage of the hurricane on October 28.

These fees are paid by airlines, which are affected by passenger volumes. There were 535,300 fewer passengers that passed through the Montego Bay airport during the quarter. MBJ also suspended landing and parking fees for non-commercial relief flights bringing cargo and medical personnel into SIA. All of these factors saw MBJ’s EBITDA (earnings before interest, tax, depreciation and amortisation) decline 36 per cent from MXN$319.09 million to MXN$204.21 million (US$11.15 million).

“Montego Bay Airport was affected, sustaining damage to the terminal building, equipment, and operational areas. As a precautionary measure, the airport suspended operations on October 26, 2025, resuming them on November 1,” GAP stated in its earnings release.

GAP does not segregate the earnings for its operations at NMIA. However, GAP said aeronautical revenue at its Jamaican airports declined 35.7 per cent, or MXN$266.40 million, while non-aeronautical revenue fell 29.5 per cent, or MXN$81.2 million, in the fourth quarter. GAP noted that because the Mexican peso strengthened against the US dollar during the quarter, US dollar-denominated revenues translated into lower reported figures in pesos. NMIA and SIA generate more than 70 per cent of their revenue in US dollars.

“Kingston Airport experienced minor impacts and only required the preventive closure of its facilities on October 25, resuming regular operations on October 29,” GAP noted on the Kingston facilities.

For the full year, MBJ Airports saw total revenue marginally decline to MXN$2.92 billion (US$151.67 million), equivalent to approximately $23.98 billion. Prior to the hurricane, MBJ’s total revenue for the first nine months of 2025 had risen by 15 per cent to MXN$2.47 billion, underscoring the impact to Jamaica’s largest international airport.

Despite the marginal dip in revenue, MBJ’s operating income improved to MXN$1.02 billion while EBITDA increased three per cent to MXN$1.36 billion (US$70.55 million). This is against MBJ’s 11 per cent drop in passengers processed to 4.47 million passengers for 2025.

GAP said aeronautical revenue at its Jamaican airports rose three per cent when measured in pesos (MXN$87.4 million), but declined two per cent, or US$3.3 million, when measured in US dollars.

Non-aeronautical revenue increased five per cent in peso terms (MXN$51 million), but fell marginally by 0.2 per cent, or US$0.2 million, in US dollar terms.

“The recovery of passenger traffic in Jamaica will largely depend on the pace of restoration of the country’s hotel and tourism infrastructure,” GAP said on the Jamaican market segment.

Government projects traffic rebound

The Airports Authority of Jamaica (AAJ) is positive on a rebound in air traffic at Jamaica’s two international airports in 2026. This was revealed in the Ministry of Finance & Public Service (MOFPS) public bodies budget for the March 2027 fiscal year (FY).

“Passenger traffic at SIA was impacted negatively by the passage of Hurricane Melissa in late 2025, however projections indicate a full recovery by July 2026, resulting in total passenger traffic of 4.1 million in 2026, relative to 4.3 million in 2025,” the document stated.

The AAJ noted that it expects passenger traffic at NMIA to rise in 2026 relative to the 1.84 million passengers processed in 2025. The Port Authority of Jamaica is also expecting cruise tourism arrivals to be 1.21 million passengers in the new fiscal year.

The AAJ is projected to spend $9.53 billion in capital expenditure during the 2027 financial year. The statutory body is expected to spend $4.98 billion on the rehabilitation of the NMIA apron and $2.11 billion on improvements at various aerodromes.

The rebound in airport traffic is crucial for AAJ, which is projecting a $3.66 billion deficit in the March 2027 financial year. This is due to higher expenses for the securitisation of its concession revenue at SIA and NMIA. The Government of Jamaica raised a combined US$880 million ($138.64 billion) via international markets over the last two years by monetising AAJ’s economic flows from both international airports. The government is set to provide a $3.47 billion subvention to AAJ for the new fiscal year.

GAP projects brighter outlook

GAP is projecting to handle two to five per cent more in passenger traffic for 2026 with total revenues projected to be eight to eleven per cent higher. The airport operator is also projecting to spend MXN$13.5 billion (US$786.35 million) in capital expenditure during 2026.

GAP manages 12 airports in Mexico and two airports in Jamaica under different concession agreements. GAP saw a 23 per cent rise in total revenue to MXN$41.41 billion (US$2.41 billion) and reported a 17 per cent increase in operating income to MXN$17.58 billion. GAP’s consolidated net income grew 13 per cent to MXN$10 billion (US$582.52 million), with MXN$9.57 billion attributable to shareholders.

GAP’s total assets rose eight per cent to MXN$88.14 billion with the airport operating company having MXN$10.45 billion in cash. Total liabilities increased 11 per cent to MXN$63.30 billion while equity attributable to shareholders closed at MXN$22.47 billion.

GAP noted that the Turks and Caicos Government cancelled the redevelopment project for the Howard Hamilton International Airport in favour of an alternative execution model.

Also, the recent spike in violence in the Mexican state of Jalisco on February 22 resulted in 209 cancellations across three airports. There was a subsequent 120 cancellations in airplane arrivals on February 23. Despite reassurances that its Guadalajara operations are secured by the National Guard and Ministry of National Defence, GAP’s share price has fallen 11 per cent since Friday. This has pushed the company down from an all-time high price on the New York Stock Exchange to a market capitalisation of US$13.45 billion.

Investors can learn more about the company’s activities on February 25 at 10am during its earnings call. GAP’s annual report (20-F) will be released in April.

US$1 = MXN$18.3151 (Q4 2025)

US$1 = MXN$19.2324 (Full year 2025)