Although the low-cost airline Volaris has already recovered this year the level of passenger traffic it had before the Covid-19 pandemic, the company has not been able to take off on the Mexican Stock Exchange (BMV) and is the one that has fallen the most of all the issuers of the main stock market index, the S&P/BMV IPC.
On Wednesday of last week, the airline announced that in the first half of 2022 it transported 14.27 million passengers, an increase of 34.42% compared to the flow it had in the same period of 2019, a year before the outbreak of the coronavirus. Covid.19 pandemic.
However, its titles accumulate a loss of 47.14% so far this year, trading each share at 19.42 pesos when at the beginning of the year they were at 36.74 pesos.
In addition, it reports a loss in market value of 22,643.27 million pesos (mp) in 2022, for a total capitalization at the end of July 8 of 22,643.27 million pesos.
In 2021, Volaris shares achieved a 48.32% advance on the BMV, with a capitalization gain of 17,774 million pesos. With the losses that the station accumulates this year, it has already lost all the profits it obtained in all of 2021.
Currently his papers are at the level they were in mid-November 2020.
Jacobo Rodríguez, Director of Analysis at Black Wallstreet Capital, assured that the issuer has been affected this year by the increase in the prices of its fuels, especially jet fuel.
The price of jet fuel in the North American region had an annual increase of 95% at the end of last week, according to data from the International Air Transport Association (IATA, for its acronym in English).
An analysis by HR Ratings indicated that in the first quarter of the year spending on jet fuel represented up to 32% of airline operating expenses.
Jacobo Rodríguez added that in addition to the increase in fuel prices, Volaris also suffered losses on the stock market due to the problems experienced by the Mexican airline sector in recent months.
According to a report by Monex Casa de Bolsa, of the 35 companies that belong to the S&P/BMV IPC, Volaris will be the one reporting the worst results in the second quarter of 2022.
The Casa de Bolsa forecasts that although the low-cost airline will have an increase of 43% in terms of sales, its operating flow (EBITDA) will decrease by 47.7%, while its net profit would fall by up to 99 percent.
Aeroméxico without taking off
In the case of the other two Mexican airlines, Viva Aerobús transported 9.43 million passengers in January-June 2022, an increase of 108.41% compared to the 4.52 million that it transported in the same period of 2019. This airline only participates in the debt market.
On the other hand, Aeroméxico is the only one that still has a lag, with a 5.82% drop in passenger traffic. In the first half of this year, it transported 9.69 million passengers compared to 10.29 million in the same period of 2019.
In total, the three airlines transferred 33.39 million passengers in the first half of 2022, 31.30% more than the same period in 2019.
The three airport groups listed on the BMV also recovered pre-pandemic passenger traffic levels.
The increase in the number of passengers by air occurred despite the fact that in Mexico the rates of both national and international flights increased by up to 40%, according to the rating agency HR Ratings.
