Corporación América Airports S.A. (NYSE: CAAP), one of the leading private airport operators globally, announced a year-on-year (YoY) passenger traffic increase of 3.2% for December 2024. When adjusted for the cessation of operations at Natal Airport, total traffic rose by 6.6% YoY, marking continued recovery and growth across multiple markets.
Passenger Traffic Overview
Total passenger traffic in December 2024 increased by 3.2% compared to the same period in 2023. Excluding Natal, which ceased operations earlier in the year, passenger traffic demonstrated a stronger 6.6% YoY growth. Domestic traffic declined by 2.1% but posted a 3.3% increase when excluding Natal. This growth was fueled by significant gains in Italy and a rebound in Argentina. Meanwhile, international traffic grew by an impressive 11.4%, supported by robust performance in both Argentina and Italy. Corporación
Regional Highlights
Argentina
Argentina’s passenger traffic rose by 7.0% YoY in December, an all-time high that reversed a 3.3% decline recorded in November. This improvement was largely driven by a recovery in domestic traffic, which increased by 3.4% YoY after a 7.2% decline in the prior month. International traffic surged by 16.2% YoY, outperforming November’s 10.3% growth.
Key airline developments contributed to this growth. JetSMART expanded its domestic fleet to 12 aircraft, including the addition of its first Airbus A320neo. United Airlines introduced a second daily frequency to Houston through mid-February, and Delta Air Lines initiated a second daily frequency to Atlanta through mid-January. Additionally, Air Canada resumed daily flights from Ezeiza until the end of March, while LATAM Airlines reinstated its seasonal route between Bariloche and Santiago de Chile. Sky Peru also launched new flights from Aeroparque to Lima.
Italy
Passenger traffic in Italy recorded a 15.2% YoY increase in December. International traffic, which accounted for nearly 75% of the total, rose by 11.9% YoY. Pisa Airport saw a remarkable 16.2% increase, while Florence Airport experienced a 6.8% rise. Domestic traffic grew even more robustly, at 25.3% YoY, with strong performances at both Pisa and Florence airports contributing significantly.
Brazil
In Brazil, total passenger traffic declined by 11.3% YoY but increased by 3.4% when excluding the discontinued operations at Natal Airport. Domestic traffic, which comprised almost 60% of total traffic, fell by 20.4% YoY but showed a modest 0.9% increase when excluding Natal. Transit passenger numbers improved by 5.5% YoY. These results reflect ongoing challenges in Brazil’s aviation sector, including aircraft availability constraints and operational adjustments. The temporary closure of Porto Alegre Airport also contributed to the traffic trends.
Uruguay
Uruguay’s predominantly international passenger traffic continued to recover, growing by 8.2% YoY in December. The recovery was supported by new routes introduced during the month. SKY Airline launched a route between Montevideo and Rio de Janeiro, while Azul Linhas Aéreas began flights to Florianópolis. Additionally, LATAM inaugurated direct flights from Santiago de Chile to Punta del Este, offering three weekly flights from November to March to coincide with the summer season.
Ecuador
Passenger traffic in Ecuador increased by 1.2% YoY, reflecting a steady recovery following a strong performance in 2023. International traffic rose by 4.4% YoY, while domestic traffic declined by 2.9%, impacted by elevated airfare prices that dampened demand.
Armenia
Armenia experienced a 6.4% YoY increase in passenger traffic, building on the strong recovery trends observed in 2023. Growth in Armenia has been driven by the introduction of new airlines, routes, and increased flight frequencies, which continued into 2024.
Cargo Volume and Aircraft Movements
Cargo volume in December 2024 grew by 9.3% YoY, with positive contributions from most countries, except Brazil and Ecuador. Argentina (+12.8%), Uruguay (+11.2%), Armenia (+46.2%), and Italy (+7.6%) showed strong growth, while Ecuador (-6.9%) and Brazil (-12.0%) experienced declines. The combined contributions of Argentina, Brazil, and Armenia accounted for over 80% of the total cargo volume.
Aircraft movements also increased by 2.5% YoY, with positive contributions from all regions except Brazil. Argentina (+6.1%), Uruguay (+1.3%), Armenia (+10.1%), Ecuador (+0.3%), and Italy (+7.4%) showed increases, while Brazil declined by 10.4%. Similar to cargo trends, Argentina, Brazil, and Ecuador were responsible for over 80% of total aircraft movements.
About Corporación América Airports
Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. Corporación Corporación Corporación
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