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After a historic 2022, analysts expect Mexican airport operators to post strong earnings in 2023 as tourism in the country is more popular than ever.

Mexico’s largest airport operators will likely see a boost in 2023, propelled by tourist stays at resorts and an increase in nearshoring, or companies moving operations closer to home, analysts said on Tuesday.

The country’s top airport operators — Asur, GAP and OMA — had a “historic” year in 2022, with record passenger growth of more than 20 percent in December, compared to the same month in 2019.

“From our perspective, that shows a complete recovery of the sector,” following a crash in travel demand from the coronavirus pandemic, analysts at Mexico’s Monex said.

Operators Asur and GAP were boosted by tourism out of Cancun and Tijuana, Monex said, while OMA saw business trips climb. All three are expected to post strong earnings in 2023, Monex said.

Asur’s revenues are expected to grow 38.4 percent in 2023, while GAP’s are projected to climb 37.6 percent and OMA’s 34.6 percent, Monex said.

(Reporting by Kylie Madry; Editing by Sandra Maler)

This article was from Reuters and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to [email protected].

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Tags: airports, business travel, cancun, coronavirus recovery, mexico, resorts

Photo credit: Volaris and Aeromexico aircraft at Mexico's Morelia airport. Rod ajl / Wikimedia

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