Grupo Aeroportuario del Centro Norte S.A.B. de C.V
Context: How Bolsa Mexicana de Valores works, and what it makes issuers disclose · Mexico on the LatAm Power Map
Thirteen airports, one controlling shareholder from Paris, and a profit margin that most manufacturers would envy: OMA is Mexico’s quietly exceptional airport company, and its network sits exactly where the country’s industrial boom is happening.
| Full name | Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. |
| Tickers / exchange | OMA · Bolsa Mexicana de Valores (BMV); OMAB · NASDAQ Global Select Market |
| Headquarters | Mexico City, Mexico (corporate); network anchored in Monterrey |
| Sector | Industrials — Airports & Air Services |
| Employees | ~1,200 |
| Market value | MXN 91.6 bn (~USD 5.3 bn) (our calculation) |
| Yearly sales (revenue, FY2025) | MXN 16.0 bn (~USD 919 m) (our calculation) |
| Net profit (FY2025) | MXN 5.3 bn (~USD 308 m) (our calculation) |
| Net margin | 32.6% — keeps about 33 cents of profit from every peso of sales |
| Return on equity | 43.4% — earns MXN 43 (US$2)for every MXN 100 (US$6)owners have invested |
| Price-to-earnings | 17.3× — the market pays MXN 17.30 (US$1.00)for each peso of annual profit |
| Dividend yield | 0% shown in current data; OMA paid cash dividends every year from its 2006 IPO through 2024 |
| Net cash | MXN 3.1 bn (~USD 178 m), no debt recorded in latest balance sheet (our calculation) |
| Website | www.oma.aero |
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What it is
OMA manages and operates 13 airports in the central and northern region of Mexico, holding government-granted concessions that give it the exclusive right to run those airports for decades. Monterrey, Mexico’s industrial powerhouse, accounts for 51% of the group’s total passengers; regional cities represent 27%; tourist destinations such as Acapulco, Mazatlán and Zihuatanejo 12%; and border cities 10%.
83% of its passengers are domestic; the remainder are international. Beyond landing fees, OMA runs parking lots, leases space to restaurants and retailers, operates cargo warehouses, and manages two hotels: the NH Collection inside Terminal 2 of Mexico City airport and the Hilton Garden Inn at Monterrey airport.
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Who owns it
France’s VINCI Airports paid USD 1.17 billion to acquire a 29.99% stake in OMA through the purchase of two vehicles, SETA and Aerodrome, becoming OMA’s largest shareholder. Since December 2022, OMA has been part of VINCI Airports, the world’s leading private airport operator.
SETA, which holds OMA’s Series BB shares, is not publicly traded; each Series BB share carries equal dividend rights and one vote, and BB holders also hold veto rights over certain actions, including dividend payments and the nomination or removal of certain senior management. The remaining shares trade freely on the BMV and NASDAQ, with institutional investors holding about 35% of the total capital (EODHD).
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Who runs it
Ricardo Dueñas has been CEO since November 2018; Ruffo Pérez Pliego serves as CFO. Both have led every earnings call through 2025 and into early 2026.
The operational layer has been refreshed with VINCI talent: a new Chief Operating Officer, appointed in August 2025, joined OMA in 2006 and most recently ran Monterrey International Airport.
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The money, in plain words
OMA keeps about 33 cents of profit from every peso it collects — a net profit margin of 32.6%, exceptional for any transport business. Revenue has grown steadily: MXN 14.5 bn (US$835 mn) in 2023, MXN 15.1 bn (US$869 mn) in 2024, MXN 16.0 bn (US$921 mn) in 2025 — rises of 4.3% and 5.9% in successive years (our calculation).
For every peso owners have put in, the company earns back roughly 43 centavos per year — a return on equity of 43.4%, which reflects both strong profits and a lean balance sheet. The company holds MXN 3.1 bn (~USD 178 m) in cash with no debt recorded in the latest balance sheet, giving it a net cash position that funds expansion and dividends without needing to borrow (our calculation).
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What it is doing now
OMA reported an 11.8% increase in passenger traffic in March 2025 versus March 2024, with domestic traffic up 11.9% and international traffic up 11.5%. The momentum continued: terminal passenger traffic increased 8.5% in June 2025 compared with June 2024, with international traffic rising 10.5%.
The company is negotiating a new 15-year Master Development Programme — a government-mandated investment plan — with about half of planned spending targeted at Monterrey. Management expects investment levels to be similar in real terms to the previous programme, with maximum tariff increases in the low single digits.
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What to watch
- Nearshoring dividend: OMA’s strategic airport network in Mexico’s north, led by Monterrey, is positioned to benefit from nearshoring and logistics growth as manufacturers relocate supply chains closer to the United States.
- Tariff negotiations: Airport fees in Mexico are regulated and reset through the Master Development Programme; the outcome of the current negotiation sets OMA’s revenue ceiling for the next 15 years.
- VINCI integration: Recent senior appointments with ties to VINCI signal a focus on operational continuity and a commercial strategy aligned with the new controlling partner’s global network.
- International expansion: Management says it is always looking for international expansion opportunities, but currently has no concrete transaction to share.
- Dividend resumption: OMA paid cash dividends every year since its 2006 IPO through 2024; whether that record resumes in 2025 is a live question for income-oriented holders.
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Sources
- OMA Investor Relations — Company Profile
- OMA Investor Relations — Frequently Asked Questions (shareholder structure, dividends, regulation)
- OMA Investor Relations — Management Team
- SEC Form 6-K, April 2025 — OMA Q1 traffic release (VINCI affiliation statement)
- SEC Form 6-K, July 2025 — OMA June 2025 traffic release (CFO identification)
- VINCI press release — VINCI becomes largest shareholder in OMA (December 2022)
- Market data: EODHD.
This is news, not investment advice.
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