Mexican airport operator Grupo Aeroportuario del Centro Norte, known as OMA (NASDAQ: OMAB; BMV: OMA), has provided an update on the cybersecurity incident first reported on October 18, 2024. The incident involved ransomware, which encrypted certain files and systems, and led to the exfiltration of some data. OMA has not yielded to ransom demands and reports no significant impact on their operations or financial position.
Following the attack, OMA has been actively restoring affected systems from backups and has notified relevant authorities. The company is also taking steps to inform business customers, suppliers, and employees whose information may have been compromised. Efforts to enhance security protocols and the ability to respond to such incidents are ongoing.
OMA, which operates 13 international airports across central and northern Mexico, has emphasized that the incident has not materially affected its operations or financial results. The company's management is continually assessing the situation and will report any significant developments as necessary.
The update, based on a recent SEC filing, also includes forward-looking statements cautioning investors about potential risks and uncertainties that could affect future results. These statements are standard in such disclosures and do not necessarily indicate any immediate concern.
OMA is responsible for important transportation hubs and facilities in Mexico, including the Monterrey airport, and employs over 1,200 people. The company is publicly traded both on the Mexican Stock Exchange and the NASDAQ Global Select Market.
In other recent news, Grupo Aeroportuario del Centro Norte, known as OMA, reported a 5.3% decrease in passenger traffic for the third quarter of 2024. Despite this, the company saw a 1.4% growth in combined aeronautical and non-aeronautical revenues. Notably, OMA's consolidated net income for the quarter was Ps.1,385 million, a slight decrease of 2.1% from the previous year.
The company also reported a cybersecurity breach, but assured that it has not caused any material adverse effects on the company's operations, financial performance, or overall condition. Scotiabank (TSX:BNS) upgraded OMA's stock from Sector Underperform to Sector Perform, while Morgan Stanley (NYSE:MS) upgraded the stock from Equal-weight to Overweight.
In a move underscoring OMA's commitment to transparency, the company confirmed Deloitte as the external auditor for the fiscal year ending December 31, 2024. These are the recent developments at OMA.
InvestingPro Insights
Despite the recent cybersecurity incident, OMA's financial metrics suggest a robust underlying business. According to InvestingPro data, the company boasts impressive gross profit margins of 68.39% for the last twelve months as of Q3 2024, indicating strong operational efficiency. This aligns with an InvestingPro Tip highlighting OMA's "impressive gross profit margins."
The company's financial strength is further underscored by its significant dividend yield of 10.78%, supporting another InvestingPro Tip that OMA "pays a significant dividend to shareholders." This high yield could be particularly attractive to income-focused investors, especially given the company's statement that the cybersecurity incident has not materially affected its operations or financial results.
OMA's P/E ratio of 12.66 suggests it may be undervalued relative to its earnings, which is consistent with the InvestingPro Tip indicating that it is "trading at a low earnings multiple." This could present an opportunity for value investors, particularly if the company successfully navigates the aftermath of the cybersecurity incident without significant long-term impacts.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights, with 7 more tips available for OMA beyond those mentioned here.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.