By Daniel Shvartsman

Investing.com – Mexican airport operator Grupo Aeroportuario del Centro Norte SAB de CV (NASDAQ:) announcedThe approval of an extraordinary dividend meeting at the shareholder meeting. Approval was given for a maximum of 4,370,000,000 Pesos or Ps 11.20/share. This is approximately $4.30/share for ADRs traded in the U.S. It is compared to the share price in Mexico of Ps 11.20/share (the equivalent to about $4.30/share) and $52.84/share (U.S.Grupo Aeroportuario de CentroNorte MX ).

“Our cash position and our strong cash generation, which is the result of a continued improvement in our passenger traffic levels, as well as the strong performance in our non-aeronautical activities; and the solid balance sheet, reinforce our positive perspectives for the Company going forward, and we believe we can add more value to our shareholders through this special dividend distribution”, said Ricardo Dueñas, OMA’s Chief Executive Officer.

Although the board will ultimately decide on the exact date and details of the payment payment, the press release notes that the total payment of Ps 11.20/share would result in a 12.2% trailing 12-month yield at Tuesday’s closing price.

As travel stocks continue to be monitored by Omicron-related restrictions and cross-currents, this is a good sign. Grupo Aeroportuario del Centro Norte still has not recovered to its 2019 passenger level, however, the press release states that they are confident about their situation. The press release stated that the company believes, “that the special dividend will allow the Company to 1) reduce its cost of capital, 2) provide a more adequate return on capital, as measured by net income divided by shareholders’ equity, 3) achieve a more efficient capital structure, and 4) continue to provide adequate returns to shareholders.”

OMAB ADR shares are at 1.3% higher than peers Grupo Aeroportuario del Pacifico SAB De CV ADR (NYSE:) are down .1% and Grupo Aeroportuario del Sureste SAB de CV ADR (NYSE:) is flat.