Mexico’s Military-Run Firms Lose 5.6B Pesos in First Year

Mexico City — State-owned enterprises managed by the Mexican military are not profitable, according to an analysis by El Financiero based on financial statements from six business units controlled by the Secretariat of National Defense (Sedena) and the Navy. In their first year of operations, these entities recorded combined operating losses exceeding 5.6 billion pesos.

Financial Struggles of Military-Managed Enterprises

The review of financial documents revealed that the companies—Grupo Aeroportuario Ferroviario de Servicios Auxiliares y Conexos Olmeca-Maya-Mexica (GAFSACOMM), the Maya Train, the Felipe Ángeles International Airport (AIFA), Mexicana de Aviación, tourism operators in the Islas Marías, and the Isthmus Railway—generated only half the revenue required to sustain operations.

Of these, only AIFA and the Islas Marías tourism project reported profits. The airport posted earnings of 290 million pesos, while the former prison island’s tourism venture recorded a modest profit of 3 million pesos.

Largest Losses Recorded

The Maya Train incurred the highest losses, with an operational deficit of 2.56 billion pesos. GAFSACOMM, which consolidates multiple business units including hotels and parks, followed with losses of 1.4 billion pesos.

Mexicana de Aviación reported a loss of 1.25 billion pesos in its first year of operation, while the Isthmus Railway registered a deficit of 633 million pesos. Collectively, these military-run enterprises drained public funds at a rate of 15 million pesos per day.

Government Subsidies Offset Deficits

To compensate for the losses, the enterprises relied on subsidies and transfers from the federal treasury. In 2024 alone—their first full year of operation—these state-owned companies received 20.99 billion pesos in subsidies. The Maya Train was the largest recipient of these funds.

The financial analysis underscores the economic challenges facing Mexico’s military-managed enterprises, raising questions about their long-term viability without continued government support.