Strong financial performance, with global revenue increasing 20% year-on-year to $2.6 billion[1] (2023: $2.2 billion)

9 April 2025, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announceda record-breaking performance in 2024, marking its fourth consecutive year of double-digit revenue growth. Reported in its 2024 Annual Review & Sustainability Report, the aviation services provider has delivered strong financial results, with global revenue increasing year-on-year by 20% to $2.6 billion, driven by expansion in existing and new markets. The group also reported a robust EBITDA of $382m (post IFRS16), with a 15% margin, illustrating the strength of its core operations and the sustainability of the business. This enabled increased investment in equipment, technology and training, while providing confidence to customers that it is a reliable, long-term partner. This unparalleled growth reaffirms Menzies as the industry leader and provides a strong footing for future expansion as more airlines and airport partners choose the company as a partner of choice, recognising its safety record, high quality services and agile leadership. Key highlights:

• Key deals in Portugal, Hong Kong, Angola and Malaysia helped to strengthen the company’s global footprint to 300 airports in 65 countries.
• Expansion in established markets, such as Serbia and Spain showcased its successful partnerships and strong track record.
• Menzies managed more than 4.8 million flights (2023: 4.5 million), serving over 250 million passengers (2023: 217 million).
• Investments in existing air cargo facilities as well as in cutting edge technology enabled the company to handle a record 2.4 million tonnes of cargo (2023: 2 million).
• The launch of its Pearl Elevated Travel brand boosted its service offering, driving 2.8 million guests to its 55 lounges, while Air Menzies International solidified its position as a leading airfreight provider, achieving a 16% year-on-year growth in tonnage.

The company also made significant progress toward its ESG goals, with continued efforts to reduce emissions in line with its ambitious Net-Zero 2045 target, demonstrating a commitment to sustainable growth alongside business expansion. Key highlights include:

• It was the first major aviation services provider to have its net zero targets approved by the Science Based Targets initiative.
• Progress towards its 25% electric Ground Support Equipment (GSE) by 2025 target, with 22% of its worldwide fleet now electric.
• Second consecutive year of reducing voluntary staff turnover with a further 5% reduction in 2024, meaning the company is now well below pre-Covid turnover levels.
• Reached its goal of 25% of women in senior leadership roles, in line with IATA’s 25by2025 campaign.
• Financed over USD $388k towards sustainable development partnerships, community projects, charities and supporting local fundraising by its teams.

Hassan El-Houry, Executive Chairman, Menzies Aviation, said: “2024 has been a groundbreaking year for Menzies, marked by double-digit growth and record-breaking milestones in both flights and passengers served, and cargo tonnes handled. As we reflect on these achievements, we take immense pride in leading the way, delivering high-quality aviation services, while upholding the highest standards of safety and security. With passenger numbers expected to surpass 5.2 billion for the first time and more than 40 million flights taking to the skies in 2025, our vision for the future remains clear: to be the world’s leading aviation services provider. We are confident about the future and are committed to responsible expansion, operational excellence, sustainability, and contributing to the powerful and positive force of the aviation industry.” Philipp Joeinig, Group CEO, Menzies Aviation, added: “Strategic expansion has been key to our success over the past four years, resulting in a 41 percent increase in the number of airports we serve and a 71 percent growth in the number of countries since 2021. Our efforts in nurturing strong relationships with our airline customers and airport partners has created a solid foundation for continued success, with new global opportunities at an all-time high. I’m especially proud that we were the first major aviation services business to have our net zero targets approved by the Science Based Targets initiative, reinforcing our commitment to leading from the front and raising the bar in sustainability. Our goal of becoming the undisputed leader in our industry remains central to everything we do, and we look forward to continuing this exciting journey together.” To read the Menzies Aviation 2024 Annual Review and Sustainability Report, please visit: menziesaviation.com/annual-review-and-sustainability-report-2024

[1] Figures have been rounded.

The post Menzies Aviation records $2.6 billion in revenue across its global operations appeared first on Agility Global.

(Million USD) FY 2023

(Million USD) Variance

(%) Revenue 4,507 3,936 14.5% EBITDA 711 606 17.4% EBIT 404 333 21.4% Net Profit 128 50 152.8% EPS (cent) 1.25 0.49 155.1%

*Numbers are rounded.

ABU DHABI – March 26, 2025 – Agility Global PLC, a multi-business owner and operator and long-term investor, today reported full year 2024 results. Earnings were $128 million, or 1.25 cents per share. EBIT grew 21.4% to $404 million, and revenue increased 14.5% to $4,507 million.

Agility Global Chairman Tarek Sultan said: “The past year was an exciting one for Agility Global. With the May 2024 listing of our company on the dynamic, fast-growing Abu Dhabi Securities Exchange, we entered a new era of growth. Our three largest operating businesses – Menzies Aviation, Tristar Group and Agility Logistics Parks – took important steps to strengthen their market-leading positions by expanding their footprint and acquiring new customers.  Our investment segment reported an increase in the carrying value of our portfolio in 2024, driven by the price appreciation of our largest investment, DSV, following announcement of its planned acquisition of DB Schenker making DSV the world’s largest freight forwarder and logistics provider.”

Dividends

In December 2024, the company paid $65 million in cash as interim dividends for 2024. And in-line with the Company’s guidance, the board has now recommended distributing another $65 million as cash dividends for the financial year 2024. That recommendation will be submitted to the General Assembly for approval. This will bring the total cash dividends for 2024 to $130 million.

FY 2024 Performance

Controlled Segment

For FY 2024, the consolidated EBIT of the controlled businesses was $391 million; EBITDA was $698 million; and revenue was $4.5 billion. This reflects increases of 13.7%, 13% and 15%, respectively, over 2023.

Aviation Services: Menzies

Menzies Aviation revenue reached $2.6 billion in 2024, representing 20% growth from 2023. This growth was mainly driven by increase in volumes as a result of new operations launched during 2024. New operations include an acquisition in Portugal, seven new licenses in Spain, expansion into Serbia, a new cargo facility in Bangalore, India, and new operations at other locations across the globe. Over the same period, EBITDA grew by 20% with almost all material divisions and service lines showing growth.

In addition to the new operations Menzies also successfully negotiated contract renewals with key customers; was awarded a new state-of-the-art cargo facility at the Western Sydney Airport; and rolled out new cargo software (MACH) at 20 airports.

Menzies has had a strong start to 2025 with growth in ground handling, cargo and fueling operations across its 300-airport network in 65 countries.

Fuel Logistics: Tristar 

Tristar, a fully integrated fuel logistics business, delivered strong performance during 2024. Revenue was $1.2 billion, an increase of 11.8%. EBITDA reached $255 million, and EBIT was $152 million, increases of 16.8% and 29.7%, respectively, over 2023. The top line growth was mainly driven by the start of new Sri Lanka retail fuel business, where Tristar received a license to operate 150 Shell-branded fuel stations for a 20-year period.

Tristar group has healthy pipeline of growth opportunities, especially in infrastructure capacity building. Those opportunities are predominately related to the Maritime and Fuel storage business.

Industrial Real Estate: Agility Logistics Parks

Agility Logistics Parks (ALP), a leading developer of warehouse parks and light industrial facilities, reported revenue of $52 million an increase of 13.2%, EBIT stood at $67 million including the IP revaluation gain of $30 million.  Adjusting for the IP revaluation in both periods EBIT showed a 25% increase. Strong demand for world-class warehousing in fast-growing MENA markets is fueling the growth of ALP, especially in Saudi Arabia. During 2024, ALP kicked off the construction of the Jeddah logistics park that was previously announced. ALP Saudi Arabia also announced development of more than 100k SQM of warehousing space in Riyadh. ALP will continue to look for opportunities in the markets where it operates and in new potential markets.

Investment Segment

Agility Global holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of 31 December 2024, the carrying value of those stakes was roughly $5.3 billion an increase of $815 million from December 31, 2023. The largest holdings in this segment are in DSV and Reem Mall.

DSV is a Copenhagen-based logistics company and is expected to become the world’s number one freight forwarder when it completes its acquisition of DB Schenker, based in Germany. Agility Global owns 19.3 million shares of DSV today, making it one of the Denmark-based company’s largest shareholders.

Reem Mall – Agility Global is an investor in Reem Mall on Abu Dhabi’s Reem Island. Agility Global’s stake in Reem Mall consists of equity and convertible debt. The mall had a soft opening to the public in February 2023 and launched formally in May 2024. To date, 194 units are trading, and almost 80% of Gross Leasable Area (GLA) is committed. More tenants are expected to announce openings in coming months. The mall is one of the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

Recap of Agility Global FY 2024 Financial Performance

• Revenue increased 14.5% to $4.5 billion.
• EBITDA increased 17.4% to $711 million, with 15.8% margins.
• EBIT increased by 21.4% to $404 million, with 9% margins.
• Net profit reached $128 million, equivalent to 1.25 cent per share.
• Agility Global enjoys a healthy balance sheet with $11.8 billion in assets and USD 5.6 billion in total equity attributable to the equity holder of the parent company. Agility Global’s largest investment, which is DSV, represents around 35% of the total assets.
• The company’s net debt (excluding lease liabilities) was $2.5 billion. Most of the debt is a result of a funded equity collar on the back of some DSV shares.
• Operating cash flow was $627 million for 2024. Agility Global spent $197 million in net CAPEX and investments during the year.

The post Agility Global PLC Reports FY 2024 Net Profit of $128 Million appeared first on Agility Global.

12 March 2025, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, has unveiled its new 245,000 square feet greenfield domestic cargo terminal in partnership with BIAL (Bangalore International Airport Ltd).

The new state-of-the-art cargo terminal is designed to enhance operational efficiency for Menzies’ cargo operations. It will support a wide variety of airfreight commodities, and incorporates advanced technology, specialised storage facilities, and sustainable design principles to deliver seamless handling while accommodating future growth in cargo demand.

Strategically located at Kempegowda International Airport Bengaluru, the terminal spans more than seven acres and is designed with scalability in mind. Handling up to 360,000 tonnes of cargo at peak capacity, it boasts a total built-up area of more than 245,000 square feet – 80 percent of which is dedicated to core operational activities, ensuring high efficiency and seamless cargo management.

With space for up to 42 trucks simultaneously, the facility also has eight strategically placed floor-level weighted scales for accurate cargo weight and volume verification.

Constructed in line with Indian Green Building Council (IGBC) standards, the new facility is poised to set a new benchmark for efficient and eco-friendly cargo handling. It incorporates sustainable design elements such as sky lighting, enhanced ventilation for optimal air quality, water conservation measures, efficient waste management systems, and energy efficient technologies.

Charles Wyley, EVP Middle East, Africa & Asia, said: “Our new greenfield domestic cargo terminal at Kempegowda International Airport Bengaluru (BLR) is a major step forward in our commitment to delivering efficient, reliable and future-ready logistics solutions. With the rapid growth in air cargo in India – which is set to reach 5.8 million tonnes by 2029, this facility is designed to not only meet today’s demand but to scale for future needs as the industry continues to evolve.”

Satyaki Raghunath, COO of Bangalore International Airport Limited, added, “This new domestic cargo terminal reflects our unwavering commitment to sustainable growth. By seamlessly integrating eco-friendly practices with cutting-edge technology, we have created a facility that addresses the growing demand for domestic cargo but also sets benchmarks for operational efficiency and environmental responsibility. This new facility will bring us closer to realising our vision of becoming a premier air cargo hub, unlocking new opportunities and driving economic growth.”

The post Menzies Aviation unveils new domestic cargo terminal in Bengaluru, India appeared first on Agility Global.

3 March 2025, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced a major contract win with Air India, India’s leading global carrier. Under the new three-year agreement, Menzies will deliver a full suite of ground handling and cargo services at eight locations across four continents.

The company will provide a mixture of passenger, ramp, de-icing and cleaning services at London Heathrow (LHR), Copenhagen Airport (CPH), Toronto Pearson International Airport (YYZ), Kuwait International Airport (KWI) and Los Angeles International Airport (LAX). In the first year alone, Menzies is set to manage at least 4,100 turns, with significant growth anticipated over the course of the three years.

Menzies has also been appointed to deliver cargo warehouse services at four locations for the flag carrier airline of India including Kuwait International Airport (KWI), Dallas Fort Worth International Airport (DFW), Sydney Airport (SYD) and Melbourne Airport (MEL). Teams at the four locations is likely to handle approximately 9,000 tonnes of cargo in the first 12 months of the new agreement.

Founded over 90 years ago, Air India, India’s leading global airline, flew more than 45 million passengers and transported 295,000 tonnes of cargo globally in the calendar year 2024. Based at Gurugram in northern India, Air India had placed the then largest-ever order for 470 new aircraft in 2023 and added 100 more aircraft to the numbers. Today, Air India group employs more than 30,000 people, operates over 300 aircraft and carries customers to 55 domestic and 48 international destinations across five continents.

Philipp Joeinig, CEO, Menzies Aviation, said: “We’re excited to enter a new chapter in our relationship with Air India, expanding our footprint right across the globe. This latest win underscores the progress we are making on our ambitious growth plans and reflects the safe, secure and high-quality services that we offer our customers. We look forward to building our relationship with Air India, providing exceptional aviation services to its growing number of passengers over the next three years.”

The post Menzies Aviation expands global footprint in major contract win with Air India appeared first on Agility Global.

February 2, 2025, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced a major milestone in its global expansion, reaching 300 airports worldwide. This growth underscores the company’s continued commitment to becoming the undisputed number one supplier of aviation services on a global scale.

The latest addition to its extensive network is Kuala Lumpur International Airport (KUL), the largest and busiest airport in Malaysia. In 2023, KUL managed 47.2 million passengers, 980,040 tonnes of cargo, and 819,026 aircraft movements, solidifying its position as a key hub in Southeast Asia. This strategic expansion into KUL marks an important step in strengthening Menzies’ global presence across six continents.

As part of its strategic vision, Menzies’ announcement is a testament to its efforts to improve operational efficiencies, enhance customer service, and contribute to the safety and sustainability of the aviation industry.

Philipp Joeinig, Group CEO, Menzies Aviation, said: “We are excited to welcome Kuala Lumpur International Airport to our growing network of more than 300 airports in 65 countries. This expansion provides our airlines customers with easier access to our high-quality, trusted aviation services across six continents. We remain dedicated to providing the safest, most secure, and sustainable landside and airside solutions in every location we operate.”

Hassan El-Houry, Executive Chairman, said: “We are incredibly grateful for the hard work and dedication of our employees, airline customers and airport partners who have helped us reach this significant milestone. We look forward to continuing this journey and we’re excited to welcome both passengers and airlines to KUL and beyond.”

The post Menzies Aviation expands to 300 airports worldwide appeared first on Agility Global.

RIYADH — 10 December 2024 — Riyadh Development Company (ARDCO), a publicly listed Saudi real estate development and development management company, and Agility Logistics Parks (ALP), announced the signing of a strategic partnership to build a state-of-the-art warehousing facility at a prime location east of Riyadh.

The SAR 227m project involves construction of 58,000 SQM of Grade A warehousing on a 97,904 SQM parcel of land in the Rimal district of Riyadh. The integrated logistics center will be built by Agility, on land owned by ARDCO.

Construction is to begin in 2025, and the complex is expected to open in the first half of 2026.

On this occasion, Jehad AlKadi, CEO of ARDCO, said: “This partnership is part of our commitment to the ‘Invest to Grow’ strategy, which aims to invest in promising growth sectors, providing a sustainable source of income for the company while creating added value in priority sectors and maximizing overall shareholder returns. The ‘Logistics Facilities’ project, in collaboration with Agility Logistics Parks, marks the company’s first investment in high-quality logistics sector facilities. This contributes to strengthening Riyadh’s position as a vibrant capital and a regional hub for logistics services.”

Michel Saab, CEO of Agility Logistics Parks, also said: “We are proud to collaborate with ARDCO on this new project, which reflects our confidence in Saudi Arabia’s potential as one of the most exciting markets for logistics investment in the world today. Agility has been investing in building strategic logistics infrastructure in the Kingdom for over two decades, and we’ve witnessed first-hand how Riyadh is continuing to strengthen its position as a vital regional and global logistics hub. This project will further expand logistics capacity and resilience in the nation’s dynamic capital.”

The post Riyadh Development Company and Agility Logistics Parks Sign Strategic Partnership Agreement to Develop SAR 227 million Logistics Facility in Riyadh appeared first on Agility Global.

7 November 2024, Dubai: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced an extension of its partnership with Wipro to roll-out the Menzies Aviation Cargo Handling (MACH) cargo management system to 28 new stations in 2025.

In 2024, working with leading technology services and consulting company Wipro, Menzies’ pioneering, end-to-end MACH system has been deployed at 24 locations across four continents, with a further 13 airports on track to go live over the coming months.

Since its launch in November 2023, the new cargo management system has been rolled-out at major locations including Auckland Airport (AKL), Dallas Fort Worth International Airport (DFW) and O. R. Tambo International Airport (JNB) and has managed more than 150,000 tonnes. It will ultimately be used by more than 3,000 end users, with over 600 Menzies employees now trained to use the system safely and effectively. 

The introduction of MACH represents a transition to a truly innovative end-to-end cargo management system, revolutionising operations across the Menzies network. Its cloud-based architecture ensures accessibility from anywhere, anytime and on any device, providing real-time insights and data.

Operating from a ‘single source of truth,’ MACH seamlessly integrates with other systems helping to simplify and standardise all processes. An integral part of the cargo management ecosystem, it improves data accuracy as all electronic information is populated automatically across the system.

Rory Fidler, SVP Cargo Technology, Menzies Aviation, said: “We are very excited to confirm the second phase of the MACH roll-out, which will see the system implemented at an additional 28 locations across the world. The first phase of the programme will be completed over the coming months, which is testament to the successful offering, and sharing the multiple benefits of this pioneering and cutting-edge system to our airline customers across our global network.”

Omkar Nisal, UKI Managing Director, Wipro Limited, said: “Leveraging advanced automation, real-time data integration, and streamlined workflows, our solution is helping Menzies handle more shipments with fewer resources, leading to cost savings and faster turnaround times. Through real-time data integration, Menzies is now able to have better visibility into the supply chain, allowing them to identify and resolve issues promptly, thus ensuring timely deliveries and customer satisfaction. We are committed to continually raising the bar on our work for Menzies and bringing these leading technology solutions to the broader Cargo industry.”

The post Menzies Aviation extends MACH roll-out to 28 new locations appeared first on Agility Global.

ACCRA, Ghana – October, 30th 2024 – Jumia, the leading Africa e-commerce platform, has chosen the state-of-the-art Agility Logistics Park (ALP) in Tema, Ghana, to be its new nationwide fulfilment operations centre for Ghana.

Jumia will occupy 6,000 SQM of warehousing at the park, using the facility for storage, fulfilment and office space under a 10-year lease agreement with ALP. The facility will hold a wide range of products and be used to process orders and ship deliveries to consumers across Ghana.

“We chose the Agility Logistics Park in Tema because its strategic location will help ensure rapid, efficient delivery of products throughout Ghana. Increased quality storage capacity at the new facility will enable us to improve efficiency in managing our growing product range, allowing us to better meet the expectations of Ghanaian customers,” said Temidayo Ojo, CEO Jumia Ghana.

Jumia is listed on the New York Stock Exchange and operates in 11 African countries. Its marketplace connects sellers to consumers with logistics services that enable shipment and delivery of packages. The platform offers goods across a broad range of categories, including phones and electronics, home appliances, fast-moving consumer goods, fashion and beauty products. The company’s JumiaPay solution facilitates online payment transactions.

The Agility Logistics Park – Ghana is minutes from Tema Port, one of West Africa’s largest. ALP offers the country’s most modern warehousing and infrastructure, and best facilities management, security, versatility and leasing terms. ALP Ghana serves as a storage, distribution, assembly and processing hub for multinationals, regional leaders and local brands in consumer goods, retail, equipment, automotive, energy, mining, agri-business and other sectors. The park includes a training facility, as well as sustainability features that reduce waste and lower energy and water consumption.

Geoffrey White, CEO Agility Africa, said: “We are delighted that Jumia chose to make the Agility Global warehouse park in Tema its new home in Ghana. The location, modern infrastructure and services at ALP Ghana make it ideal for e-commerce operations. We’re confident that quality warehousing can assist Jumia to accelerate its growth and meet the demands of Ghana’s rapidly expanding online shopping market.”

The post Jumia Chooses Agility Logistics Park – Ghana for E-Commerce Fulfilment appeared first on Agility Global.

RIYADH – Shipa Delivery, a leader in on-demand, first-mile and last-mile deliveries across the GCC, announced that it will add a Jeddah e-commerce gateway to its two existing Saudi gateways in Riyadh and Dammam, reducing delivery times for both inbound and outbound shipments.

The Jeddah gateway will expand international merchants’ access to the fast-growing Saudi market, enhancing customer experience with quicker deliveries. It will offer increased capacity during peak periods and reduce emissions for deliveries to Saudi Arabia’s Red Sea corridor and western portions of the Kingdom.

Shipa Delivery announced the opening of the Jeddah gateway Sunday at the Global Logistics Forum in Riyadh, alongside its parent company, Agility, a supply chain services, infrastructure and innovation company with more than two decades of investment and operational experience in Saudi Arabia.

Shipa Delivery’s footprint in the Kingdom includes more than 18 hubs and 500+ delivery vehicles. The company’s proprietary technology platform gives shippers full tracking and visibility, and offers them a one-stop shop to manage clearance, fulfilment, deliveries, reverse logistics and other functions.

The new Jeddah gateway will open in January and cut 12 to 24 hours from delivery times in the western part of the Kingdom.

“The Jeddah gateway will make our e-commerce clients more competitive by shortening delivery times. It allows us to expand our capacity in the Kingdom by up to 15%, relieving constraints that arise during peak periods, and it allows us to introduce more routes to more delivery destinations within Saudi Arabia,” said Shipa Delivery CEO Borhene Ben Mena.

The Saudi e-commerce market, largest in the Middle East, is one of the fastest-growing in the world. It is growing at an annual rate of 13.5% vs. the sector’s global growth rate of 11.2%, according to Economy Middle East.

The post New Shipa Delivery Jeddah Gateway will Cut E-Commerce Delivery Times   appeared first on Agility Global.

RIYADH – Oct. 13, 2024 – Agility, a global leader in supply chain services, infrastructure and innovation, announced plans for the final phase of expansion at the Agility Logistics Parks (ALP) warehousing complex in Riyadh.

The expansion project represents an investment of 250 million SAR and will add 100,000 SQM of Class A warehousing to the complex, taking the total available 551,368 SQM. The first phase of the expansion will be ready and operating in Q1 2025. It is expected to create 300 new jobs for Saudis.

ALP developed and operates state-of-the-art warehousing complexes in Riyadh and Dammam. The company is investing more than 611 million SAR to build a third ALP complex, near Jeddah.

Michel Saab, global CEO of Agility Logistics Parks, said the help and collaboration of the Royal Commission for Riyadh City (RCRC), the Ministry of Investment (MISA), and the Riyadh region municipality were vital to the launch of the ALP expansion in Riyadh.

“ALP’s expansion in Riyadh is not just about increasing our operational capacity,” Saab said. “It represents a substantial contribution to the growth of the logistics market in Saudi Arabia and will allow international companies to invest in their growth in the Kingdom. By building world-class warehousing, we are able to provide critical infrastructure that is helping to make the Kingdom a global and regional logistics hub.”

ALP offers some of Saudi Arabia’s most modern, sustainable warehousing. Its Riyadh Logistics Park is home to storage, distribution, processing and fulfillment operations of some of the country’s leading consumer, industrial and e-commerce brands. In 2022, a warehouse at the Riyadh park became the first building in the Kingdom and the first warehouse in the GCC to receive EDGE Advanced certification.

EDGE (Excellence in Design for Greater Efficiencies) is the global standard for energy-efficient buildings, a certification system overseen by the International Finance Corp. (IFC), an arm of the World Bank. EDGE Advanced buildings are “zero-carbon ready” structures that are at least 40% more energy efficient than others in the market.

The post Agility Logistics Parks Begins Major Riyadh Expansion appeared first on Agility Global.