24 June 2024, Dubai: Menzies Aviation, the leading service partner to the world’s airports and airlines, and an Agility Global company, is pleased to announce that the Science Based Targets initiative (SBTi) has approved its science-based targets to reach net-zero greenhouse gas emissions across the value chain by 2045. This includes a 50% near-term reduction in scope 1 and 2 GHG emissions by 2030 from its 2022 baseline, and in scope 3 GHG emissions of between 30% and 42% within the same timeframe.

This milestone underscores Menzies’ commitment to strong sustainability leadership, and environmental stewardship, taking a proactive approach to combating climate change. By setting and pursuing ambitious, science-based targets, it is not only reducing its own footprint but setting a benchmark for the aviation services industry.

To reach its ambitious targets, Menzies’ industry-leading All In plan for a fair and sustainable future includes ambitious goals across four key pillars: the Environment, People, Safety and Ethics. Recognizing the urgency to act on climate change and limit global warming to 1.5°C, the plan is designed to drive positive change and progress its material ESG priorities.

Among its notable achievements since the launch of its All In plan in 2021, the company has invested significantly in the transition to electric and lower emission Ground Support Equipment (GSE) where airport infrastructure allows. In its 2023 Annual Review & Sustainability Report, it announced 17% of all GSE equipment was now electric across the business, increasing to 48% in Europe, demonstrating good progress ahead of its goal of 25% by 2025. 

Its investment in solar panels, smart building technologies and circular cargo packaging solutions is further aiding emissions reductions. Separately, its partnerships with the Climate Impact Partner’s Million Mangroves project, continues to demonstrate its commitment to tackling climate change through the removal of carbon from the atmosphere and the restoration of ecosystems.

John Geddes, Chief Governance & Sustainability Officer & Company Secretary, said: “We are thrilled to announce that our 2045 net zero targets have been approved by the SBTi, making us the first major aviation services provider to achieve this important validation. Decarbonisation is an imperative for a sustainable aviation future – one we are committed to achieving with our net-zero targets, but there are many other facets to our All In plan that will deliver value for our business and stakeholders and support our growth in a sustainable way well into the future.”

Katy Reid, Head of Sustainability and Corporate Responsibility, added: “With our net-zero targets approved by SBTi, now the real work begins. Our commitment to progress against our goals and targets has never been more important. By taking bold steps to reduce the impact our business has on climate change and the natural environment, while mitigating the risks our business faces because of climate change, we believe we will play our part in delivering a sustainable, net zero future for Menzies, and for aviation.”

The Science Based Targets initiative (SBTi) is a corporate climate action organization that enables companies and financial institutions worldwide to play their part in combating the climate crisis. It defines and promotes best practice in science-based target setting and independently assesses companies’ targets.

12 June 2024, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, an Agility Global company, today announced a partnership agreement with the AlTanfeethi Company, a leading supplier of high end travel services.

The agreement will see Menzies provide its newly rebranded Pearl Meet & Assist services to AlTanfeethi customers, including concierge services, fast track immigration, access to premium Pearl lounges, dedicated check-ins and more.

In return, Pearl customers will gain access to exclusive benefits and VIP travel experiences offered at ALTANFEETHI terminals across all Saudi Arabian airports. This includes personal drivers, baggage transfer and collection, personal assistance, private security inspection, passport procedures and deluxe hospitality services.

The agreement was announced during a signing ceremony held at the European Business Aviation Conference & Exhibition (EBACE) in Geneva, Switzerland. Mr. Gelban bin Mohammed Al-Gelban, AlTanfeethi’s CEO was joined by Mohammad Alhimsh, Chief Commercial Officer and Hayel A. Altashkandi, Head of Aviation Business Development for the exclusive ceremony, with Menzies’ Group CEO Philipp Joeinig and Senior Vice President Commercial, Business Development and Lounges, Guy Yazbeck.

Hassan El-Houry, Executive Chairman, Menzies Aviation, said: “AlTanfeethi has a proven track record of providing world-class high-end travel services and we’re thrilled to be joining forces with the company. This collaboration demonstrates Menzies’ unwavering commitment to providing top quality executive services across the globe”.

Philipp Joeinig, Group CEO, Menzies Aviation, said: “Today’s signing marks the beginning of a new collaboration to enhance the passenger experience and expand Menzies network. We’re excited to work with AlTanfeethi and provide a global platform for its premium VIP airport and executive services.”

Gelban bin Mohammed Al-Gelban, CEO of ALTANFEETHI, said: “Our new partnership with Menzies Aviation to expand the provision of high-end services to our members internationally is a continuation of our ongoing efforts to enhance our services to enrich the experiences and meet the aspirations of our guests.”

Please be informed that Agility Global PLC will hold its Q1 2024 Analyst Webcast on Wednesday, 22nd of May 2024 at 3.00 pm (UAE Time).

Interested parties can register through this link.

Board approves $65 million interim cash dividends.

Q1 2024 (Million USD)Q1 2023 Carved out (Million USD)Variance (%)
Revenue979.4927.65.6%
EBITDA169.5126.534.0%
EBIT95.462.253.3%
Net Profit30.57.2323.1%
EPS (cents)0.580.14323.1%

Numbers above are rounded.

ABU DHABI – May 15, 2024 – Agility Global PLC, a multi-business owner and operator and long-term investor in global and regional businesses, today reported Q1 2024 earnings of $30.5 million, or 0.58 cents per share. EBITDA grew 34% to $169.5 million, and revenue increased 5.6% to $979.4 million. (Note that figures for the comparable period are carved-out financials).

About Agility Global PLC

  • Agility Global PLC was listed on the Abu Dhabi Securities Exchange (ADX) on May 2, 2024. Agility Global operates under two segments.
    • The controlled-business segment holds the company’s operating entities, whose financial performance is consolidated and reflected in the company’s income statement. This segment include Menzies Aviation, the world’s largest aviation services provider by number of countries; Tristar, a global leader in fuel and chemicals storage, shipping and logistics; and Agility Logistics Parks, a leading owner and developer of industrial real estate in the Middle East, Africa and South Asia.
    • The investment segment holds the company’s minority investment stakes, mainly a 9% stake in DSV, the world’s third-largest freight forwarder; and its stake in Abu Dhabi’s Reem Mall.

“Agility Global’s results reflect a strong start to the year. We are seeing double-digit growth in EBITDA generated by our businesses.” said Agility Global Chairman Tarek Sultan. “Over the past few years, we have been refocusing the business and investing for future growth. Today, we are well positioned to take advantage of growth in promising segments, and our results are an indication that we are on the right track.”

Interim Dividends

Agility Global’s board has approved the distribution of $65 million as interim cash dividends. Shareholders registered on the company’s registrar as of the settlement date 24 May 2024 are entitled to the dividends.

Q1 2024 Performance

Controlled Businesses

For Q1 2024, the consolidated EBITDA of the controlled businesses was $160.8 million and revenue $979.4 million. This reflects increases of 40.1% and 5.6%, respectively, over the same period in 2023.

The results have been mainly driven by the following:

Aviation Services: Menzies

Menzies Aviation reported EBITDA of $87.6 million and revenue of $576.9 million for the first quarter of 2024, increases of 32.4% and 14.4% over the same period a year earlier.

Menzies’ growth is largely the result of improved organic performance in key markets, including Europe, the Middle East, and the Americas. Menzies continues to witness a post-COVID recovery in the OSEAA (Oceania, SE Asia, and Asia) region, where there are increased flight and cargo volumes. In the first quarter, several new projects also contributed positively to the results, among them launches of operations in Chile, South Africa, India/Bangalore cargo, Spain, and Belgrade, along with an expanded scope of operations in Iraq/Baghdad. The overall growth, combined with a continued focus on cost discipline, has resulted in margin improvement.

Fuel Logistics: Tristar

Tristar, a global leader in fuel and chemicals storage, shipping, and logistics, had a good start to the year. Although revenue declined by 8.4% in the first quarter due to winding down of some contracts and the sale of some ships, however, EBITDA grew by 48.2% to reach $64.3 million. This growth is driven by strong performance across Tristar’s diversified portfolio of services.

Industrial Real Estate: Agility Logistics Parks

Agility Logistics Parks (ALP), a leading developer of warehouse parks and light industrial facilities, reported EBITDA of $9.4 million on revenue of $12.7 million, increase of 32.2% and 22%, respectively. ALP’s growth was driven mainly by its Saudi Arabia operations, which experienced increased demand for warehousing space. ALP has operations in Saudi Arabia, UAE, Africa, and India with 3.65 million SQM of land.

Investments Segment

Agility Global holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of 31 March 2024, the carrying value of those stakes was roughly $4.2 billion with a net asset value of $3.1 billion. The main investments in this segment are in DSV and Reem Mall.

DSV is a Copenhagen-based logistics company and a global top three freight forwarder. Agility Global owns a 9% stake in DSV, making it one of the largest shareholders in DSV. The carrying value of this investment as of March 31, 2024, was $3.1 billion. DSV share price has been volatile this year. Declines have been partially offset by hedging 73% of this investment through a funded equity collar. Due to the accounting treatment, DSV’s share price movement is reflected through the company’s equity. Thus, the financial performance of DSV is not reflected in the Agility Global Profit & Loss statement.

Reem Mall – Agility Global is also an investor in Abu Dhabi’s Reem Mall on Reem Island. Agility Global’s investment in Reem Mall is through equity and convertible debt. The mall had a soft opening to the public in February 2023. To date, 163 units are trading, and almost 74% of Gross Leasable Area (GLA) is committed. More tenants are expected to announce openings in coming months. The mall is 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 Q1 2024 Financial Performance

  • Net profit stood at USD 30.5 million equivalent to 0.58 cents per share.
  • EBITDA increased 34% to USD 169.5 million, and margins stood at 17.3%.
  • Revenue increased 5.6% to USD 979.4 million.
  • Agility Global enjoys a healthy balance sheet with USD 10.4 billion in assets and USD 5.1 billion in Equity.
  • Reported operating cash flow was USD 46.2 million for the first quarter 2024. Agility Global spent a total of USD 44.6 million in CAPEX and investments.

Please find attached ownership disclosure for one of Agility’s Global PLC shareholders, National Real Estate Company.

Agility Global PLC would like to announce that its shares are now traded on the Abu Dhabi Securities Exchange (ADX) as of Thursday 02 May 2024 within the Industries sector under ticker (AGILITY).

The company would also like to draw the attention of its shareholders that the disclosed Listing Prospectus includes the intention of Agility Global PLC to distribute dividends of US$ 130 million to its shareholders during the year 2024, to be distributed as follows: Semi-annual dividends for the first half of 2024 of US$ 65 million to be distributed within one month after listing and semi-annual dividends for the second half of 2024 of US$ 65 million to be distributed within six months after the first distribution both distributions are subject to the approval of the Board of Directors of Agility Global PLC.