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.”

DUBAI, June 6, 2024 – Menzies Aviation, the leading service partner to the world’s airports and airlines, an Agility Global company, has completed its acquisition of a 50.1% stake in Groundforce Portugal.

Groundforce Portugal manages more than 100,000 aircraft turns every year across five of the busiest airports in Portugal, where it provides ground and air cargo services to several leading global airlines. Upon completion, Menzies secures a 65% market share in Portugal.

The successful completion of this transaction, more than 12 months after the agreement was first announced in March 2023, marks a significant milestone in the recovery and revitalisation of the ground handling company with an impact on the entire national economy. It reaffirms Menzies’ commitment to strengthening handling capacity across the aviation network in Portugal, in partnership with TAP which retains a 49.9% stake in the business.

Groundforce Portugal will be rebranded as Menzies Aviation, becoming part of the world’s largest aviation services company with 50,000 employees and operations at over 290 locations in more than 65 countries, on six continents. Menzies will welcome more than 4,000 employees working across five airports: Humberto Delgado Airport (LIS) in Lisbon, Francisco Sá Carneiro Airport (OPO) in Porto, Gago Coutinho Airport (FAO) in Faro, Cristiano Ronaldo International Airport (FNC) on Madeira and Porto Santo Airport (PXO) on Porto Santo Island in Madeira.

Together with TAP, Menzies Aviation will invest in advanced technology, in a strategic move to underscore its dedication to elevating standards, enhancing efficiency, and ensuring sustained growth. It will also support staff development as the company builds its presence in Southern Europe.

Hassan El-Houry, Executive Chairman, Menzies Aviation said: “Today’s announcement is the culmination of a year-long process to transfer ownership and progress the revitalization of the Portuguese aviation sector. We are committed to our strategic investment in the region, paving the way for a future where innovation and excellence take centre stage. This milestone opens a new chapter for Menzies in Portugal and the Southern European region, and we look forward to working together to deliver high-quality services across the country’s aviation network.”

Philipp Joeinig, Group CEO, Menzies aviation said: “We are delighted to embark on an exciting venture in Portugal, working with TAP Portugal and our new employees to deliver unmatched aviation services, upholding our commitment to safety, security, and excellence. The integration of Groundforce Portugal employees into Menzies is eagerly anticipated, as their expertise will provide invaluable in fostering the growth and expansion of Portugal’s aviation sector.”  

Board approves $65 million interim cash dividends.

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.

Multi-business owner and operator and long-term investor present in 70+ countries owns portfolio of sector-leading businesses and assets

ABU DHABI – MAY 2, 2024 – Agility Global PLC (“Agility Global”), a multi-business operator and long-term investor in sector-leading global and regional businesses, announced that its shares are now trading on the Abu Dhabi Securities Exchange (ADX), one of the fastest growing stock exchanges in the world. This listing brings the number of companies on ADX to 97 companies.

Agility Global has revenues of USD 3.9 billion, EBITDA of USD 0.6 billion, 50,000 employees and operations in 70 countries. 

Agility Global’s international assets include Menzies Aviation, the world’s largest aviation services provider, 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. Agility Global’s portfolioalso includes a 9% stake in DSV, the world’s third-largest freight forwarder. 

Agility Global Chairman Tarek Sultan said: “Agility Global is one of the region’s most exciting growth stories. We are a company with diversified assets in growing sectors, run by an experienced management team with a proven record of long-term value creation. Our portfolio businesses are global and regional leaders in their sectors. We have a strong balance sheet, a sharp focus on shareholder value, and a deep commitment to ESG best practices. Agility Global’s ADX listing highlights the ADX’s role as a hub for diversified growth companies with strong potential for value creation across a variety of industries, and the ability to attract global and regional investors.” 

Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: “We are pleased to welcome Agility Global to the ADX family and add to the dynamism of our listing platform. Agility Global’s diverse portfolio of businesses and assets complement and support the growth of various key sectors in the UAE, and it provides local and foreign investors with new investment opportunities via ADX. This listing is an extension of ADX’s ongoing commitment to bolster Abu Dhabi’s economic strategy and foster greater sustainable growth in the UAE and the wider Middle East region.”

We note that Agility Global’s shares rose 300% in its debut trading on ADX and closed as one of the top gainers in market value and volume.  Their performance reflected thelocal and regional investors’ interest in this new addition and demonstrated the market’s support.  We welcome more regional and international issuers to tap on ADX’s capital market to fulfill their growth ambition.”

First Abu Dhabi Bank PJSC, Morgan Stanley & Co., Citigroup Global Markets Limited acted as financial advisors. Kuwait Financial Centre “Markaz” facilitated the process for shareholders to receive their in-kind dividend distributions.