Q2 2024

(Million USD)

Q2 2023

(Million USD)

Variance

(%)

H1 2024

(Million USD)

H1 2023

(Million USD)

Variance

(%)

Revenue

1,108.1

953.5

16.2%

2,087.5

1,881.1

11.0%

EBITDA

167.4

130.3

28.4%

336.9

256.9

31.2%

EBIT

92.8

61.5

50.8%

188.1

123.8

52.0%

Net Profit

29.8

(4.5)

757.3%

60.3

2.7

2156.0%

EPS (cent)

0.29

(0.04)

825%

0.78

0.03

2500%

 

 

 

 

 

 

 

 

 

 

 

Numbers above are rounded.

ABU DHABI – Agility Global PLC, a multi-business owner and operator and long-term investor in global and regional businesses, today reported Q2 2024 earnings of $29.8 million, or 0.29 cents per share. EBITDA grew 28.4% to $167.4 million, and revenue increased 16.2% to $1.1 billion. (Note that figures for the comparable period are carved-out financials).

For the first six months of 2024, earnings stood at $60.3 million, or 0.78 cents per share. EBITDA grew 31.2% to $336.9 million, and revenue increased 11% to $2.1 billion.

“Agility Global continues to report strong results in the second quarter of the year. Our largest owned and operated businesses, namely Menzies, Tristar and Agility Logistics Parks, reported double-digit EBITDA growth, in-line with their individual business strategies for growth,” said Agility Global Chairman Tarek Sultan. “The net value of our investments, reported through our balance sheet, remained stable in spite of volatility in equity markets. We continue to look at growth opportunities, with a particular focus on building strategic infrastructure and strengthening the competitiveness of the portfolio businesses.”  

Agility Global PLC operates under two segments:

  • The owned and operated business segment holds the company’s operating entities, whose financial performance is consolidated and reflected in its income statement. This segment includes 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 Agility Global’s minority investment stakes, the most material of which include a 9% stake in DSV, the world’s third-largest freight forwarder; and its stake in Abu Dhabi’s Reem Mall.

Q2 2024 Performance

For Q2 2024, the consolidated EBIT of the controlled businesses was $89.9 million, EBITDA $164.4 million and revenue $1.1 billion. This reflects increases of 46.9%, 26.6% and 16.2%, respectively, over the same period in 2023.

Aviation Services: Menzies

Menzies reported Q2 EBITDA of $91 million, an increase of 27.6% over the same period a year before. Most service lines experienced volume and yield growth with the exception of Air Menzies International (AMI). Menzies witnessed healthy growth in all regions as the result of volume increases in ground handling, cargo and fueling operations, and solid commercial growth.  Notable launch of operations including Spain and Portugal and the launch of cargo operations in Bangalore, India; and contract wins in South Africa. AMI continues to face tightened gross profit margins as a result of rate pressure in the industry in general. Overall, Menzies EBIT margin improved from 6.1% to 7%, up 1 percentage point, as the company leveraged its existing platform to expand commercial growth.

Fuel Logistics: Tristar 

Tristar’s Q2 consolidated EBITDA stood at $63.4 million, up 19% vs. Q2 a year earlier. This growth is driven mainly by the momentum of Tristar’s Fuels and Fuel Farms segments. The Fuels business has been growing as a result of the new contracts and business expansion with existing clients. Fuel Farms has grown due to the favourable market and utilization optimization. Maritime continued to deliver extremely strong results, following a strong 2023.

The results of this quarter validate the success of Tristar’s focus on continued operational improvement and diversified portfolio.

Industrial Real Estate: Agility Logistics Parks

Agility Logistics Parks (ALP), a leading developer of warehouse parks and light industrial facilities, reported EBITDA of $9.2 million on revenue of $12.6 million, increases of 23.7% and 13.1%, 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 and is entering new markets where growth potential is promising.

Investments Segment

Agility Global holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of 30 June 2024, the carrying value of those stakes was roughly $4.1 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 June 30, 2024, was $3 billion. Agility Global has partially offset declines in the DSV share price by hedging 73% of its investment through a funded equity collar.

Reem Mall - Agility Global is an investor in Reem Mall on Abu Dhabi’s 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 and launched formally in May 2024. To date, 173 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 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 Q2 2024 Financial Performance

  • EBITDA increased 28.4% to USD 167.4 million, and margins stood at 15.1%.
  • Revenue increased 16.2% to USD 1.1 billion.
  • Net profit stood at USD 29.8 million equivalent to 0.29 cent per share.
  • Agility Global enjoys a healthy balance sheet with USD 10.5 billion in assets and USD 5.4 billion in equity.
  • Agility Global spent a total of USD 154 million in CAPEX and investments and reported operating cash flow was USD 221.7 million for the first 6 months of 2024.

-Ends-

About Agility Global

Agility Global is a multi-business operator and long-term investor in global and regional businesses. Its portfolio of diversified international assets includes the world’s largest aviation services company (Menzies Aviation); a global fuel logistics business (Tristar); a leading logistics parks developer and operator across the Middle East, Africa, and South Asia (Agility Logistics Parks); and other businesses in digital logistics, e-commerce logistics, remote-site services, and public-sector logistics. It holds minority stakes in DSV, the world’s third-largest freight forwarder; Reem Mall, a mega-mall in Abu Dhabi; commercial real estate and supply chain companies in the GCC, and emerging technology companies in e-commerce enablement, energy transition, digital supply chain, and more. Agility Global has a global footprint across six continents and 70+ countries, with a workforce of 50,000 employees. It is publicly listed on the Abu Dhabi Securities Exchange (ADX).

For more information about Agility Global, visit www.agilityglobal.com