Agility-owned Menzies Aviation posts $2.6 billion in 2024 revenues

London: Kuwait’s Agility-owned aviation services business Menzies has reported a fourth consecutive year of double-digit revenue growth by posting global revenues of $2.6 billion, a 20 per cent year-on-year increase. The extraordinary results were achieved by expansion into new and existing markets.

The group also reported an EBITDA of $ 382 million, with a 15 per cent margin. This has enabled the company to increase its equipment, technology and training investment, Menzies said in a statement.

Key highlights in the past year include deals in Portugal, Hong Kong, Angola and Malaysia, which helped strengthen the company’s global footprint to 300 airports in 65 countries.

It also expanded into established markets, such as Serbia and Spain. Menzies Aviation 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 and technology enabled the company to handle 2.4 million tonnes of cargo compared to the 2 million it handled in 2023.

The launch of its Pearl Elevated Travel brand boosted its service offering, driving 2.8 million travellers to its 55 lounges. At the same time, Air Menzies International – the company’s airfreight provider - achieved a 16 per cent year-on-year growth in tonnage. The company recruited over 5,000 new employees, expanding the global workforce to 50,000.

Hassan El-Houry, Executive Chairman of Menzies Aviation, said, “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.” El-Houry added, “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.”

For the second consecutive year, voluntary staff turnover was reduced by 5 per cent in 2024, meaning the company is now well below pre-COVID turnover levels. According to Menzies, the goal of 25 per cent of women in senior leadership roles has also been reached in line with IATA’s 25by2025 campaign. Over $388,000 has been financed towards sustainable development partnerships, community projects, charities, and supporting local fundraising by its teams.

Philipp Joeinig, Group CEO of Menzies Aviation, added, “Strategic expansion has been key to our success over the past four years, resulting in a 41 per cent increase in the number of airports we serve and a 71 per cent growth in the number of countries since 2021.”