Agility Global PLC, a multinational logistics and infrastructure company, has reported impressive growth in its logistics-focused operations for Q3 2024, highlighting its strong performance and significant strides across various business segments.
Agility’s logistics businesses—including aviation services provider Menzies, fuel logistics company Tristar, and industrial real estate developer Agility Logistics Parks (ALP)—contributed to the company’s 16% revenue increase to $1.2 billion and a 36% rise in EBIT to $104.6 million compared to the same quarter last year.
Tristar: Strong Performance in Fuel Logistics and Transportation
Tristar, Agility’s fully integrated fuel logistics business, continued to demonstrate robust growth in Q3 2024. Revenue for the quarter reached $337.2 million, up 23% year-on-year, while EBIT grew by 7% to $34 million. Tristar’s growth was fuelled by its strong performance in fuel logistics and its expanding road and transportation segment, further solidifying its position as a leader in fuel logistics.
Agility Logistics Parks (ALP): Expanding Industrial Real Estate in Saudi Arabia
Agility Logistics Parks (ALP), a key player in developing warehouse parks and light industrial facilities, also reported growth, with Q3 revenue increasing by 12% to $13.2 million and EBIT rising by 20% to $9.6 million. The growth of ALP was largely driven by its expanding operations in Saudi Arabia, where it recently announced plans to develop an additional 100,000 square metres of warehousing space in Riyadh. Part of this new warehousing space is expected to be operational in early 2025, positioning ALP to meet the rising demand for logistics facilities in the region.#
Menzies: Growth Driven by New Operations and Strategic Expansion
Menzies, Agility’s aviation services arm, delivered standout results in Q3 with a 24% increase in revenue, reaching $704 million. The growth was primarily driven by new operations, including recent licence wins in Spain, acquisitions in Portugal, and new facilities in Belgrade and Bangalore. The aviation service provider’s EBIT rose sharply by 55% to $60 million, with its EBIT margin improving from approximately 6.8% to 8.5% due to operational efficiencies and synergies. Year-to-date, Menzies’ EBIT stands at $145.3 million, a 41% increase compared to the same period in 2023.
Year-to-Date Performance Highlights
For the first nine months of 2024, Agility reported a revenue increase of 13% to $3.3 billion, with EBIT rising by 46% to $292.7 million. This strong performance across the company’s logistics businesses underpins Agility’s ongoing commitment to expanding its controlled segment operations and optimising efficiencies within its portfolio. Agility’s logistics businesses are well-positioned to meet growing market demands in the GCC and globally.
Agility Global Chairman Tarek Sultan commented on the company’s results, stating, “Agility Global maintains the healthy growth momentum seen since the beginning of the year. Our controlled businesses delivered double-digit EBIT growth. That growth was driven by the main three businesses: Menzies, Tristar, and Agility Logistics Parks (ALP). Menzies saw growth in new operations in Europe and Asia, Tristar has grown in fuel business and its road and transport segment, and ALP grew in Saudi Arabia; and is further expanding in the Kingdom.”
Agility’s logistics divisions are set to continue on a path of strategic growth, supporting the company’s broader vision of becoming a global leader in logistics and infrastructure. With expansions underway and new facilities coming online in key markets, Agility is well-placed to deliver sustained value and innovation in the logistics sector across the Middle East and beyond.
