Agility Global PLC, a multi-business owner, operator, and long-term investor in global and regional businesses, has announced its financial results for the second quarter of 2024, reporting robust growth across key metrics. The company posted earnings of $29.8 million, or 0.29 cents per share, for the quarter. EBITDA increased by 28.4% to $167.4 million, while revenue grew by 16.2% to $1.1 billion.
Tristar, its fuel and chemicals storage, shipping, and logistics operation, reported a Q2 consolidated EBITDA of $63.4 million, marking a 19% increase compared to the same period last year.
The growth was driven by strong performance in the Fuels and Fuel Farms segments, supported by new contracts and business expansion. Tristar’s Maritime segment also continued to deliver strong results, building on the momentum from 2023.
Agility Logistics Parks (ALP), its developer of warehouse parks and light industrial facilities, reported a Q2 EBITDA of $9.2 million on revenue of $12.6 million, reflecting increases of 23.7% and 13.1%, respectively.
ALP’s growth was primarily driven by increased demand for warehousing space in Saudi Arabia, with the company expanding its operations in the UAE, Africa, and India, and exploring new markets with high growth potential.
For the first half of 2024, Agility Global recorded earnings of $60.3 million, or 0.78 cents per share. EBITDA for the period rose by 31.2% to $336.9 million, and revenue saw an 11% increase, reaching $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.
He also noted that the net value of the company’s investments remained stable despite volatility in equity markets, and the company is actively exploring growth opportunities with a focus on strategic infrastructure and enhancing the competitiveness of its portfolio businesses.
Q2 2024 Performance Overview
Agility Global operates through two primary segments: the owned and operated business segment and the investment segment. The owned and operated business segment includes Menzies Aviation, Tristar, and Agility Logistics Parks, while the investment segment holds minority stakes in various companies, most notably a 9% stake in DSV, the world’s third-largest freight forwarder, and a stake in Abu Dhabi’s Reem Mall.
For Q2 2024, the consolidated EBIT for Agility Global’s controlled businesses was $89.9 million, with EBITDA of $164.4 million and revenue of $1.1 billion. These figures represent increases of 46.9%, 26.6%, and 16.2%, respectively, over the same period in 2023.
Aviation Services: Menzies
Menzies Aviation, the world’s largest aviation services provider by the number of countries, reported a Q2 EBITDA of $91 million, a 27.6% increase from the previous year. The company experienced growth across most service lines, including ground handling, cargo, and fueling operations, with notable expansions in Spain, Portugal, and India.
However, Air Menzies International (AMI) faced challenges due to industry-wide rate pressures. Menzies’ EBIT margin improved from 6.1% to 7%, reflecting the company’s ability to leverage its existing platform for commercial growth.
Investment Segment
Agility Global’s investment segment includes non-controlling minority stakes in several businesses. As of 30 June 2024, the carrying value of these investments was approximately $4.1 billion.
The most significant of these is a 9% stake in DSV, valued at $3 billion. Agility Global has hedged 73% of this investment through a funded equity collar to mitigate declines in DSV’s share price.
Another key investment is in Abu Dhabi’s Reem Mall, which had its formal launch in May 2024. The mall, which integrates digital, e-commerce, and logistics capabilities, has seen 173 units open, with 74% of its Gross Leasable Area (GLA) committed.
