Agility Global reports Q2 net profit of $30m, growth across divisions

Agility Global, the multi-business owner and long-term investor in global and regional enterprises, reported strong financial results for Q2 2024, with earnings of $29.8m, or 0.29 cents per share.

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 28.4 per cent to $167.4m while revenue increased by 16.2 per cent to $1.1bn, demonstrating the company’s solid financial footing despite challenging market conditions.

For H1 2024, Agility Global‘s earnings totalled $60.3m, or 0.78 cents per share. EBITDA for the six months rose by 31.2 per cent to $336.9m and revenue increased by 11 per cent to $2.1bn.

Agility Global vice chairman Tarek Sultan commented, “Our strong Q2 results reflect the success of our strategic investments and the resilience of our operating businesses. We continue to focus on growth opportunities, particularly in building strategic infrastructure and enhancing the competitiveness of our portfolio businesses.”

The company remains well-positioned to capitalise on future growth opportunities while maintaining financial stability in the face of market volatility.

Agility Global: Segment performance

Aviation Services: Menzies
Menzies, the world’s largest aviation services provider by number of countries, reported Q2 EBITDA of $91m, marking a 27.6 per cent year-on-year increase.

This growth was primarily driven by volume and yield increases across most service lines, excluding Air Menzies International (AMI), which faced industry-wide rate pressures.

The company saw robust growth in ground handling, cargo, and fuelling operations, notably launching operations in Spain, Portugal, and Bangalore, India and securing significant contracts in South Africa.

Fuel: Tristar
Tristar’s Q2 consolidated EBITDA stood at $63.4m, up 19 per cent from the previous year, bolstered by its Fuels and Fuel Farms segments.

The Fuels business benefited from new contracts and expansion with existing clients, while the Fuel Farms segment capitalised on a favourable market and optimised utilisation.

Tristar’s diversified portfolio and continued operational improvements contributed to its strong performance.

Industrial real estate: Agility Logistics Parks (ALP)
Agility Logistics Parks, a leading developer of warehouse parks and light industrial facilities, reported Q2 EBITDA of $9.2m, a 23.7 per cent increase from the prior year.

Revenue for the segment grew by 13.1 per cent to $12.6m, driven primarily by heightened demand for warehousing space in Saudi Arabia.

ALP operates in key markets, including Saudi Arabia, the UAE, Africa and India, with plans to expand into new markets with high growth potential.

Investment: Agility Global

The group holds non-controlling minority stakes in several businesses, with a total carrying value of approximately $4.1bn as of June 30.

The most significant investments include a 9 per cent stake in DSV, the world’s third-largest freight forwarder, valued at $3bn, and an investment in Abu Dhabi’s Reem Mall, which formally launched in May.

The mall, one of the region’s first fully integrated omnichannel retail ecosystems, has committed 74  per cent of its gross leasable area (GLA) and continues to attract new tenants.