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Menzies Aviation delivered a strong financial performance

Menzies Aviation posts third year of double-digit growth

DUBAI, June 10, 2024

Menzies Aviation, the leading service partner to the world’s airports and airlines, an Agility Global company, has announced three years of consecutive double-digit revenue growth, as air travel continues to edge closer to pre-pandemic levels.

Reported in its 2023 Annual Review & Sustainability Report, the aviation services provider delivered a strong financial performance, with global revenue increasing to $2.2 billion – a 10.7% increase compared to the previous year. The Group delivered Ebitda of $318 million (post IFRS16), representing a 15% margin.

This growth comes on the back of an expanded global footprint and strategic partnerships in Serbia, Jamaica, India and Bulgaria which helped to propel regional growth.

In 2023, Menzies Aviation served more than 4.5 million flights (2022: 4.1 million), an increase of 9.7%, and over 217 million airline passengers (2022: 183 million), up 18.5%. Cargo tonnes increased to 2 million (2022: 1.8 million) and it also welcomed more than 1.8 million guests to its 36 Pearl lounges across the globe (2022: 660,000), an increase of 173%.

It outperformed the industry average for operational safety performance in 2023, reaffirming its commitment to delivering the best safety culture in the industry. Its aircraft damage rate was six times lower than the industry average reported by IATA with just 0.41 incidents per 10,000 turns, against an average of 6.2.

The 2023 Annual Review & Sustainability Report also reflects on the company’s progress against its All In plan for a fair and sustainable future.

Key highlights of the 2023 Sustainability Report include a reduction of its Scope 1 and Scope 2 emissions by 3,417 tonnes CO2e compared to a baseline year of 2022.

Compared with 2019 pre-pandemic levels, this is a decrease of approximately 26,000 tonnes CO2e – which underlines the progress it has made against its 50% reduction target for 2030. It also announced it is on track to reach its target of 25% of electric Ground Support Equipment (GSE), with plans to accelerate its electrification transition beyond that.

Hassan El-Houry, Executive Chairman, Menzies Aviation, said: “Our commitment to powering the global economy and delivering seamless aviation services is unwavering.

“With 45,000 dedicated individuals united by our vision and mission, we continue to prioritise safety, quality and security to maintain our leadership role in the industry.

“Our dedication stems from a belief that doing what’s right – for our business, our people, and the planet – is paramount.

“With a clear strategy for sustainable growth and a resilient mindset, we emerged from 2023 stronger, more agile, and better positioned to navigate the dynamic industry landscape, setting the stage for sustained growth and continued success in the years ahead.”

Philipp Joeinig, Group CEO, Menzies Aviation, said: “In 2023, our strong financial performance marks the culmination of three years of double-digit growth, propelling us to the forefront of our industry as the undisputed number one.

“We are outperforming the industry average in safety and leading the way on electrification. This success is a testament to our unwavering commitment to being customer and people-centric, driving innovation and excellence in all that we do.

“As we celebrate our achievements, we remain steadfast in our commitment to continued growth and delivering value to all stakeholders.” – TradeArabia News Service

 

 




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