Menzies Achieves $2.6bn Global Revenue for FY24

Menzies Aviation has unveiled its 2024 Annual Review & Sustainability Report, highlighting a "record-breaking performance" for the fiscal year.

The company reported a 20% year-on-year increase in global revenue, reaching $2.6 billion, marking its fourth consecutive year of double-digit growth. Additionally, Menzies achieved a strong EBITDA of $382 million (post IFRS16), with a 15% margin, demonstrating the resilience of its core operations and the long-term sustainability of the business. This robust performance enabled significant investments in equipment, technology, and training.

Expansion: Notable Milestones

Menzies expanded its global presence through strategic deals in Portugal, Hong Kong, Angola, and Malaysia, solidifying its footprint to cover 300 airports in 65 countries. Growth in established markets, such as Serbia and Spain, further reflected the company's successful partnerships and its solid track record. In 2024, Menzies managed more than 4.8 million flights, an increase from 4.5 million in 2023, and served over 250 million passengers, up from 217 million the previous year. The company also invested in air cargo facilities and cutting-edge technology, handling a record 2.4 million tonnes of cargo, compared to 2 million in 2023.

The launch of the Pearl Elevated Travel brand further expanded Menzies' service offerings, attracting 2.8 million guests to its 55 lounges. Meanwhile, Air Menzies International continued its strong growth, achieving a 16% year-on-year increase in tonnage.

Sustainability: Key Developments

Menzies made significant strides in sustainability, becoming the first major aviation services provider to have its net zero targets approved by the Science Based Targets initiative. The company is on track to meet its target of electrifying 25% of its ground service equipment (GSE) fleet by 2025, with 22% of its fleet already electric. Additionally, for the second consecutive year, Menzies reduced voluntary staff turnover by 5%, bringing it well below pre-Covid levels.

In line with the IATA’s 25by2025 campaign, Menzies reached its goal of having 25% of women in senior leadership positions. The company also invested over $388,000 in sustainable development partnerships, community projects, charities, and local fundraising efforts.

Leadership Reflections

Philipp Joeinig, CEO of Menzies, emphasized that strategic expansion had been crucial to the company's success over the past four years. This expansion resulted in a 41% increase in the number of airports served and a 71% growth in the number of countries since 2021. He attributed this success to strong relationships with airline customers and airport partners, which created a solid foundation for future global opportunities.

Joeinig expressed pride in Menzies becoming the first major aviation services provider to have its net zero targets approved by the Science Based Targets initiative, underscoring the company’s commitment to leadership in sustainability. He affirmed that Menzies' goal of becoming the undisputed leader in its industry remains at the heart of its operations and ongoing journey.

Executive chairman Hassan El-Houry called 2024 a "groundbreaking year" for Menzies, stating that the company takes immense pride in leading the industry, delivering high-quality services, and upholding the highest standards of safety and security.