Menzies Aviation has today published its 2024 Annual Review & Sustainability Report, marking a “record-breaking performance” for FY24.
The company said 2024 marked its fourth consecutive year of double-digit growth after global revenue reached $2.6bn – up 20% year-on-year.
Menzies also reported a robust EBITDA of $382mn (post IFRS16), with a 15% margin, which the company said illustrates the “strength of its core operations and the sustainability of the business”.
This enabled the ground services provider to invest in equipment, technology and training, Menzies added.
Expansion: Key highlights
Key deals in Portugal, Hong Kong, Angola and Malaysia helped to strengthen the company’s global footprint to 300 airports in 65 countries
Expansion in established markets, such as Serbia and Spain, showcased its successful partnerships and strong track record
Menzies managed more than 4.8 million flights (compared to 4.5 million in 2023), serving more than 250 million passengers (compared to 217 million in 2023)
Investments in existing air cargo facilities as well as in cutting-edge technology enabled the company to handle a record 2.4 million tonnes of cargo (compared to 2 million in 2023)
The launch of its Pearl Elevated Travel brand boosted its service offering, driving 2.8 million guests to its 55 lounges, while Air Menzies International solidified its position as a leading airfreight provider, achieving a 16% year-on-year growth in tonnage
Sustainability: Key highlights
Menzies was the first major aviation services provider to have its net zero targets approved by the Science Based Targets initiative
Progress towards its target to electrify 25% of its GSE fleet by 2025, with 22% of its worldwide fleet now electric
Second consecutive year of reducing voluntary staff turnover with a further 5% reduction in 2024, meaning the company is now well below pre-Covid turnover levels
Reached its goal of 25% of women in senior leadership roles, in line with IATA’s 25by2025 campaign
Financed over $388,000 towards sustainable development partnerships, community projects, charities and supporting local fundraising by its teams
Menzies CEO Philipp Joeinig said: “Strategic expansion has been key to our success over the past four years, resulting in a 41% increase in the number of airports we serve and a 71 percent growth in the number of countries since 2021.
“Our efforts in nurturing strong relationships with our airline customers and airport partners has created a solid foundation for continued success, with new global opportunities at an all-time high.
“I’m especially proud that we were the first major aviation services business to have our net zero targets approved by the Science Based Targets initiative, reinforcing our commitment to leading from the front and raising the bar in sustainability.
“Our goal of becoming the undisputed leader in our industry remains central to everything we do, and we look forward to continuing this exciting journey together.”
Executive chairman Hassan El-Houry added that 2024 was a “ground breaking year for Menzies”.
He said the company takes “immense pride in leading the way, delivering high-quality aviation services, while upholding the highest standards of safety and security”.
“[O]ur vision for the future remains clear: to be the world’s leading aviation services provider,” said El-Houry.