Business
Menzies Aviation records $2.6 billion in revenue across its global operations
KUWAIT CITY / UK, Apr 09: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced a record-breaking performance in 2024, marking its fourth consecutive year of double-digit revenue growth.
Reported in its 2024 Annual Review & Sustainability Report, the aviation services provider has delivered strong financial results, with global revenue increasing year-on-year by 20% to $2.6 billion, driven by expansion in existing and new markets.
The group also reported a robust EBITDA of $382m (post IFRS16), with a 15% margin, illustrating the strength of its core operations and the sustainability of the business. This enabled increased investment in equipment, technology and training, while providing confidence to customers that it is a reliable, long-term partner.
This unparalleled growth reaffirms Menzies as the industry leader and provides a strong footing for future expansion as more airlines and airport partners choose the company as a partner of choice, recognising its safety record, high quality services and agile leadership.
Key highlights:
tKey deals in Portugal, Hong Kong, Angola and Malaysia helped to strengthen the company’s global footprint to 300 airports in 65 countries.
tExpansion in established markets, such as Serbia and Spain showcased its successful partnerships and strong track record.
tMenzies managed more than 4.8 million flights (2023: 4.5 million), serving over 250 million passengers (2023: 217 million).
tInvestments 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 (2023: 2 million).
tThe 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.
The company also made significant progress toward its ESG goals, with continued efforts to reduce emissions in line with its ambitious Net-Zero 2045 target, demonstrating a commitment to sustainable growth alongside business expansion.
Key highlights include:
tIt was the first major aviation services provider to have its net zero targets approved by the Science Based Targets initiative.
tProgress towards its 25% electric Ground Support Equipment (GSE) by 2025 target, with 22% of its worldwide fleet now electric.
tSecond 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.
tReached its goal of 25% of women in senior leadership roles, in line with IATA’s 25by2025 campaign.
tFinanced over USD $388k towards sustainable development partnerships, community projects, charities and supporting local fundraising by its teams.
Hassan El-Houry, Executive Chairman, Menzies Aviation, said: “2024 has been a groundbreaking year for Menzies, marked by double-digit growth and record-breaking milestones in both flights and passengers served, and cargo tonnes handled. As we reflect on these achievements, we take immense pride in leading the way, delivering high-quality aviation services, while upholding the highest standards of safety and security. With passenger numbers expected to surpass 5.2 billion for the first time and more than 40 million flights taking to the skies in 2025, our vision for the future remains clear: to be the world’s leading aviation services provider. We are confident about the future and are committed to responsible expansion, operational excellence, sustainability, and contributing to the powerful and positive force of the aviation industry.”
Philipp Joeinig, Group CEO, Menzies Aviation, added: “Strategic expansion has been key to our success over the past four years, resulting in a 41 percent 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.”
TWO of the biggest American oil companies, ExxonMobil and Chevron, are locked in a legal battle over an oilfield in Guyana. Both companies are industry giants and pioneers with a presence in oil fields worldwide. They have their hands in every oil field, regardless of location. Oil is their bread and butter. They are the biggest in the field with unmatched expertise. Today, however, they find themselves in a legal battle in a London court over the ownership of a massive oil project, estimated to hold over$1 trillion in reserves. The outcome of this case carries huge implications for the global oil industry. The two U.S. oil supermajors are battling over a 30 percent stake in a major oil field in Guyana, which is currently owned by Hess Corporation, a U.S. energy company that agreed to a $54 billion takeover by Chevron in 2023.
ExxonMobil, which already owns approximately 45 percent of the same field, claims it holds a “first right of refusal” under its existing agreement. This is likely to be a long legal battle over a valuable oil reserve, which is what every oil company wants. The fight between the world’s two biggest oil firms could shape the future of the industry. Whoever wins will strengthen their position in the global market. For ExxonMobil, the most valuable American oil company, winning could help it stay on top. The two oil companies are no match for national oil companies in terms of oil reserves, nor do they possess as much oil as those state-owned companies.
However, they do have the know-how, the experience, and the technology to operate in almost any oil field in the world. They are always in desperate need of more oil reserves and will go anywhere, to any place, in search of a few barrels of black gold. It is their bread and butter. For Guyana, with its small population and clean environment, there is no real need for the polluting effects of black oil to disrupt its natural surroundings. However, the financial rewards are too great to ignore, offering the country a chance to place itself on the global energy map. With oil reserves exceeding 12 billion barrels, and more expansion on the horizon, Guyana stands to gain immensely. The current legal battle between the two oil giants is over a prize worth more than $1 trillion. In the end, Chevron has more at stake and a greater need to win, as it aims to boost its oil reserves to better compete with the world’s leading oil company, ExxonMobil. It is a matter of competition and narrowing the gap with its top rival. Without a doubt, this is a case well worth fighting for.
By Kamel Al-Harami
Independent Oil Analyst
Email: [email protected]
The Central Bank of Kuwait
KUWAIT CITY, June 1: The Central Bank of Kuwait (CBK) announced on Saturday that it has completed the distribution of new Kuwaiti banknotes in various denominations to all local banks, ensuring sufficient supply to meet public demand ahead of Eid Al-Adha.
In a press statement, the CBK invited customers wishing to obtain new banknotes to visit their respective bank branches during official working hours.
The statement added that Kuwaiti banks will announce the locations of designated branches offering the “Ayadi” cashing service, as well as other available methods for customers to receive new banknotes.
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