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.”
Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi
KUWAIT CITY, Sept 9: Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi, on Tuesday emphasized the need to develop the tax system and achieve financial sustainability to promote economic integration among Gulf Cooperation Council (GCC) member states.
Speaking at the 15th meeting of the Committee of Heads and Directors of Tax Administrations in GCC countries in Kuwait, Al-Munifi said the meeting is part of ongoing efforts to coordinate GCC tax authorities and develop mechanisms to unify joint tax policies that serve the interests of member states and their populations.
She expressed hope that the annex to amend the unified excise tax agreement would be signed at the upcoming financial and economic cooperation meeting scheduled in Kuwait next October, which will bring together the GCC finance ministers. Al-Munifi also commended the heads and directors of tax authorities and the Unified Tax System Working Group for their efforts in preparing studies, working papers, and recommendations.
Khalid Al-Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat, said the meeting continues the process of cooperation among GCC countries in tax policies. He noted that the aim is to unify tax frameworks, enhance economic integration, and support competitiveness at the regional and international levels.
Al-Sunaidi added that discussions at the meeting included outcomes from the GCC Unified Tax System Working Group on redefining energy drinks to reduce the consumption of unhealthy products, and plans to establish a comprehensive electronic system for all types of indirect taxes, alongside other related topics.
During the meeting, GCC tax heads and directors reviewed recommendations and decisions from the 14th meeting and previous sessions, submitting them to the undersecretaries of finance in the GCC. It was agreed to form a technical working group to develop the electronic system for indirect taxes and to redefine energy drinks in the Unified Excise Tax Agreement according to international definitions and classifications.
The 15th GCC Tax Committee meeting held in Kuwait.
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