18 July 2023, London: Menzies Aviation, the leading service provider to airports and airlines, has expanded its presence in the Balkans by agreeing a majority stake in Cargo Handling Services Limited (CHS) at Sofia International Airport (SOF) in Bulgaria. The joint venture increases Menzies Aviation’s footprint in Europe to 50 airports in 17 countries.

Established in 2016, CHS provides a range of cargo services at SOF including warehousing, import and export handling, mail handling and temperature-controlled storage. CHS will benefit from being part of Menzies’ global network and will transition to the Menzies brand and its best-in-class standards and systems.

Sofia International Airport is located 5km from the centre of Bulgaria’s capital and largest city. It is the biggest international airport in the country with scheduled connections to all major European business centres, serving 21 airlines.

Miguel Gomez Sjunnesson, Executive Vice President Europe, Menzies Aviation, said: “CHS is a well-regarded cargo provider at Sofia Airport, which has potential for significant growth. Strategically, this investment supports our ambitions to accelerate growth by expanding our air cargo business and entering emerging aviation markets. We’re looking forward to working with our new partners and, in the long-term, increasing our market share at Sofia Airport.”

Tim Buisseret, Commercial Director, British Embassy Sofia, said: “We are delighted that Menzies Aviation has expanded their presence to Bulgaria, and we look forward to supporting them to develop their business. Bulgaria has great long-term prospects, Sofia is a key strategic location, and I’m sure that Menzies will succeed here.”

 

For further information contact:

Bronwyn Torrie, Head of Communications, Menzies Aviation
via Dentons Global Advisors
Dentons Global Advisors, One Fleet Place, London, EC4M 7RA
[email protected]
Tel: +44 (0)7510 385552

  • The Company is preparing its submission to the Science Based Targets initiative (SBTi) aligned with the Net-Zero Standard, building on its previous carbon reduction commitments.
  • The commitment is a first for the aviation services sector and sets ambitious milestones internally and within its value chain.
  • The Company continues to develop its ‘electric first’ approach to new motorised ground services equipment (GSE) as it works towards 25% of its GSE being electric by 2025.
  • Menzies will proactively support airline customers and key stakeholders in their emission reduction efforts through adoption of sustainable solutions.

12 June 2023, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, announces its net-zero commitment for scope 1, 2, and 3 CO2e emissions across the company by 2045. The transition pathway and initiatives to ensure the company meets this target will be announced following its submission and review of targets by the Science Based Targets initiative.

The commitments, which are published in its 2022 Annual Review & Sustainability Report, reflect the company’s refreshed sustainability targets following the launch of its ‘All In’ plan for a fair and sustainable future in 2021. The Menzies Aviation board are accountable for setting the company’s strategy with a commitment to ensure reporting against stated objectives is both accessible and transparent.

John Geddes, Chief Governance & Sustainability Officer & Company Secretary, Menzies Aviation commented: “While sustainability is the cornerstone of our business strategy, collaboration between airports, airlines and aviation services is what is most vital to truly creating a difference in how the industry addresses the threat of climate change. At Menzies we believe that there is a clear opportunity for the aviation services sector to follow our lead and work towards similarly ambitious targets to help achieve a sustainable future. Growth will always be important, but it must be both responsible and sustainable.”

The report includes wider ESG targets, initiatives, plans and commitments and outlines progress against the UN Sustainable Development Goals. Over the past year, Menzies made significant progress in its push towards a more sustainable future with key highlights including:

  • Added nearly 200 electric GSE to its fleet, with the aim to have 25% of its global motorised GSE to be electric by 2025;
  • Opened its first GSE refurbishment and repower workshop in Las Vegas to convert diesel baggage tractors to electric, with plans to scale this further in 2023 and beyond;
  • Improved the training, awareness and cyber reporting for employees, rolled out new technologies to improve the management of vulnerabilities and to proactively detect malicious activity in its IT environment;
  • Continued to proactively support airline customers and key stakeholders in their emission reduction efforts through adoption of sustainable solutions;
  • Joined the Tent Partnership for Refugees to support more refugees to secure work at Menzies;
  • Adopted the United Nations Women’s Empowerment Principles as part of its commitment to promoting gender equality and women’s empowerment;
  • Focused on allyship and unconscious bias, delivering new training to support employees;
  • Participated in two UN Accelerator programmes – Target Gender Equality and Climate Ambition Accelerator;
  • Actively participating in the UN Sustainable Development Goal (SDG) Ambition Accelerator programme focusing on progressing goal 13 Climate Action.

Philipp Joeinig, Chief Executive, of Menzies Aviation added: “We are pleased with the progress we have made against our key strategic sustainability pillars of environment, ethics, people and safety over the past year. Our teams work tirelessly to identify opportunities where we can improve our ability to operate as a fair and sustainable business, while not sacrificing on the quality of service we provide our clients, partners, and their customers.

“Collaborating with customers and partners is high on the agenda for the year ahead and we look forward to working with them as we look for opportunities to support them achieve their sustainability goals as well as supporting the wider industry to reach net-zero targets.”

You can read and download the 2022 Annual Review & Sustainability Report here.

Long-time free trade advocate to advise chief of world’s top trade body

GENEVA – JULY 6, 2023 – The head of the World Trade Organization has named Tarek Sultan, Vice Chairman of Agility, to a new 10-member Business Advisory Group created to share the views of businesses on trade and regulation.

WTO Director-General Ngozi Okonjo-Iweala said she created the group and a second Civil Society Advisory Group to strengthen her engagement with business and civil society.

“I have observed a strong desire to share perspectives on the impact of trade and trade rules on their constituents. By establishing the advisory groups, I aim to facilitate such exchanges on a more regular basis,” she said.

The WTO, based in Geneva, has 164 member countries that account for 98% of global trade. The organization acts as a forum for multi-lateral trade negotiations, sets trade rules, provides technical assistance for developing countries, and handles trade disputes.

Sultan has been a forceful voice for free trade at the World Economic Forum and leading business organizations. He has urged the WTO and member countries to take steps to make trade fairer and more open for small businesses, women-led businesses, and emerging markets countries. In addition, he has called for faster digitization of customs and trade, and he has criticized the wave of non-tariff trade barriers erected by various countries in recent years.

Agility is a leader in supply chain services, infrastructure and investment intended to facilitate and boost trade. It is a leading developer of warehousing and industrial infrastructure in the Middle East, Africa and South Asia. It provides customs modernization, digital logistics, e-commerce, and aviation services that are crucial to cross-border trade.

“I’m honored to join the WTO Business Advisory Group and grateful for the chance to share my perspective with Director-General Okonjo-Iweala,” Sultan said. “Trade is essential to global growth and prosperity. In my view, we must act now to expand trade and ensure that its benefits are broadly shared and used to build a fairer, cleaner, safer world.”

In addition to Sultan, other members of the WTO Business Advisory Group are:

  • Aigboje Aig-Imoukhuede, Founder and Chairman, Coronation Capital Limited
  • Thomas Cueni, Director General, International Federation of Pharmaceutical Manufacturers & Associations
  • John Denton, Secretary General, International Chamber of Commerce
  • Prasoon Kumar, Co-Founder and CEO, BillionBricks
  • Josie Morris, Managing Director, WoolCool
  • Paul Polman, Business leader, campaigner, co-author of “Net Positive”
  • José Viñals, Group Chairman, Standard Chartered
  • Diane Wang, Founder, Chairperson, CEO of DHgate Group
  • Rosa Whitaker, President and CEO, The Whitaker Group

KUWAIT, 31 May 2023 – Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, held today its Ordinary Annual General Assembly Meeting, with a quorum of 67.432%. The Extraordinary General meeting will be adjourned to June 7, 2023, since the quorum was not met.

The company’s shareholders approved all items on the agenda, including Agility’s audited financial statements, and the Board of Directors’ recommendation for not distributing dividends for the fiscal year ending December 31st 3022.

Agility reported full-year 2022 earnings of 26.83 fils per share on net profit of KD 68 million. EBITDA increased 65.7% to KD 180.5 million, and revenue grew 77.6% to KD 863.4 million.

Agility Vice Chairman Tarek Sultan said: “It’s important to emphasize that we take a long-term view in value creation. When it comes to our controlled businesses, the acquisitions we have done in 2022, helped us accelerate growth, expand our geographic reach, and increase our exposure to sectors that have strong future growth potential. On the investments side, stock market volatility affected our holdings, but we look beyond daily share price movements to the strategic value, growth and returns we believe our investments will deliver for our shareholder over the long-term.”

“As always, we thank our shareholders, customers, employees, and partners for their trust and support in Agility,” Sultan said.

MAPUTO, Mozambique – May 23, 2023 – Oceana Distribution has chosen the Agility Logistics Park in Maputo, the leading warehouse facility in Mozambique’s capital, as the location for its new office, storage and distribution facility in the country.

The newly opened 5,000 SQM facility is designed to handle more than 3,000 pallet positions. It includes an office area of 600 SQM and a cold room facility of 400 SQM to meet the end-to-end requirements of Oceana’s local and multi-national customers. Oceana’s best-in-class facility is equipped to support companies and brands in the Fast Moving Consumer Goods (FMCG) sector.

Sergio Jeque, Oceana’s Distribution Operations Director, said: “At Oceana, a safe, secure and efficient distribution network is fundamental to our business model. The Agility warehouses are new and provide the necessary infrastructure meeting international standards. That enables us to offer a consistent, reliable and efficient distribution experience for our customers. Agility Logistics Parks also ensure that strict HSSE standards are followed within the park, something that is very important for Oceana operations. This partnership is one of the key milestones in our supply chain strategy, which will support our business growth.”

The Agility warehouses are located on the Maputo Ring Road, at Chiango area in Marracuene District, and are strategically situated for distribution across the country and to Maputo. The park is within a 25-kilometer radius of the Maputo port and airport, the N4 highway to South Africa, and the capital’s Central Business District.

Agility is funding and developing 300,000 SQM of warehouses on the site, a center of excellence for warehousing in the region, supporting businesses operating in and from Mozambique. The Agility warehouses provide the essential infrastructure required for both multi-national companies and local businesses that need storage, distribution, packaging, processing and light manufacturing space.

Geoffrey White, CEO Agility Africa, said: “We are delighted that Oceana decided to lease warehouse space in the new Agility facility in Maputo.  We believe that the provision of international-standard warehouses in Africa for storage, distribution and light manufacturing is one of the fundamental building blocks necessary for economic growth.

Agility provides warehouses that are ready to move into, enabling fast deployment, flexibility and reduced capital commitments for our customers. The provision of secure, ready-built, quality, warehouses with consistent power and IT connectivity in the Maputo market is a true enabler of growth and prosperity in Mozambique.”

 

Q1 2023
(Million KD)
Q1 2022
(Million KD)
Variance
(%)
Revenue 320.5 132.1 142.7%
Net Revenue 187.1 67.1 178.6%
EBITDA 60.4 33.9 78.1%
Net Profit 15.3 12.8 20%
EPS (fils) 6 5.06 18.6%

Numbers above are rounded

KUWAIT – May 14, 2023Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, today reported first quarter 2023 earnings of KD 15.3 million, or 6 fils per share, an increase of 20% over the same period in 2022. Agility’s EBITDA increased 78.1% to KD 60.4 million and revenue grew 142.7% to KD 320.5 million.

On a like-for-like basis — excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August 2022 — Agility’s EBITDA increased 30% to KD 44 million, and revenue grew 17%.

Q1 2023 performance

Agility Vice Chairman Tarek Sultan said: “Agility’s first quarter results reflect the healthy growth in our controlled businesses. Two of our large 2022 acquisitions – Menzies and HG Storage International – contributed to Q1 earnings for the first time.

On the investment side, equity markets improved in Q1 which was reflected in our investments. That said, we continue to look beyond short-term movement in equity markets, focusing instead on the strategic value, growth and returns that these investments can deliver for our shareholders over the long term.

Like all global businesses, we view ongoing inflation, high interest rates, currency volatility and other factors as reasons for continued caution about the near-term economic outlook. We are also closely watching the Kuwait land contracts issue.

Even so, we are excited by the strategic transformation that has taken place in Agility since 2021. We believe we are positioned to grow and drive value for our shareholders, customers, employees and communities as we evolve further.”

Agility-Controlled Businesses

Agility’s controlled businesses are the businesses the company controls and operates and whose performance is consolidated and reported through Agility’s profit and loss statement. In Q1, the combined EBITDA of our controlled businesses was KD 56.8 million on revenue of KD 320.5 million, increases of 55% and 142.5%, respectively, over Q1 2022.

Performance of the company’s controlled businesses is reported under three groups:

Aviation Services

Menzies Aviation’s revenue was KD 154.4 million in Q1 2023, and EBITDA KD 20.2 million for the same period. These Q1 results include the results of Menzies Aviation, acquired in Q3 of 2022, and the legacy National Aviation Services (NAS) business, now combined with Menzies. Agility’s aviation services results for Q1 2023 represent an 816.5% increase in revenue relative to Q1 2022, when Agility was reporting solely on NAS’s results. The combined entity’s EBITDA margin is 13.1% today.

There was a broader underlying recovery in aviation volumes in Q1 2023 compared with Q1 2022. In the first quarter of 2023, ground handling volumes and fueling volumes grew, offsetting declines in cargo volumes and revenue relative to Q1 2022.

The consolidation of Menzies and NAS has resulted in a larger global company with operations in more locations.

Fuel Logistics

Tristar’s Q1 consolidated revenue grew 85.5% vs. Q1 a year earlier. EBITDA increased 29.2% in Q1, driven mainly by growth in the Maritime and Fuel Farms segments. Tristar acquired a 51% ownership stake in HG Storage International (trading as Aquarius Energy) at the end of August 2022. Tristar’s growth can be attributed to the addition of HG Storage International; renewal of two large long-term peacekeeping contracts that make Tristar the No. 1 supplier to the UN (as listed on UN procurement website); and the booming maritime business. Tristar remains focused on growing and deepening relationship with its blue-chip clients and is positioned to deliver sustainable, long-term value to shareholders.

Other Controlled Businesses

As a group, Agility’s other controlled businesses reported EBITDA of KD 23.3 million and revenue of KD 82.2 million, increases of 10.5% and 17.5%, respectively, over Q1 2022.

The main contributors were:

Agility Logistics Parks (ALP). ALP reported 10.2% first-quarter revenue growth. ALP Kuwait performed well but still faces a challenge to future operations at certain facilities situated on land leased from the Kuwaiti government. Elsewhere, ALP is continuing to pursue its growth strategy by increasing and optimizing its existing land bank, developing new projects, and looking to acquire additional land, especially in the Middle East and Africa.

United Projects for Aviation Services Company (UPAC) reported a 13.7% increase in revenue for in Q1. The increase was primarily attributable to a rebound in airport-related services and parking, following the reopening of Kuwait International Airport and the removal of COVID restrictions, as well as the Hala-Feb holiday season, which boosted passenger volume and UPAC revenue.

UPAC is a co-investor in the $1.3 billion Reem Mall on Abu Dhabi’s Reem Island. The mall officially opened to the public in February 2023, with 82 units currently occupied and operating. UPAC expects additional openings by more tenants over the coming months. The mall is the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

Global Clearinghouse Systems (GCS). At GCS, Agility’s customs-modernization company, first quarter revenue grew 12.1% vs. the same period in 2022. GCS is focused on delivering optimal efficiency and services to its customers.

Agility’s Investments

Agility holds non-controlling minority stakes in a number of businesses, both listed and non-listed. In Q1 2023, the carrying value of those stakes was roughly KD 1.6 billion inline with Q1 2022 value.

“We have witnessed a relative improvement in the global equity markets, which has been reflected in our investment values. However, as a long-term investor, Agility is focused on investing in sectors it believes will drive value and in companies with strong management that have showcased the ability to generate value,” Sultan said.

Given continued market uncertainty and the significance of the DSV stake in determining Agility’s overall value, Agility has entered into multi-year, funded equity collar agreements with several banks to protect the value of the investment and shareholders’ value.

Recap of Agility Q1 2023 Financial Performance

  • Agility’s net profit grew 20% compared to the same period in 2022.
  • Agility’s EBITDA increased 78.1% to KD 60.4 million.
  • Agility’s revenue increased 142.7%, to KD 320.5 million and net revenue increased 178.6%.
  • Agility enjoys a healthy balance sheet with KD 3.6 billion in assets. Net debt stood at KD 821.6 million as of March 31, 2023 (this excludes lease obligations). Reported operating cash flow was KD 39.8 million for the first quarter of 2023.
Q4 2022

(Million KD)

Q4 2021

(Million KD)

Variance

(%)

FY 2022

(Million KD)

FY 2021

(Million KD)

Variance

(%)

Revenue 336.5 141.4 137.8% 863.4 486.2 77.6%

 

Net Revenue 188.6 69.8 170.2% 473.3 251.4 88.3%
EBITDA 63.8 21.5 196.7% 180.5 109.0 65.7%
Net Profit from continuing operations 26.6 (0.6) 4218% 68.0 24.2 180.7%
Net Profit discontinued operations  

953.2
Net Profit 26.6 (0.6) 4218% 68.0 977.4 (93%)
EPS (fils)

from continuing operations

10.51 -0.26 4218% 26.83 9.6 179.5%

Numbers above are rounded

 

KUWAIT – March 31, 2023Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, today reported full-year 2022 earnings of KD 68 million, or 26.83 fils per share, an increase of 180.7% over the same period in 2021, excluding results from its Global Integrated Logistics (GIL) unit, which was sold in 2021. Agility’s EBITDA increased 65.7% to KD 180.5 million and revenue grew 77.6% to KD 863.4 million.

The results include: five months of performance from Menzies Aviation, acquired by Agility in 2022; four months of performance by HG Storage International, acquired by Agility’s Tristar Business in 2022.

On a like-for-like basis — excluding Menzies and HG Storage performance, and GIL results — Agility earnings rose 153.5% from 2021. Agility’s EBITDA increased 44.1% to KD 157 million, and revenue grew 21.2%.

For continuing operations, Agility’s Q4 2022 earnings were KD 26.6 million, an increase of 4,218%. EBITDA was KD 63.8 million, an increase of 196.7%; revenue was KD 336.5 million, an increase of 137.8%.

 

2022 in Review

Agility Vice Chairman Tarek Sultan said: “Agility had a strong 2022, marked by two major acquisitions that are reshaping the company and creating new opportunities. But like all businesses, we face global economic uncertainty in 2023, as well as uncertainty regarding government land lease policy in Kuwait.”

It’s important to emphasize that we take a long-term view in value creation. When it comes to our controlled businesses, Agility’s acquisition of Menzies and Tristar’s acquisition of HG Storage helped us accelerate growth, expand our geographic reach, and increase our exposure to sectors that have strong future growth potential. On the investments side, stock market volatility affected our holdings, but we look beyond daily share price movements to the strategic value, growth and returns we believe our investments will deliver for our shareholder over the long-term.”

Sultan said: “Today, Agility is diversified geographically, operationally, and financially, which helps us reduce the dependency on one country, sector or asset. Our controlled businesses employ a workforce of 45,000 people, who operate on six continents.”

“Ultimately, we’re a different business today than we were even two years ago – and we continue to evolve, grow, and drive value for our shareholders, customers, employees, and communities we operate in.”

 

Dividend Recommendation

As a result of the uncertainty related to public sector policy with respect to land use and the role of the private sector in the economy, the Board of Directors has recommended no dividend distributions for the year 2022. This recommendation is subject to the approval of the AGM.

The Board shall monitor events and assess developments related to public sector policy closely and will accordingly assess the viability of distributing interim quarterly dividends during the fiscal year 2023.

 

Agility Controlled Businesses

Agility’s controlled businesses are the businesses the company controls and operates and whose performance is consolidated and reported through Agility’s profit and loss statement. For full year 2022, our controlled businesses collectively reported EBITDA of around KD 195.1 million and revenue of KD 863.4 million, increases of 57% and 77.6%, respectively, over 2021.

The performance of this segment will be reported under three groups, Aviation Services, Fuel Logistics, and Other Controlled Businesses, which include Agility Logistics Parks, UPAC, GCS and others.

Aviation Services

Agility acquired Menzies in August 2022 and consolidated it with National Aviation Services (NAS), Agility’s legacy ground handling business. The acquisition expanded Agility’s geographical presence, which was reduced after the 2021 sale of GIL. The Menzies acquisition has given Agility the ability to leverage this business for future growth. The integration process of NAS within the Menzies organization is nearing completion. The process has been straightforward due to the fact that the two businesses complement one another’s geographic footprint and operations.

In aviation services, Agility reported in 2022 an EBITDA of KD 41.5 million and revenue of KD 294 million, a number that includes full-year performance of NAS plus five months of Menzies’ results.

The post-COVID revival of air traffic – in passenger and cargo volumes – led to growth in ground handling in 2022. The recovery was slightly offset by a reduction in revenue from COVID-related services provided mainly in Kuwait. The overall recovery was strongest in increased passenger flights across the Americas. Notably, cargo volumes began to slow toward the end of 2022.

Fuel Logistics

Tristar revenue for 2022 grew by 60.1% to KD 252.9 million vs.2021; EBITDA increased by 39% to KD 53.1 million, compared with 2021. Tristar’s Maritime and Fuel Farms segments delivered the highest growth. The drivers of Tristar’s 2022 performance were its recent acquisition of a 51% stake in HG Storage International, finalized at the end of August; successful renewal of two large long-term peacekeeping contracts, making Tristar the UN’s top supplier (as listed on the UN procurement website); and the booming maritime business. In 2023, Tristar is focused on growing and deepening its relationship with blue-chip clients. Its balanced portfolio has positioned it for long-term sustainable value to shareholders.

 

Other Controlled Businesses

For the full year of 2022, this group reported EBITDA of KD 100.4 million and revenue of KD 316.6 million, increases of 42.3% and 14.4%, respectively, over 2021.

The main contributors to this group were:

Agility Logistics Parks (ALP). ALP reported 10% revenue growth for 2022. ALP Kuwait performed well but faces a challenge to future operations on existing properties.  Agility continues to manage those properties and is working to develop more than 1.2 million SQM of additional land as industrial and storage complexes in Sabah Al Ahmed City area in southern Kuwait. Elsewhere, ALP is continuing to pursue its growth strategy by increasing and optimizing its existing land bank, developing new projects, and looking to acquire additional land, especially in the Middle East and Africa. In 2022, ALP announced an agreement with Saudi Arabia’s State Properties General Administration (SPGA) to build a large logistics park for storage and distribution on a 576,760 SQM parcel near Jeddah. In 2023, ALP has expanded operations into Egypt, where it will develop, build and operate modern logistics parks and Grade A warehousing facilities in partnership with Hassan Allam Utilities. ALP also announced the availability of specialized data centers campuses within several of its existing parks.

United Projects for Aviation Services Company (UPAC). UPAC reported a 28.2% increase in revenue for 2022 compared with 2021. The increase was primarily due to a rebound in airport-related services and parking, following the reopening of Kuwait International Airport and lifting of COVID restrictions.  UPAC expects to benefit from increases in daily flights and passenger volumes in 2023 and beyond.

UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall officially opened to the public on Feb. 16, 2023, with about 45 units operating.  UPAC expects a gradual opening by more tenants over the coming months. The mall is the region’s first, fully integrated omni-channel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

Global Clearinghouse Systems (GCS).  At GCS, Agility’s customs-modernization company, 2022 revenue grew 4% in 2022. GCS is focused on delivering optimal efficiencies and services to its customers.

 

Agility’s Investments

Agility holds non-controlling minority stakes in a number of businesses, both listed and non-listed. For 2022, the carrying value of those stakes was roughly KD 1.4 billion vs. KD 1.8 billion in 2021. The decrease is the result of broad declines in global equity markets. Global markets have been volatile amid increases in interest rates, as well as supply chain disruption. However, as a long-term investor, Agility is focused on investing in sectors it believes will drive value and in companies with strong management that have showcased the ability to generate value. We started with an investment of around 8% ownership in DSV – now it is 8.8% (as a result of DSV recent shares cancellation) – a company listed on the NASDAQ Copenhagen with a total market cap of around KD 13 billion as of 30/03/2023. DSV is the biggest investment in this segment, and it is reported through equity using IFRS9 where only the dividends are accounted for in our income statement in FY 2022.  If we look at Agility’s “share” of DSV’s profit, this would be equivalent to around KD 70 million.

Recap of Agility FY 2022 Financial Performance (Continuing Operations)

  • Agility’s net profit from continuing operations grew 180.7% compared to the same period in 2021.
  • Agility’s EBITDA increased 65.7% to KD 180.5 million.
  • Agility’s revenue increased 77.6%, to KD 863.4 million and net revenue increased 88.3%.
  • Agility enjoys a healthy balance sheet with KD 3.3 billion in assets. Net debt stood at KD 801.7 million as of December 31, 2022 (this excludes lease obligations). Agility has announced that it has increased its credit facilities to finance its business growth plan, which includes the 2022 acquisition of John Menzies Plc. Reported operating cash flow was KD 100 million for the full year of 2022.

Massive YANMU East Logistics Park Launching This Month

CAIRO – 13 March, 2023 – Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, and Agility, the industrial development specialist, formed a joint venture, YANMU, to develop, build and operate modern logistics parks and Grade A warehousing facilities in Egypt.

Hassan Allam Utilities and Agility announced that their first park, YANMU East Logistics Park, is a 270,000 SQM site, located on the new Cairo Suez road, 15 km from Cairo Airport and with proximity to the Ring Road. YANMU East Logistics Park opens in August 2023. A second park, YANMU West Logistics Park, is planned to launch in 2024.

YANMU parks are designed to meet the storage and distribution needs of companies in e-commerce, manufacturing, consumer products, food and beverage, technology, automotive, energy, industrial goods, healthcare, pharmaceuticals and other sectors.

YANMU East Logistics Park offers Grade A warehousing at a unique, strategic location and provides tenants with 24/7 security, power, connectivity, and facility management. In addition, the facility provides advanced warehouse engineering features, such as 14-meter ceilings, super-flat floors, efficient docking systems, and docking. Furthermore, YANMU is a green park incorporating sustainable design, including solar rooftops and other features that reduce power and water use and increase operational efficiency.

“YANMU will offer Egypt’s most modern, efficient, and sustainable warehousing. We are proud to have strategically partnered with Agility, which has nearly four decades of experience in developing and operating Grade A warehousing across the Middle East, Africa, and Asia,” said Amr Allam, Chairman of Hassan Allam Utilities.

Agility Vice Chairman Tarek Sultan said: “When it comes to warehousing capacity and distribution capability, Egypt is underserved. YANMU will fill the gap with modern, efficient infrastructure that is going to power growth domestically and strengthen Egypt’s role as a vital trade partner and crossroads. Hassam Allam Utilities’ reputation for excellence and intimate knowledge of the market gives YANMU a huge advantage.”

Both Agility and Hassan Allam Utilities recently announced significant new investments and expansion plans in Egypt.

In October, Agility announced that is investing roughly $60 million to develop and operate two customs and logistics centers in the Suez Canal Economic Zone. The project is intended to modernize operations and improve the flow of goods and commodities in the Ein Sokhna industrial zone and at East Port Said.

In September, Hassan Allam Utilities signed two concession agreements to develop and operate strategic warehouses for the Internal Trade & Development Authority (ITDA) in the governorates of Luxor and Sharqiyah under a BOOT scheme. The project is part of Hassan Allam Utilities’ investments in the logistics sector to establish an integrated logistics platform covering the entire value chain for storage and handling services in Egypt, and to further develop the industry and leverage a fast-growing market opportunity.