The board approves US$ 65mn interim cash dividends.
Agility Global recently reported its Q1-2024 earnings of US$ 30.5mn.
“Agility Global’s results reflect a strong start to the year. We are seeing double-digit growth in EBITDA generated by our businesses,” remarked Agility Global Chairman Tarek Sultan. “Over the past few years, we have been refocusing the business and investing for future growth. Today, we are well positioned to take advantage of growth in promising segments, and our results are an indication that we are on the right track,” he continued.
Q1-2024 Performance
Controlled Businesses
For Q1-2024, the consolidated EBITDA of the controlled businesses was US$ 160.8mn and revenue US$ 979.4mn. This reflects increases of 40.1% and 5.6%, respectively, over the same period in 2023.
The results have been mainly driven by the following:
Aviation Services: Menzies
Menzies Aviation reported EBITDA of US $ 87.6mn and revenue of US$ 576.9mn for the first quarter of 2024, increases of 32.4% and 14.4% over the same period a year earlier.
Fuel Logistics: Tristar
Tristar, a global leader in fuel and chemicals storage, shipping, and logistics, had a good start to the year. Although revenue declined by 8.4% in the first quarter due to winding down of some contracts and the sale of some ships, however, EBITDA grew by 48.2% to reach US$ 64.3mn. This growth is driven by strong performance across Tristar’s diversified portfolio of services.
Industrial Real Estate: Agility Logistics Parks
Agility Logistics Parks (ALP), a leading developer of warehouse parks and light industrial facilities, reported EBITDA of US$ 9.4mn on revenue of US$ 12.7mn, increase of 32.2% and 22%, respectively.
Investments Segment
Agility Global holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of 31 March 2024, the carrying value of those stakes was roughly US$ 4.2bn with a net asset value of US$ 3.bn. The main investments in this segment are in DSV and Reem Mall.
DSV is a Copenhagen-based logistics company and a global top three freight forwarder. Agility Global owns a 9% stake in DSV, making it one of the largest shareholders in DSV.
Recap of Agility Global Q1 2024 Financial Performance
- Net profit stood at US$5mn equivalent to 0.58 cents per share.
- EBITDA increased 34% to US$5mn, and margins stood at 17.3%.
- Revenue increased 5.6% to US$4mn.
- Agility Global enjoys a healthy balance sheet with US$4bn in assets and US$ 5.1bn in Equity.
Reported operating cash flow was US$ 46.2mn for the first quarter 2024. Agility Global spent a total of US$ 44.6mn in CAPEX and investments.
