Wednesday, May 22, 2024
2.2 billion dollars: Menzies Aviation announces third year of double-digit growth

2.2 billion dollars: Menzies Aviation announces third year of double-digit growth

Menzies Aviation has announced three years of double-digit revenue growth as air travel continues to edge closer to pre-pandemic levels.

Reported in its 2023 Annual Review & Sustainability Report, the aviation services provider delivered a solid financial performance, with global revenue increasing to $2.2 billion – a 10.7% increase compared to the previous year. The Group delivered EBITDA of $318m (post IFRS16), representing a 15% margin.

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This growth comes on the back of an expanded global footprint and strategic partnerships in Serbia, Jamaica, India and Bulgaria which helped to propel regional growth, including the successful integration of 41 National Aviation Services (NAS) stations, following its 2022 merger.

In 2023, Menzies Aviation served more than 4.5 million flights (2022: 4.1 million), an increase of 9.7 per cent, and over 217 million airline passengers (2022: 183 million), up 18.5 per cent. Cargo tonnes increased to 2 million (2022: 1.8 million), and it also welcomed more than 1.8 million guests to its 36 Pearl lounges across the globe (2022: 660,000), an increase of 173 per cent.

In 2023, it outperformed the industry average for operational safety performance, reaffirming its commitment to delivering the best safety culture in the industry. Its aircraft damage rate was six times lower than the industry average reported by IATA, with just 0.41 incidents per 10,000 turns, against an average of 6.2.

The 2023 Annual Review & Sustainability Report also reflects on the company’s progress against its All-In plan for a fair and sustainable future. Key highlights of the 2023 Sustainability Report include a reduction of its Scope 1 and Scope 2 emissions by 3,417 tonnes of CO2e compared to the baseline year 2022. Compared with 2019 pre-pandemic levels, this is a decrease of approximately 26,000 tonnes of CO2e, which underlines its progress against its 50% reduction target for 2030. It also announced it is on track to reach its target of 25% of electric Ground Support Equipment (GSE), with plans to accelerate its electrification transition beyond that.

Hassan El-Houry, Executive Chairman of Menzies Aviation, said: “Our commitment to powering the global economy and delivering seamless aviation services is unwavering. With 45,000 dedicated individuals united by our vision and mission, we continue to prioritise safety, quality and security to maintain our leadership role in the industry. Our dedication stems from a belief that doing what’s right – for our business, people, and the planet – is paramount. With a clear strategy for sustainable growth and a resilient mindset, we emerged from 2023 stronger, more agile, and better positioned to navigate the dynamic industry landscape, setting the stage for sustained growth and continued success in the years ahead.”

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Philipp Joeinig, Group CEO of Menzies Aviation, added: “In 2023, our strong financial performance marks the culmination of three years of double-digit growth, propelling us to the forefront of our industry as the undisputed number one. We are outperforming the industry average in safety and leading the way in electrification. This success is a testament to our unwavering commitment to being customer and people-centric, driving innovation and excellence in everything we do. As we celebrate our achievements, we remain steadfast in our commitment to continued growth and delivering value to all stakeholders.”

Picture of Anastasiya Simsek

Anastasiya Simsek

Anastasiya Simsek started her journalism career in 2016 at Ukrainian TV-Channels: 24 Channel and 1+1 Media. Having worked across a number of different sectors, including news, medicine and lifestyle, she joined the Air Cargo Week editorial team in 2024. To share your news and exclusive insights, contact Anastasiya.Simsek@AirCargoWeek.com

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