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 deals in Portugal, Hong Kong, Angola and Malaysia helped to strengthen the company’s global footprint to 300 airports in 65 countries.
Expansion in established markets, such as Serbia and Spain showcased its successful partnerships and strong track record.
Menzies managed more than 4.8 million flights (2023: 4.5 million), serving over 250 million passengers (2023: 217 million).
Investments 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). The 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:
It was the first major aviation services provider to have its net zero targets approved by the Science Based Targets initiative.
Progress towards its 25% electric Ground Support Equipment (GSE) by 2025 target, with 22% of its worldwide fleet now electric.
Second 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.
Reached its goal of 25% of women in senior leadership roles, in line with IATA’s 25by2025 campaign.
Financed 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.”
