Agility Reports $41 Million Net Profit for Third Quarter of 2022

Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, today reported third-quarter earnings of $41 million, or $1.6 per share, an increase of 48.3% over the same period in 2021 excluding the earnings reported last year from GIL.

Agility’s EBITDA increased 57.5% to $149 million and revenue was $832 million, an increase of 105.9%.

The Q3 numbers include two months of results from Menzies Aviation, which was acquired by Agility during the quarter.

On a like-for-like basis, excluding Menzies numbers, earnings stood at $35 million, an increase of 27.7% over the same period in 2021, again excluding the earnings reported last year from the sale of GIL.

Agility’s EBITDA increased 21% to $114 million and revenue was $540 million, an increase of 32.2%.

Q3 2022 performance

Agility Vice Chairman Tarek Sultan said: “Agility reported good results in this quarter despite challenging market and geopolitical conditions. Our controlled businesses continued to perform well and execute their growth strategies.

"Our investment segment was impacted by the broader stock market performance. However, Agility is a strategic investor.

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"We look beyond the movement in the daily share price as we take a strategic long-term view of these businesses, and we have conviction that they will deliver value, growth and returns for our shareholders over the long term.

“Agility’s acquisition of UK-based aviation-services provider John Menzies PLC, completed in Q3, is part of Agility’s strategy to add and grow core businesses with the potential for strong returns.

"By combining our National Aviation Services (NAS) business with Menzies, we’ve created a global industry leader with a footprint in developed and developing aviation markets around the world.

“Agility is a different company today than it was two years ago, but we continue looking to accelerate growth across our portfolio by unlocking value for shareholders, customers, employees, partners and communities."

Agility-Controlled Businesses

Agility’s controlled businesses are those the company controls and operates. The performance of this segment is consolidated and reported through Agility’s profit and loss statement.

For Q3 and going forward, Agility’s consolidated results will include the performance of Menzies Aviation, which was merged with Agility’s NAS business unit.

Agility Logistics Parks (ALP) Q3 revenue grew 9.7%. To meet the increasing demand for warehousing space, ALP is optimizing its existing land bank, developing new projects, and looking to acquire additional land, especially in the Middle East and Africa.

Tristar, a fully integrated liquid logistics company, reported revenue growth of 75.5% for the third quarter 2022.

Menzies Aviation results, as discussed, combine the Q3 performance of NAS and two months of performance by John Menzies PLC. Menzies Aviation has roughly 35,000 employees and operates t at 254 airports in 58 countries.

United Projects for Aviation Services Company (UPAC) saw a 28.7% third-quarter revenue increase. The increase was mainly attributable to a rebound in airport-related services and parking following the reopening of Kuwait International Airport and easing of post-COVID restrictions.

At Global Clearinghouse Systems (GCS), Agility’s customs-modernization company, Q3 2022 revenue declined 8.1% from third quarter 2021. The decrease resulted from lower trade volumes. GCS is still pursuing opportunities to increase future growth and diversify its sources of income.

Last month, Agility signed an agreement with the Egyptian government to develop and operate two customs and logistics centers in the Suez Canal Economic Zone, one of the most important trade hubs in the region.

Read More: Egypt Taps Agility to Modernize Suez Canal Economic Zone Operations