Page 18 - 7X PR REPORT AUGUST 2024

Despite ongoing geopolitical challenges, the group’s expansion strategy, including key international
ventures and acquisitions, significantly contributed to these results. AD Ports also maintained a
strong financial position, with total assets increasing by 24% YoY to $16.7 billion.
These results underscore the company’s continued focus on growth and profitability, leveraging
both organic expansion and strategic acquisitions to bolster its position in the global market.

Agility

Agility reported strong financial results for the first half of 2024, showcasing its resilience and
strategic growth across various divisions. The company achieved a net profit of $60.3 million for H1
2024, supported by a 31.2% year-over-year increase in EBITDA, which reached $336.9 million.
Revenue also rose by 11% to $2.1 billion during this period, highlighting the company’s ability to
maintain financial stability despite market volatility.

Key contributors to this success include Agility’s aviation services subsidiary, Menzies, which
reported a 27.6% increase in EBITDA to $91 million, driven by robust ground handling, cargo, and
fuelling operations growth. Additionally, Agility’s Tristar division saw a 19% rise in EBITDA, fueled by
new contracts and expansions within its Fuels and Fuel Farms segments.

Agility Logistics Parks also performed well, with EBITDA increasing by 23.7% due to strong demand
for warehousing space in Saudi Arabia. These results underscore Agility’s strategic focus on
expanding its infrastructure and enhancing the competitiveness of its portfolio businesses,
positioning the company for continued growth.
Aramex

Aramex delivered a strong performance in H1 of 2024, with several key financial metrics showing
robust growth. The company’s net profit increased by 15% year-over-year, reaching $13.5 million.
This growth was driven by a 20% rise in earnings before interest and taxes (EBIT) and an
improvement in the EBIT margin.
Revenue for H1 2024 grew by 8% compared to the same period in 2023, supported by new
customer acquisitions and a strategic focus on sales specialisation. Significant volume growth in
the International Express segment (up 32%) and Domestic Express (up 5%) also contributed to the
overall revenue increase.

Aramex maintained a solid financial position with $124 million in cash and a net debt-to-EBITDA
ratio of 0.9x as of June 30, 2024. The company’s return on investment capital (ROIC) improved by 40
basis points to 5.2% during this period.

Overall, Aramex’s H1 2024 results highlight the company’s successful strategic focus on growth and
its ability to navigate market challenges effectively.

Bahri

Bahri, the National Shipping Company of Saudi Arabia, reported a strong financial performance for
the first half (H1) of 2024. The company achieved a 20% year-over-year increase in net profit,
reaching $317 million. This growth was driven by a 6.3% rise in revenues, totalling $1.3 billion for H1

https://www.logisticsmiddleeast.com/business/bottom-line-rounding-up-the-h1-financial-results-
from-middle-east-logistics-giants?trk=public_post-text