Agility Global, an Abu Dhabi-listed global multi-business operator and investor focusing on logistics, aviation services, and industrial infrastructure, has reported solid results for the first nine months, netting a revenue of $4.5 billion, up 24% over last year backed by the continued growth across its operating segments.
Announcing the results for the nine-month period ended September 30, 2026, Agility said its earnings before interest and tax (Ebit) rose 11% to $350 million, while its controlled-business ebit grew 12% to $313 million. The group generated $290 million of operating cash flow in the first nine months of 2026, it stated.
The capital expenditure for the first nine months totaled $366 million across controlled businesses, mainly deployed in ALP for investment in the land bank and development pipeline.
As of September 30, 2026, Agility's investment segment had a carrying value of approximately $4.7 billion. The movement in the investment segment mainly reflects the performance of DSV investment that is reported through equity.
On its third quarter results, Agility said it had recorded a 22% year-on-year increase in its revenue which soared to $1.6 billion, while approving an interim dividend of $75 million as its operating businesses recorded growth.
Earnings before interest and tax (EBIT) remained broadly unchanged at $125 million in the three months ended September 30, while EBIT from controlled businesses rose 21% to $128 million, reflecting improved performance across its main operating entities.
Agility Chairman Tarek Sultan said the group had delivered a resilient third quarter and was recovering from challenges experienced at the start of the year. He said Menzies Aviation, Tristar and Agility Logistics Parks each recorded higher EBIT during the period.
The board approved the $75 million interim dividend as the second tranche of cash distributions committed at the start of the year, said the statement from Agility.
As of September 30, Agility's investment portfolio had a carrying value of approximately $4.7 billion, mainly reflecting its investment in DSV, which is accounted for through equity, it stated.
Operating businesses
Menzies Aviation, Agility's aviation services business, recorded a 22% increase in third-quarter revenue to $974 million, accounting for 61% of group revenue. EBIT rose 18% to $82 million, while EBITDA increased 15% to $139 million. Ground-handling operations increased 7% to 442,000 turns, while cargo volumes rose 13% to 657,000 tonnes.
For the first nine months, Menzies revenue grew 29% to $2.75 billion, while EBIT increased 6% to $175 million. The company attributed its performance to new station openings, contract wins and the contribution from G2 Secure Staff, acquired in September 2025.
Tristar, Agility's fuel logistics business, reported a 24% increase in third-quarter revenue to $419 million, while EBIT rose 23% to $36 million. Nine-month revenue grew 18% to $1.2 billion, with EBIT increasing 22% to $107 million.
Agility agreed in October to sell its 65.12% stake in Tristar to India's Aegis Logistics for an enterprise value of $1.5 billion and an equity value of $882 million. The transaction is expected to close by the end of March 2027, subject to regulatory approvals and other conditions.
The company’s share of the consideration could reach $581 million, comprising $425 million payable at closing, $110 million one year after completion and an earn-out of up to $46 million, subject to agreed conditions, it added.
The transaction excludes certain strategic fuel storage assets held directly by Agility, which the group values at no less than $145 million and intends to sell separately.
The Abu Dhabi-listed company said its investment in Tristar, acquired in 2003 for nearly $7 million and supported by a further $123 million in investments during its first seven years, is expected to generate a return exceeding $1 billion and an internal rate of return of 16% over the 23-year holding period.
Agility Logistics Parks (ALP), the group's industrial real estate business, recorded a 49% increase in third-quarter revenue to $21 million, while ebit rose 58% to $17 million.
For the first nine months, revenue grew 46% to $62 million and EBIT increased 64% to $50 million, supported by newly completed facilities in Saudi Arabia and higher occupancy in Africa.
ALP delivered or scheduled around 82,000 square metres of new facilities for completion during 2026 and early 2027. Its development pipeline includes a 21,000-sq-m commercial building that has been completed and fully leased.
The company's owned and leased land bank stood at approximately 4.5 million square metres, rising to 6.1 million square metres when land held through joint ventures is included.
Global investment portfolio
Agility's investment portfolio had a carrying value of approximately $4.7 billion at the end of September, with DSV and Reem Mall representing its two main assets.
The group held 19.3 million shares in Danish logistics company DSV, representing an 8.2% stake. The investment had a carrying value of $3.5 billion, including the collar value, compared with $4.6 billion at the end of 2025, reflecting movements in DSV's share price.
Reem Mall in Abu Dhabi recorded occupancy of around 90% across trading and fit-out space in the third quarter, representing 167,000 sq m of leased gross leasable area and 301 leased units.
Footfall and tenant sales both recorded double-digit year-on-year growth, with August marking the mall's strongest month on record for both measures. Eleven new operators opened during the quarter, with further openings and leasing activity expected in the fourth quarter of 2026 and first quarter of 2027.-TradeArabia News Service
