Dubai-headquartered Tristar Group recorded a sizable 78.3 per cent increase in consolidated revenues to US$ 554mn while EBITDA was up 33.1 per cent to US$ 101mn as of June 2023.
All business segments are growing at the pace of two digits, with the Fuel Farm Segment in particular, recording a big growth due to the contribution of the recently acquired HG Storage International in partnership with Glencore.
“The acquisition of 51 per cent ownership stake in HG Storage International, finalized in August 2022, strong Maritime market, and the good performance of Road Transport Segment (+ 23% Year on Year), are the main reasons for the strong performance recorded in the first six months of this year,” commented Eugene Mayne, Group CEO, Tristar.
“We are confident that the second half of 2023, will not only confirm the record growth of our Group, but I do believe that, thanks to the numerous initiatives put in place during 2022, will fuel additional growth for the Group in the coming years,” he continued.
Tristar continues to explore entry into new markets and new products in its drive to implement reduced carbon emission initiatives across its operations.
Tristar, annually, discloses it carbon footprint through the Carbon Disclosure Project (CDP) and is a member of the First Movers Coalition (FMC) launched by the US Government and World Economic Forum (WEF) with pledge to purchase products and services that are low or near zero as possible, a press statement said.
“Our road fleet decarbonization is being developed in phases as we explore modern technologies and fuels that are both environment friendly and cost-effective, to ensure that we remain competitive in the marketplace. For the long-term, the teams continue to explore options like hydrogen fuel cell, EV, Dual fuel, and biofuel vehicles that can lower current levels of emissions,” Mayne further stated.
“Meanwhile, we are readying approximately 10 percent of our coastal fleet to become Hybrid Vessels which shall cut emissions by 50% and are overseeing the design and engineering of a hybrid electric barge due to be launched in UAE coastal waters in 2024,” he added.
Tristar was founded in 1998 in the UAE and today operates in 29 countries across the world, the press communique concluded.