Tristar Transport is to proceed with an initial public offering (IPO) on the Dubai Financial Market.
Established in 1998 as a road transport service provider for the petroleum industry in the UAE, Tristar has evolved into an integrated energy logistics company serving a diversified customer base. The Group has operations in 21 countries and territories across three continents and has over 2000 road transport assets and 35 vessels.
Tristar has a strong track record of growth and a consistent EBITDA margin of between 20.1% to 22.8% in the years 2018 to 2020. In the year ended 31 December 2020, the Group had a consolidated revenue of US $453.4 million, and EBITDA of $103.6 million.
Eugene Mayne, Group CEO of Tristar, said: “I am proud to have witnessed the evolution of Tristar from a local road transportation business into a global world-class integrated energy logistics solutions provider serving blue-chip clients, with an offering that spans road and maritime transportation, specialised warehousing, fuel farms, and fuel supply operations. Tristar’s IPO marks an exciting milestone in the Group’s story as we continue to grow, innovate and shape the future of the logistics industry.”