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Dubai-based Tristar Group has announced some record-breaking financial results for 2022, with consolidated revenue growing by 58.9% to US$ 854 million, and profits on an EBITDA basis rising 27.5%, to US$ 175 million, compared to 2021.The maritime and fuel farms sectors of the group’s activities delivered the highest growth rates, with EBITDA increasing by 63.7% and 112.3% respectively, compared to the previous year.
The recent acquisition of a 51 % ownership stake in HG Storage International, finalised in August 2022, and the successful renewal of two large long term peace keeping contracts, making Tristar the top supplier with UN Procurement, combined with strong maritime business trends are the main reasons given for the much improved performance recorded in 2022.”
Tristar’s more balanced portfolio is well positioned to generate long-term sustainable value to its shareholders, with HG Storage International, a global network of petroleum products storage and logistics businesses, proving to be an important element in Tristar’s ongoing diversification strategy. Tristar now owns the majority share of this business, with Glencore holding the remaining 49 percent.
The company promises to explore suitable opportunities for further expansion as they arise. However, there will be a particular focus on opportunities that enable the group to make a green energy transition over the next few years, it states.
