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Tristar Group records 27 per cent growth for the first half of 2024
Dubai-headquartered Tristar Group achieves EBITDA of Dh470 million, with an increase of 27 per cent, compared to the first half of 2023. Group revenue reached Dh2 billion as of June 30.
“The first half of 2024 has seen special projects go live, with the Sri Lanka new retail fuel business which started commercial operation in March. The group’s growth continues to be the main focus of Tristar’s Management, based on the partner-of-choice relationship with core customers as a result of best-in-class service, and a strong focus on innovative and high-growth potential project investments.
“The company is currently engaged in serious negotiations for several blue-chip projects with oil majors that will ensure long-term financial and environmental sustainability for the group beyond the immediate future,” said Eugene Mayne, group CEO of Tristar.
Tristar continues to explore entry into new markets with new products, including but not limited to electric vehicles, biofuel and renewable energy, in its drive to make its energy transition going forward. Tristar is due to launch the region’s first ever hybrid bunker barge in early 2025 which the company is confident will set the tone for a change in coastal bunkering operations in the UAE. The company is targeting to convert at least 10 percent of its coastal fleet to Hybrid which will cut emissions in its coastal operations in Fujairah by at least 50 per cent.
Tristar, annually, discloses its carbon footprint through the CDP and is a member of the First Movers Coalition launched by the US government and World Economic Forum with a pledge to purchase products and services that are as low or near zero as possible.
Mayne added: “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 team continues to explore options like hydrogen fuel cell, EVs, and biofuel vehicles that can lower current levels of emissions.”
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