Dubai logistics firm Tristar Group sees net profits shoot up 66% in first-half 2021
Tristar says upbeat results show operational 'resilience' amidst improving conditions
Dubai: The Dubai-based logistics company Tristar Group recorded gains on both revenues and net profit for the first six months of 2021, citing resilience in an improving market.
“We continue to have strong pipeline of growth opportunities across all our business segments, which we are confident of leveraging upon to deliver attractive returns to our shareholders,” said Eugene Mayne, Group CEO of Tristar. “We pride ourselves on our long-standing relationships with our blue-chip clients who have been key enablers to our continued success.”
While its primary coverage area remains the UAE and Gulf territory, the company has made inroads into Africa and also in India. The wider geography too seemed to have added clout to the bottom-line, which grew 66.5 per cent from a year ago. (The EBITDA was up 26 per cent.)
Tristar’s biggest visibility is in handling supply chain needs for clients in the energy business. The Group earlier this year had dropped plans for an IPO on the Dubai Financial Market.
The EBITDA and net profit numbers are “higher than the management budget for the same period”.