Tristar Group achieves 41% growth in net income over nine month period compared to 2021

Tristar Group, the UAE based global integrated energy logistics company, announced its financial results for the period ended 30th September 2022.

The Group’s consolidated revenue grew by 41.1% to $550 million, in comparison with the previous year, normalized EBITDA reported a significant increase of 23.6% to $125 million, compared to 2021 and the net profit increased by 40.9% to $53 million. Maritime and Fuel Farms Segments delivered the highest growth, with EBITDA increasing by 60.1% and 42.5% respectively, compared to the previous year.

Eugene Mayne, Group CEO of Tristar said: “We are extremely satisfied with our performance in this period and look to end the year with all time high results. Contributing factors to this performance were the acquisition of a 51 percent ownership stake in HG Storage International, finalized at the end of the month of August, and the successful renewal of two large long term peace keeping contracts taking Tristar to the number 1 Supplier position across all suppliers as listed on UN procurement website.

HG Storage International Limited (HGSI) is a global portfolio of high-calibre petroleum products storage and logistics businesses located in strategic trading hubs, an important piece in our diversification and strengthen strategy and Tristar will now own the majority share with Glencore holding the remaining 49 percent. We will continue to improve our long-standing relationships with our blue-chip clients, the key of our success, and to pursue any suitable growth opportunity for further expansion, with a particular focus on opportunities that enable the group to make an Energy Transition in the coming years.”