Dubai-based Tristar Group has reported an EBITDA of Dh470 million, marking a 27 percent rise compared to the first half of 2023. As of June 30, the group's revenue stood at Dh2 billion.
"The first half of 2024 has witnessed the launch of special projects, including the commencement of commercial operations in Sri Lanka's new retail fuel business in March. Tristar's management continues to prioritize growth, cementing its status as a partner-of-choice for core customers through top-tier service and strategic investments in innovative, high-growth projects."
"The company is currently in advanced discussions for several high-profile projects with major oil companies, aiming for long-term financial and environmental sustainability," stated Eugene Mayne, Tristar's Group CEO. Tristar is also exploring new market entries with products such as electric vehicles, biofuels, and renewable energy to facilitate its energy transition.
Tristar plans to introduce the region's first hybrid bunker barge in early 2025, which it believes will revolutionize coastal bunkering operations in the UAE. The company aims to convert at least 10 percent of its coastal fleet to hybrid, reducing emissions in Fujairah by at least 50 percent.
Annually, Tristar reports its carbon footprint through the CDP and is part of the First Movers Coalition, pledging to procure products and services with minimal or zero emissions. Mayne further added, "Our decarbonization efforts for the road fleet are progressing in phases, exploring modern, eco-friendly, and cost-effective technologies to maintain market competitiveness. For the future, we are considering options like hydrogen fuel cells, EVs, and biofuel vehicles to reduce emissions."
