Tristar 2022 Leadership Summit

Tristar Group recently conducted its 2022 Leadership Summit over the weekend with the theme ‘Transition Towards Energy’. More than 100 executives, inclusive of senior management, country managers, department heads and high performing individuals attended the gathering in Dubai where Group CEO Eugene Mayne reiterated that the “customers and people will continue to be at the center of the company’s growth strategy”. 

He attributed the success of Tristar to the dedication and commitment of the staff and the risks the Group has taken. “While financial modelling is a must, I am also a firm believer that nobody can predict the outcome of any plan with any degree of certainty and therefore an element of risk is there in every decision,” Mr. Mayne said. “We would not be where we are today without the risks we took.”

During the occasion, Mrs. Habiba Al Marashi, Chairperson of the Emirates Environmental Group, along with Mr. Mayne, launched the Tristar 2021 Sustainability Report, which incidentally is the 10th report Tristar has published in the past decade.  

“Companies of the future will be companies that also have a high degree of corporate social responsibility. Poverty, inequality and climate change are some of the issues that will need attention of the corporate world,” Mr. Mayne added. 

He founded Tristar in 1998 with road transportation for the petroleum industry in the UAE as the only service offering. Today, the Group is end-to-end fuel logistics solutions provider to blue-chip clients including international and national oil companies and intergovernmental organizations. It is now present in 21 countries and territories offering road and maritime transportation, specialized warehousing, fuel and chemical terminal management, lubricants distribution, commercial aviation refueling, and fuel supply operations.

The Group will soon add eight more countries in its global footprint once its 51% acquisition of HG Storage International Limited (HGSI) has been finalized. HGSI has a well-diversified portfolio of oil storage, distribution and retail assets with eight operating assets across Europe, the Americas, Middle East and Africa.

Last month Tristar disclosed that its consolidated revenue grew by 18.6% in 2021 in comparison with the previous year, with normalized EBITDA registering a significant increase of 37.3% compared to 2020. At the normalized net profit level, improvement over 2020 was 167.6%.