Tristar Group achieves record 59 % revenue growth over 2021
Tristar Group announced its financial results for the period ended 31 December 2022, with consolidated revenue growing by 58.9% to USD 854 million, in comparison with the previous year, with normalized EBITDA reported a significant increase of 27.5% to USD 175 million, compared to 2021.The Maritime and Fuel Farms Segments delivered the highest growth, with EBITDA increasing by 63.7% and 112.3% respectively, compared to the previous year.
Eugene Mayne, Group CEO of Tristar said: “We are proud to deliver continued growth in results, and a record year for our Group. The recent acquisition of 51 percent ownership stake in HG Storage International, finalized in August 2022, and the successful renewal of two large long term peace keeping contracts, making Tristar the number 1 Supplier with UN Procurement across all suppliers, (as listed on UN procurement website) combined with strong maritime performance, are the main reasons for strong performance recorded in 2022.
As we enter 2023, we remain focused on growing and deepening our relationship with our clients. Our balanced portfolio is well positioned to generate long-term sustainable value to our shareholders.
HG Storage International Limited (HGSI) is a global portfolio of high-calibre petroleum products storage and logistics businesses located in strategic trading hubs and is an important piece in our diversification, and strengthens our strategy. Tristar now owns the majority share with Glencore holding the remaining 49 percent.
We will also 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.”