Eugene Mayne, Group CEO of Tristar

Dubai, UAE: Tristar Transport (PJSC – under incorporation) (“Tristar” or the “Company” or, with its subsidiaries and subsidiary undertakings, the “Group”), a leading global integrated liquid logistics solutions provider headquartered in Dubai, UAE, today announced its intention to proceed with an initial public offering (the “IPO” or the “Offering”) on the Dubai Financial Market (“DFM”). 

Established in 1998 as a road transport service provider for the petroleum industry in the UAE, Tristar has evolved into a leading integrated energy logistics company serving a diversified customer base of “blue-chip” investment grade companies. The Group has operations in 21 countries and territories across three continents and has over 2,000 road transport assets and 35 maritime vessels, including the operation of 69 fuel farms and over 100 remote fuel sites, providing a wide spectrum of integrated service offerings. 

With a strong reputation for quality, built over two decades of operations and a commitment to safety and operational excellence, Tristar has become a trusted brand in the global logistics industry. The Group is a partner of choice for leading International Oil Companies (“IOCs”) and National Oil Companies (“NOCs”) in the energy sector. Tristar’s diversified and integrated offering spans fuel logistics services to support Intergovernmental Organisations (“IGO”) peacekeeping and humanitarian missions in remote geographies (remote fuels) as well as commercial enterprises (commercial fuels), maritime logistics, road transport and warehousing as well as fuel farms. Tristar has a unique position as an integrated, end-to-end energy logistics solution provider to an enviable blue-chip global client base. 

The Group has a strong track record of growth demonstrated by a 12.4% CAGR in operating cash flows between 2018 and 2020 and a consistent EBITDA margin between 20.1% to 22.8% in the years 2018 to 2020. In the year ended 31 December 2020, the Group had a consolidated revenue of $453.4 million, and EBITDA of $103.6 million. This record is underpinned by a strong business model, operational excellence and rigorous financial management. 

Commenting on today’s announcement, Eugene Mayne, Group CEO of Tristar said: “I am proud to have witnessed the evolution of Tristar from a local road transportation business into a global world-class integrated energy logistics solutions provider serving blue-chip clients, with an offering that spans road and maritime transportation, specialized warehousing, fuel farms, and fuel supply operations. 

“Our business, which enjoys a strong reputation, developed through years of operational excellence, underpinned by a customer centric model, and a commitment to the highest quality and safety standards, has become a trusted logistics partner for major oil companies globally. 

“Tristar has always been a ‘Business for Purpose’ with the ambition to make a positive impact on our communities and to keep our corporate responsibility at the core of everything we do. In 2011, we signed on to the United Nations Global Compact supporting the advancement of Human Rights, Anti-Corruption, Labour and Environment, demonstrating the extent of our commitment to being a responsible corporate citizen. 

“Tristar’s IPO marks an exciting milestone in the Group’s story as we continue to grow, innovate and shape the future of the logistics industry.” 

Offering Highlights 

Share this: