NGC Group records After-tax Profit of $1.06 Billion
1st September 2018
The Chairman of The National Gas Company of Trinidad and Tobago Limited (NGC) announced that the energy company recorded a profit after tax of $1.06 billion for the first half of 2018. This, according to Mr. Gerry C. Brooks, represents an increase of 39.1% or $297.1 million above the corresponding six – month period for 2017 . Likewise , r evenue increased to $7.97 billion which represents an increase of 19% or $1.25 billion from $6.72 billion in the prior period . The increase in revenue was a combination of a 16% uplift in methanol prices and improved gas production.
It was noted that both international credit rating agencies, S&P Global Ratings and Moody ’ s Investors Service reaffirmed NGC’s credit ratings with a stable outlook. Additionally, several strategic initiatives as well as important downstream negotiations were advanced . NGC also executed a landmark Technical Services Agreement with Empresa Nacional de HidroCarbonetos, E.P. (ENH), the state – owned petroleum company of Mozambique. Through this agreement, ENH has effectively contracted technical, commercial and legal services from NGC for the development of Mozambique ’s natural gas sector. A Gas Supply Agreement was also executed with Global Petroleum Group (GPG) with the support of the Government of Grenada. Both are forwa rd – looking and important initiatives.