The NGC Group of Companies (‘Group’), which Trinidad and Tobago NGL Limited (‘TTNGL’ and ‘Company’) is a part of, continues to make positive strides in pursuing its strategic plan which is centred on transforming the Group into a high-performing, agile group of companies.
I am pleased to report that The National Gas Company of Trinidad and Tobago Limited (NGC) and its subsidiaries (‘the Group’) had another successful year in 2017. The Group recorded a profit after tax of $989 million for 2017, which was a 37.3% or $269 million increase above the 2016 reported profit after tax of $721 million.
Trinidad and Tobago NGL Limited (“TTNGL” and “Company”) recorded another year of positive growth with profit after tax increasing to TT$233.7 million. This represents a 30.2% improvement over full year 2016 results. Earnings per share were $1.51 (2016: $1.16) which is a 30.2% improvement over the prior year. These earnings are the consequence of a series of deliberate initiatives at Phoenix Park Gas Processors Limited (“PPGPL”) which have enhanced performance and
shareholder value.
I am pleased to report that for the first nine months of the year, 1 January 2017 to 30 September 2017, Trinidad and Tobago NGL
Limited (“TTNGL”/”Company”) has recorded Profit after Tax of $150.7 million. This represents an approximate $34.8 million or 30.0%
improvement over the corresponding period in 2016 when $115.9 million was recorded. Earnings per share for the period were $0.97,
compared to $0.75 for 2016. This represents an increase of $0.22 or 29.3% over the prior period.
Chairman’s Statement
I am pleased to report that for the fi rst half of the year, 1 January to 30 June 2017, Trinidad and Tobago NGL Limited (“TTNGL”/”Company”) recorded profi t after tax of $91.5 million. This represents a 26.7% improvement over the corresponding period in 2016 when $72.2 million was recorded. Earnings per share for the period were $0.59, compared to $0.47 for 2016. This represents an increase of 25.5%. The improved performance was driven by higher share of profi t from TTNGL’s investment in Phoenix Park Gas
Processors Limited (“PPGPL”). The continued challenge at PPGPL of lower natural gas volumes to Point Lisas for processing was mitigated by improved Mont Belvieu product prices and company-driven initiatives. Product prices for 2017 were 33.5% higher than the corrresponding period in 2016.
I am pleased to report that for the first quarter of the year, 1 January to 31 March, 2017, Trinidad and Tobago NGL Limited (“TTNGL” and “Company”) recorded after-tax earnings of $56.9 million. This represents an 88.4% improvement when compared to the corresponding quarter in 2016 in which a profit of $30.2 million was recorded. Earnings-per-share for the period were $0.37, compared to $0.20 for 2016—an improvement of 85.0%.
Despite another year of challenging economic conditions, 2016 was a year in which the
earnings of Trinidad and Tobago NGL Limited (TTNGL) returned to growth when compared
to 2015. This was achieved through the careful and responsible management of the
Company’s finances as well as the improved performance of the underlying asset, Phoenix
Park Gas Processors Limited (PPGPL).
Under the watchful oversight and guidance of the new Board of TTNGL, the Company
successfully completed its Initial Public Offering (IPO) in October 2015 and is now poised to
further deepen its position on the local capital market via an additional public offering by
NGC of its remaining Class B shares in TTNGL. The results achieved in 2016 are a further
demonstration by the Board of the positive impact of a consistent dividend policy coupled
with high levels of operational discipline and financial management.
The Public Accounts (Enterprises) Committee examines the Audited Financial Statements of NGC for the period 2009-2015. Wednesday 19th April, 2017 10:00 am.
I am pleased to report that Trinidad and Tobago NGL Limited (‘TTNGL’ and ‘Company’) recorded after-tax earnings of TT$344.8 million for 2016. Earnings per share for 2016 was $1.16.
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Chairman’s Statement:
I am pleased to report that for the first nine months of the year, 1 January to 30 September, 2016, Trinidad and Tobago NGL Limited (TTNGL/Company) recorded total comprehensive profit of TT$266.3 million. This represents a 113% improvement over the corresponding period in 2015 when TT$124.9 million was recorded. The significantly improved performance was driven by higher other comprehensive income arising from translation differences to the presentation currency. This contributed TT$150.4 million to total comprehensive income compared to a loss of TT$6.0 million in the prior year.