PORT OF SPAIN, Trinidad, CMC -The Trinidad and Tobago NGL Limited (TTNGL) says its profit after tax increased by 153.2 percent for the nine months of this year, compared to the same period in 2023.
In a statement, the Company posted an after-tax profit of TT$82.8 million (One TT dollar = 0.16 cents), up significantly from TT$32.7 million in 2023.
It said this equates to earnings per share of TT$0.53, reflecting an impressive growth of TT$0.32 compared to the prior year.
The TTNGL said that the substantial improvement is primarily driven by the enhanced profitability of TTNGL’s investment in Phoenix Park Gas Processors Limited (PPGPL).
It said gas volumes directed to Point Lisas for processing averaged 1,062 million standard cubic feet per day, slightly increasing over 2023. Additionally, Natural Gas Liquids (NGL) production rose considerably, with a 12.8 percent increase in NGL content due to an optimized gas supply mix from The National Gas Company of Trinidad and Tobago Limited (NGC).
TTNGL said this increased NGL output, 33.3 percent higher year-on-year, enabled PPGPL to capitalize on additional revenue from favorable Mont Belvieu (MB) NGL prices, which were 10 percent higher than the corresponding 2023 period.
It said PPGPL’s continued focus on operational efficiencies, maximizing facility uptime, and optimizing commercial agreements have been instrumental in leveraging the current environment of high NGL prices and demand forecasts.
The TTNGL said PPGPL’s commitment to stringent safety practices and a resilient operational culture further strengthens its performance. It noted that PPGPL’s North American subsidiary, Phoenix Park Trinidad and Tobago Energy Holdings Limited (PPTTEHL), also reported robust results.
“PPTTEHL achieved higher trading volumes and margins on its sales contracts, with NGL trading volumes up 23.8 percent year-on-year. This growth stems from expanded throughput and a more comprehensive commercial footprint, underscoring the strength of TTNGL’s international portfolio.”
TTNGL said that as of 30 September 2024, its cash position remains robust at TT$152.3 million, compared to TT$127.2 million at the close of 2023, underscoring the Company’s solid liquidity and prudent cash management. Notwithstanding, the current regulatory requirements restrict dividend payments.
“We acknowledge that our shareholders are understandably eager to resolve the current dividend restriction and the anticipated timeline for implementing a viable solution. The Board and management remain deeply committed to addressing this issue as a priority, knowing its impact on shareholder value,” said TTNGL chairman Dr. Joseph Ishmael Khan.
“ We are actively exploring pathways that, while complex, will ultimately strengthen TTNGL’s ability to resume dividends and improve shareholder returns. We appreciate our shareholders’ patience as we work diligently to position TTNGL for sustainable growth and value creation,” he added.
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