TTNGL’s 2023 financial results reflect the performance of its underlying asset, Phoenix Park Gas Processors Limited (PPGPL), which, according to Chairman of The NGC Group of Companies, Dr. Joseph Ishmael Khan, “…was dampened by the challenges impacting global energy markets.”

He noted that for the year ended 31 December 2023, PPGPL recorded a profit after tax of US$10.7 million (2022: US$63.8 million). This translated to a share of profit to TTNGL for 2023 of TT$28.1 million (2022: TT$168.1 million). After accounting for expenses, the Company recorded a loss after tax of TT$547.7 million (2022: TT$396.6 million). As a result, TTNGL was unable to declare a dividend payment to shareholders for 2023. However, TTNGL’s board and management are exploring all available options to remedy this situation.

A significant factor impacting PPPGPL’s performance was the recognition of an impairment charge of TT$573.6 million (2022: TT$562.4 million). As in 2022, the impairment charge is unrealised and was a result of the 2023 Fair Value (FV) assessment of TTNGL’s investment in PPGPL.

The Chairman explained that external market forces also adversely affected PPGPL’s revenues and financial performance, with a warmer-than-usual winter in the US for 2023, combined with higher US NGL production and lower global demand, drove Mount Belvieu prices to 30% lower than that of 2022. Compounding factors included the challenges stemming from lower NGL production coming out of reduced gas volumes in the domestic market, as well as extended facility downtime for maintenance activities and higher that estimated decommissioning costs.

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