The National Gas Company of Trinidad and Tobago Limited (NGC) has released its unaudited consolidated financial statements for the nine-month period ended 30 September 2021. The results, according to The NGC Group Chairman Conrad Enill, signal a strong recovery relative to 2020, as The NGC Group recorded an unaudited after-tax profit of TT$1.045B for the reporting period. This represents a 2588% increase over the loss of $42M for the prior period last year. Revenues for the period stood at TT$15.6B as compared with TT$8.1B in 2020, an increase of 98% over the prior period.
Mr. Enill noted that, “After a difficult year for the global industry, The NGC Group has rebounded with great agility, proving once more its capacity to navigate change, evolve and prosper. In all that we undertake, we are committed as ever to the principles of good governance, transparency, accountability and responsible leadership, and our ultimate goal remains service to country. As our people retool for the new normal, and we resource the organisation for a new energy landscape, we expect to build on the successes of the past 46 years to continue delivering exceptional value for Trinidad and Tobago.”
The Chairman also stressed that the Group’s strong performance is also a function of clear strategy, solid internal processes, and leveraging favourable market conditions, which continue to be fundamental to the Group’s success. In addition, intensive focus has been placed on addressing areas of value leakage and opportunities for value creation, both with a view to securing long term sustainability. International benchmarking remains standard practice and is helping to build best-in-class operations. External market factors also driving this performance include stronger demand for natural gas and energy products as pandemic restrictions are stepped back across the world and industrial activity regains momentum. Lower inventories of gas and the approaching winter season have also contributed to higher gas prices, particularly in European markets.