The National Gas Company of Trinidad and Tobago Limited (NGC) together with its subsidiaries (collectively The NGC Group), recorded a solid financial performance in the first quarter of 2021. In its summary consolidated financial statements for the quarter ended March 31 st 2021, The Group has announced an unaudited after-tax profit of TT$191M for Q1 2021. This is a marked uplift compared with TT$31M for Q1 of the prior year. Group revenues stood higher at TT$4.5B, compared to TT$3.2B for the same period in 2020. These improved margins were driven by a rebound in commodity prices after the market challenges of 2020. They also reflect the resilience of The NGC Group, and its unrelenting drive to succeed as an integrated global energy player.
Already this year, important work was progressed and milestones achieved that will continue to bolster performance and growth for 2021 and beyond. In the first quarter, NGC executed a new gas supply contract with Tringen whilst negotiations continued with Methanol Holdings (Trinidad) Limited towards execution of a long-term gas sales contract. It was also announced that the Ruby field, in which NGC holds a 31.5% interest, would commence production in May 2021, six months ahead of schedule. This project will support stabilisation of supply over the next few years.