Following a year of upheaval in global economic and energy markets, Trinidad and Tobago NGL Limited has shown significant rebound and recorded an after-tax profit of TT$50.0 million for the first quarter of 2021 when compared to the first quarter of 2020, which recorded TT$6.9 million. The upturn in profits translates into earnings per share of TT$0.32 for shareholders compared to TT$0.04 for the same period last year.
Chairman Conrad Enill noted in his report for Quarter 1 2021, TTNGL’s improved profitability was because of a higher share of profit from its underlying asset Phoenix Park Gas Processors Limited (‘PPGPL’). PPGPL’s enhanced performance was driven by higher Mont Belvieu prices for Natural Gas Liquids (‘NGLs’), which were 49.8% above the first quarter of 2020. This trend began in Quarter 4 2020 and continued into Quarter 1 2021, as markets recovered from the effects of the Covid-19 pandemic.