Trinidad and Tobago NGL Limited (‘TTNGL’) has demonstrated a marked improvement in its financial performance for the first half of 2021. The company recorded an after-tax profit of TT$83.6 million which represents a 476% increase for the same period in 2020. These improved margins translate to increases for the shareholder as earnings per share for the half year were TT$0.54, compared to TT$0.09 for the first half of 2020. Consequently, the Board has declared an interim dividend payment of TT$0.25 per share, payable on 15 September 2021 to shareholders on the Register as at 25 August 2021.
In his report, Chairman Conrad Enill noted that TTNGL’s upturn in profitability relates directly to the performance of its underlying asset Phoenix Park Gas Processors Limited (‘PPGPL’). The asset’s performance was buoyed by increased Mont Belvieu natural gas liquid (NGL) prices, which were 103.8% higher than last year’s corresponding period. It is forecasted that favourable NGL prices and demand will continue for 2021. Moreover, through the deliberate efforts of The National Gas Company of Trinidad and Tobago Limited (‘NGC’), PPGPL benefitted from a 5% increase in the NGL content of the gas stream. This catalysed a 3.8% increase in NGL production from PPGPL’s gas processing operations.