The NGC Group (“The Group/the Group”) has announced a profit of $2.38 billion, maintaining a position of profitability for the year ended 31 December 2022. According to the 2022 summary consolidated financial statements, this solid performance is just 5.2% lower than the $2.51 billion after-tax profit recorded in 2021.
According to Chairman, Dr. Joseph Ishmael Khan, The NGC Group’s profitability was driven by high energy commodity prices, which were boosted by the upward trend of market prices for ammonia and natural gas liquids (NGLs) in 2022. He also noted that as an integrated energy company, the Group was able to capture value across the natural gas value chain.
The Group’s commendable performance was also undergirded by astute guidance and steadfast support from the Government of Trinidad and Tobago, through the Group’s line minister, The Honourable Stuart Young, Minister of Energy and Energy Industries.
On the upstream side of the energy value chain, parent company NGC advanced its growth strategies through the completion of key gas supply contract negotiations, including a milestone Gas Supply Contract (GSC) with bpTT. The company worked collaboratively with Shell to progress the Manatee project and a Heads of Agreement (HOA) was signed to commence joint modification of NGC’s Beachfield Facility, to accommodate gas from that field.
