Despite 2023 being a year of significant global challenges and shifting market conditions, The National Gas Company of Trinidad and Tobago Limited (NGC) and the wider NGC Group have demonstrated resilience and adaptability within a rapidly evolving energy landscape.
In its Summary Consolidated Financial Statements for the Year Ended 31 December 2023, The NGC Group reported a profit before tax of TT$24 million and a net loss after tax of TT$1.3 billion. This outcome reflects the impact of a sharp reduction in international energy commodity prices: in 2023, average ammonia prices decreased by 59%, methanol prices fell by 20% and liquefied natural gas prices fell by 68% compared to 2022 levels.
It also reflects a one-time, non-cash impairment charge of TT$1.5 billion for goodwill. This impairment adjustment was recorded in accordance with International Financial Reporting Standards (IFRS) to ensure that the Group assets are not carried at a value greater than its recoverable amount, particularly considering reduced gas volumes and global declines in ammonia, methanol and liquefied natural gas prices.
