In 2024, The NGC Group of Companies (“The NGC Group/the Group”) embraced the challenges of an ever-changing energy environment and sought to build upon past successes to optimise value across all our business units as an integrated energy company.
Financial Review
For the financial year ended 31 December 2024, The NGC Group recorded a profit after tax of TT$1.6 billion (bn). This represents a vast and welcome improvement of TT$2.9bn from a reported loss of TT$1.3bn for the year ended 31 December 2023. The loss recorded in 2023 was principally as a result of impairment charges of TT$1.8bn.
This outcome reflects the impact of an improvement in gross profit margins by TT$2.6bn and a reduction in the non-cash impairment charges to TT$1.3bn. NGC is severely challenged in its cash management by the non-payment of T&TEC receivables, which stands at TT$6.3bn and is estimated to grow by TT$1.2bn per year if not urgently addressed. The closure of the Niquan Plant has adversely impacted our receivables by a further TT$145 million.
