TTNGL: Condensed Interim Financial Statements
For the Nine Months Ended 30 September 2018
I am pleased to report that for the nine months ended 30 September 2018, Trinidad and Tobago NGL Limited (“TTNGL”/”Company”) has recorded profit after tax of $210.6 million. This represents an improvement of $59.9 million or 39.8% improvement over the corresponding 2017 period when $150.7 million was recorded. Earnings per share for the period experienced growth of 39 cents which represents an increase of 40.2% over the prior year period.
TTNGL’s improved performance was driven by a higher share of profit from TTNGL’s investment in Phoenix Park Gas Processors Limited (“PPGPL”). This improvement was primarily a result of increased revenue derived from enhanced Mont Belvieu product prices – 38.1% higher than 2017, coupled with PPGPL’s continued ability to derive the benefit from such price increases through its successful marketing strategies.