Chairman’s Statement: During 2022, the continued impact of geopolitical tensions and the lingering consequences of the COVID-19 pandemic have impacted global economic recovery. These impacts, coupled with the inherent volatility in the energy commodity markets, contributed to the performance of Trinidad and Tobago NGL Limited’s (TTNGL) underlying asset, Phoenix Park Gas Processors Limited (PPGPL). Additionally, for 2022, PPGPL recognised the following accounting adjustments:
- Changes in accounting estimates
- Decommissioning provisions
- Amortisation of intangible assets
The adjustments for decommissioning and amortisation of intangible assets have resulted in restatement of the PPGPL financial statements for 2020 and 2021 as per requirements of International Financial Reporting Standards. This treatment had a flow-through effect on TTNGL’s reporting with similar restatement of its financial statements, amendments to the Fair Value (FV) calculation and recognition of impairment charges. Despite the foregoing, TTNGL showed strong operating performance for 2022, recording profit after tax (excluding impairment charges) of TT$165.8 million, compared to TT$192.3 million for 2021.
