TTNGL Continues to Deliver
28th March, 2019
“Trinidad and Tobago NGL Limited (TTNGL) continues to provide excellent returns for its shareholders and is an excellent investment for the people of Trinidad and Tobago” declared Professor Gerry Brooks, Chairman of TTNGL.
For the year ended 31 December, 2018, TTNGL recorded profit after tax of TT253.0 million. This represents an 8.2% improvement over full year 2017 in which TT$233.7 million was recorded. Earnings per share increased to $1.63, a 7.9% improvement over the 2017 figure of $1.51. These earnings were driven by the deliberate efforts of Phoenix Park Gas Processors Limited (PPGPL) to maintain and where possible enhance margins in an environment that remains challenged.
For 2018, the share of profit from TTNGL’s investment in PPGPL improved by 12.0% to TT$242.6 million compared to TT$216.6 million in 2017, primarily as a result of increased revenue derived from enhanced Mont Belvieu product prices which were 27.9 % higher than 2017. The benefit of these price gains was maximized by ensuring sustained operating uptime of over 97% for the year. This is despite the lower natural gas supply to Point Lisas for processing, and the reduced Natural Gas Liquids (NGLs) content in the gas stream which tempered performance during the year.