Chairman’s Statement
Trinidad and Tobago NGL Limited (“TTNGL”/”Company”) is pleased to report an after-tax profit of TT$224.3 million for the year ended 31 December 2025, which represents a TT$343.7 million turnaround over 2024 when a loss of TT$119.4 million was recorded. Consequently, earnings per share also showed a marked improvement, moving from a loss per share of TT$0.77 in 2024 to a positive TT$1.45 for 2025. The gains in 2025 were a direct result of the deliberate steps taken by your new Board of Directors (“Board”) in driving efficiency and creating a foundation for leveraging on expected improvements in key operating inputs at the Company’s underlying asset, Phoenix Park Gas Processors Limited (“PPGPL”). This optimism is supported by the reinstatement in 2025, of the license issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) for natural gas collaboration regionally as well as planned deep exploration activities within Trinidad and Tobago.
Company performance in 2025 was achieved primarily due to the following:
- Higher share of profit from PPGPL, TT$84.6 million in 2025 versus TT$66.6 million for the corresponding 2024 period. This represented a 27% improvement year-on-year. The Company’s cash balance at the end of 2025 stood at a healthy TT$309.4 million (2024: TT$165.6 million) and was driven by dividend payments from PPGPL of TT$144.9 million (2024: TT$39.4 million) as the PPGPL Board resumed its mandate of distribution of surplus cash to its shareholders.
- Impairment reversal of TT$143.1 million, coming out of the 2025 impairment assessment process. This reversal was due to an increase in the recoverable amount, which was driven by improved long-term operating inputs for PPGPL including commodity prices and natural gas inflows for processing.