“TTNGL has posted yet another strong performance, delivering appreciable returns to shareholders, notwithstanding the challenged global economy.” These were the comments of Trinidad and Tobago NGL Limited (TTNGL) and NGC Group Chairman, Mr. Conrad Enill after the Company published its audited financial statements for the year ended 31 December 2021. The results reflect a major uplift of 373.6% in profit after tax over 2020 (excluding the positive impact of impairment reversal).
Total Company profits amounted to $512.8 million in 2021, compared with $6.4 million in 2020. This improvement drove earnings per share up to $3.31 at the end of year, versus $0.04 for the prior year period. As a result, the final dividend to be distributed to shareholders stands at $0.50 per share, bringing total dividend for 2021 to $0.75 per share (2020: $0.05).
TTNGL’s markedly improved performance was driven primarily by two factors according to the Chairman:
- A higher share of profit from its underlying asset, Phoenix Park Gas Processors Limited (PPGPL)
- An impairment reversal of TT$302.1 million, underwritten by improved long-term commodity prices and the continued execution of value creation opportunities by PPGPL.