More good news for NGC subsidiary, Trinidad and Tobago NGL Limited (‘TTNGL’). The financial performance for the first quarter of 2022 continues to trend upwards as TTNGL has posted yet another strong quarterly performance, recording as after-tax profit of TT$64.6 million for the first three months ended 31 March 2022.
This represents a 29.2% improvement of TT$14.6 million over the comparable period in 2021, when a profit after tax of TT$50.0 million was recorded. Earnings per share for the quarter were TT$0.42, compared to TT$0.32 for the corresponding period in 2021, which constitutes an increase of 31.3%.
According to the financials and report from NGC Group Chairman Conrad Enill, this marked improvement was driven by the solid financial performance of TTNGL’s underlying asset, Phoenix Park Gas Processors Limited (‘PPGPL’). Increasing energy commodity prices, which continued from 2021 into 2022, translated to higher recognised Mont Belvieu natural gas liquids (‘NGLs’) prices, which were 69.3% above those of the corresponding period of 2021. This global upward trending of prices served to buoy higher profits for PPGPL.