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TTNGL Records Improved Financial Performance for the First Nine Months of 2022

—Published on 14th November, 2022.

Trinidad and Tobago NGL Limited (‘TTNGL’) continues to demonstrate solid year-on-year improvement for its financial performance in 2022. For the nine months ended 30 September 2022, TTNGL recorded an after-tax profit of TT$165.1 million which represents a 23.1% increase over the same period in 2021. This upward trend has translated for the shareholder earnings per share of TT$1.07 for the period, compared to TT$0.87 for the corresponding period in 2021, which constitutes an increase of 23%.

In his statement, newly appointed NGC Group and TTNGL Chairman, Dr. Joseph Ishmael Khan, noted that TTNGL’s upturn in profitability was directly related to the share of higher profit from its investment in Phoenix Park Gas Processors Limited (‘PPGPL’).

The asset’s performance was buoyed by increased Mont Belvieu natural gas liquid (NGL) prices, which were 51.5% higher than last year’s corresponding period. Notwithstanding, a slowdown in economic growth and constrained global supplies, energy commodity prices remained robust and continued to be influenced by the geopolitical fallout from the Russia/Ukraine war.

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