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TTNGL Records Strong After-Tax Profits for the First Six Months of 2022

—Published on 14th August, 2022.

Trinidad and Tobago NGL Limited (‘TTNGL’) continues to post a solid financial performance for 2022. The Company recorded an after-tax profit of TT$117.5 million for the six months ended 30 June 2022. This represents a TT$33.9 million or 40.6% improvement over the TT$83.6 million profit after tax recorded for the comparable period in 2021. Earnings per share for the half-year were TT$0.76 (2021 – TT$0.54) and represents a year-on-year increase of 40.7%.

Based on the Company’s results for the six months ended 30 June 2022, and its current cash flow position, the Board of TTNGL has declared an interim dividend of TT$0.35 per share for 2022. This dividend is to be paid on 14 September 2022 to shareholders on the Register of Members as at 26 August 2022. TTNGL’s improved performance is directly related to the share of higher profit from its investment in Phoenix Park Gas Processors Limited (‘PPGPL’).

PPGPL’s share performance was buttressed by higher recognised Mont Belvieu natural gas liquids (‘NGLs’) prices, which were 66.7% higher than last year’s those of the corresponding period. Additionally, the global upward trend of energy commodity prices which continued from 2021 served to strengthen PPGPL profits. Lower natural gas volumes received at PPGPL for the first half year for 2022 resulted in lower NGL production from gas processing by 5.0% compared to 2021. (2022: 1,060 million standard cubic feet per day (‘mmscfd’); 2021: 1,080 mmscfd). This reduction was attributed to downtime by downstream petrochemicals plants for maintenance activities during the period.

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