The 6th Annual Meeting of Shareholders for Trinidad and Tobago NGL Limited (‘TTNGL’/’Company’) was held virtually for the second consecutive year. The Annual Meeting (AM) was hosted via a live webcast on July 1st 2021 in accordance with current public health guidelines to manage the spread of Covid-19.
At the AM, TTNGL Chairman, Conrad Enill, noted that despite the challenges of 2020, the Company remained profitable, declaring an after-tax profit of TT$6.4 million. This translated into earning per share of TT$0.04. TTNGL’s lower financial performance when compared to 2019 is directly related to the impact the pandemic had on the demand for energy and energy-related commodities. Decreased demand resulted in lower commodity prices for 2020 including natural gas liquids (NGL).
TTNGL’s 2020 performance correlates with the performance of its underlying asset, Phoenix Park Gas Processors Limited (PPGPL). The asset recorded a reduced after-tax profit of TT$116.8 million when compared to the corresponding period for 2019. Nonetheless, PPGPL boasted a relatively steady demand for its products, in the midst of upheaval, and began showing improved performance in Q4 2020 that continued in Q1 2021, driven by a significant rebound in NGL prices.