Chairman of The NGC Group of Companies, Dr. Joseph Ishmael Khan, has reported positive news on the financial performance of Trinidad and Tobago NGL Limited (TTNGL) for the first quarter of 2024.
TTNGL’s Condensed Interim Financial Statement for the three months ended 31 March 2024 recorded an after-tax profit of TT$30.5 million, which alone TTNGL records an uptick in its Q1 2024 financial performance feasibility study outlining the implementation of recommended Energy Efficiency (EE) and Renewable Energy (RE) measures. NP will finance the implementation of the energy-saving projects, with National Energy providing ongoing technical assistance and support throughout the process. Sahid Hosein, Chairman of NP said, "At NP, we are committed to executing our mandate responsibly. This partnership with National Energy is a significant step towards achieving our sustainability goals. The completion of the energy audit and feasibility study will identify opportunities for NP to operate more sustainably." Dr. Joseph Khan, Chairman of National Energy, welcomed the partnership stating, "This MOU advances our Super ESCO Pilot Project launched in June 2023 with local manufacturing companies. By collaborating with state-owned enterprises such as NP, National Energy is committed to supporting Government’s decarbonisation goals for the local energy sector.” He added that the work arising from this MOU holds significant potential for widespread adoption in other state enterprises. Learn more and have your say online: fb.com/ttenergychamber · #energynow surpasses the profit recorded for the year 2023. This marks a significant improvement of TT$15.9 million or 108.9% over the TT$14.6 million recorded for the corresponding period in 2023. Earnings per share for the quarter were TT$0.20, compared to TT$0.09 for Q1 in 2023, and represents an impressive year-on-year increase of 122.2%.
TTNGL’s underlying asset, Phoenix Park Gas Processors Limited (PPGPL), was the main driver behind the solid performance, which was bolstered by higher Mont Belvieu NGL prices, which rose by 13% over the 2023 period due to growing global demand. TTNGL’s production from gas processing was 20.8% higher than the volumes for 2023, made possible the larger gas volumes produced by PPGPL and higher TTNGL content in the natural gas stream. Greater sales volumes and revenues as well as higher volumes delivered from Atlantic LNG also contributed to the robust performance.
In Q1 2024, the performance of PPGPL’s North American asset, Phoenix Park Trinidad and Tobago Energy Holdings Limited (PPTTEHL) continued its upward trajectory. The subsidiary delivered high trading volumes and recorded improved profits resulting from its contracts with suppliers and customers of the TTNGL product. Dr. Khan noted that it is projected that PPTTEHL will continue to positively contribute to PPGPL’s future earnings potential.