T&T NGL Lim­it­ed (TTNGL) has record­ed af­ter tax earn­ings of $402.8 mil­lion in 2015.

This is a sig­nif­i­cant im­prove­ment over the loss of $804.2 mil­lion in­curred in 2014," said chair­man Ger­ry C Brooks in his an­nounce­ment to share­hold­ers.

Brooks said the cu­mu­la­tive div­i­dend for 2015 was $1.50 and the fi­nal div­i­dend of $1 will be paid on May 6.

He said TTNGL's un­der­ly­ing as­set, Phoenix Park Gas Proces­sors Lim­it­ed (PPG­PL), was im­pact­ed by low­er NGL prod­uct prices. These prices were strong­ly linked to crude oil prices, which fell sharply in 2015.

The com­pa­ny's low­er share of prof­it from in­vest­ment in PPG­PL was off-set by a par­tial re­ver­sal of $235.2 mil­lion of the im­pair­ment loss of $1.1 bil­lion, which was recog­nised in 2014. The re­ver­sal was dri­ven by a 27 per cent in­crease in the ter­mi­nal val­ue used in the an­nu­al im­pair­ment re­view and based on re­vised long-term pro­jec­tions. Over­all, this trans­lat­ed in­to earn­ings per share of $2.40 in 2015, ver­sus the loss of $4.87 in 2014.

TTNGL was for­mal­ly list­ed on the T&T Stock Ex­change last Oc­to­ber. It stim­u­lat­ed trad­ing pos­i­tive­ly on the lo­cal ex­change when ap­prox­i­mate­ly $200 mil­lion of shares were trad­ed in the first week of trad­ing fol­low­ing the launch of the Ini­tial Pub­lic Of­fer­ing (IPO). The IPO was al­so over­sub­scribed by 1.77 times of the num­ber of shares of­fered for sale and was the largest IPO on the lo­cal stock ex­change.

Brooks reaf­firmed PPG­PL's strat­e­gy of broad­en­ing its rev­enue base through growth of its core busi­ness in T&T, pur­suit of ag­gres­sive in­ter­na­tion­al growth in core NGL and re­lat­ed busi­ness­es while con­tin­u­ing to ra­tio­nalise costs. He said this has con­tributed to prof­it in 2015 and will lay a sol­id foun­da­tion for ac­tiv­i­ty this year.