Strong per­for­mances from the en­er­gy sec­tor bol­stered the Na­tion­al En­ter­pris­es Lim­it­ed’s (NEL) fi­nan­cial per­for­mance for 2022, its chair­man In­grid Lash­ley has said.

Lash­ley said the com­pa­ny record­ed a net prof­it of $1.98 bil­lion for the fi­nan­cial year end­ed Sep­tem­ber 30, 2022.

This rep­re­sent­ed an in­crease of over $2 bil­lion com­pared to a loss of $270 mil­lion in the pre­vi­ous fi­nan­cial year, Lash­ley ex­plained at the com­pa­ny’s an­nu­al gen­er­al meet­ing at the Hy­att Re­gency yes­ter­day.

“A sig­nif­i­cant turn­around in our net prof­its and div­i­dend in­come arose from in­creased prof­itabil­i­ty in our in­vest­ing port­fo­lio in the en­er­gy sec­tor. This has al­lowed us to con­sid­er a div­i­dend flow that will give share­hold­ers ac­cess to their re­turns in the short­est pos­si­ble time. We ex­pect our en­er­gy port­fo­lio to con­tin­ue to pro­vide sol­id per­for­mance on the ba­sis of mar­ket strate­gies of com­pa­nies like Phoenix Park Gas Proces­sors Lim­it­ed whose pen­e­tra­tion in­to new in­ter­na­tion­al mar­kets has es­tab­lished a plat­form for suc­cess­ful growth and prof­its,” Lash­ley said.

She said the com­pa­ny’s re­turns were promis­ing par­tic­u­lar­ly giv­en the var­i­ous eco­nom­ic pres­sures be­ing faced glob­al­ly.

Lash­ley not­ed there were mixed re­turns from oth­er state agen­cies un­der the um­brel­la of NEL.

“We aim to strike a bal­ance in de­ter­min­ing our own in­vest­ment strat­e­gy. In the face of these fac­tors. NEL’s non-en­er­gy sec­tor has faced the head­winds of the un­cer­tain­ties pre­vail­ing in most economies with Na­tion­al Flour Mills, and Telecom­mu­ni­ca­tion Ser­vices of T&T both ex­pe­ri­enc­ing fair val­ue de­cline. Both com­pa­nies are in the process of ex­e­cut­ing well-de­vel­oped plans for the re­al­i­sa­tion of cost sav­ings and up­skilling of their work­force.

The con­sis­tent and sta­ble fi­nan­cial re­sults from the Pow­er Gen­er­a­tion Com­pa­ny of T&T an­chored re­turns from this sec­tor,” said Lash­ley.

Lash­ley con­firmed that the com­pa­ny has suc­cess­ful­ly tran­si­tioned its fi­nan­cial re­port­ing pe­ri­od from the year end­ed April 31 to Sep­tem­ber 30, lead­ing to the fi­nan­cial per­for­mance re­flect­ing the per­for­mance over an 18-month pe­ri­od.

She con­firmed the com­pa­ny would re­turn to the tra­di­tion­al an­nu­al re­port­ing sched­ule start­ing this fis­cal year.