National Enterprises Limited (NEL) reported a net loss of $348.7 million for the financial year ended September 30, 2024.
Chair Ingrid Lashley, however, noted this reflects a 23 per cent improvement over the prior year's net loss of $455.1 million.
She said this $106.4 million variance underscores its ongoing efforts to navigate challenging market conditions.
Operating profit declined by 70 per cent to $120.4 million (fy2023: $391.3 million) which was influenced by a reduction in dividend income to $113.1 million (fy2023: $382.7 million)
Lashley explained that total assets stood at $2.7 billion, down from $3.3 billion in fy2023, in line with fair value adjustments across its investee companies, particularly in the energy sector.
“Our non-energy investee companies delivered notably strong performances, collectively registering a 24 per cent increase in fair value. Telecommunications Services of T&T Ltd and National Flour Mills Ltd both achieved profit growth, expanded their product and service offerings, and enhanced their market positions. The Power Generation Company of T&T Ltd continued its consistent trajectory, posting a 12 per cent increase in value,” she said.
“In contrast, our energy portfolio faced ongoing pressures. The Trinidad Nitrogen Co Ltd’s fair value declined 25 per cent to $1.1 billion (from $1.46 billion), while Pan West Engineers Constructors LLC and NGC NGL Co Ltd also recorded decreases of a similar magnitude. These shifts reflect the volatile energy landscape, shaped by geopolitical factors, climate-related challenges, and ongoing constraints in local gas supply, particularly gas curtailments,” Lashley added.
