Phoenix Park Gas Proces­sors Ltd (PPG­PL) end­ed 2024 with a strong fi­nan­cial per­for­mance of ap­prox­i­mate­ly 136 per cent growth in prof­it af­ter tax from 2023.  

In a state­ment yes­ter­day, PPG­PL said de­spite a dy­nam­ic en­er­gy en­vi­ron­ment and var­i­ous chal­lenges, its strate­gic fo­cus on op­er­a­tional ex­cel­lence and dis­ci­plined ex­e­cu­tion, sup­port­ed by a ro­bust safe­ty cul­ture and in­no­v­a­tive team, yield­ed these pos­i­tive re­sults.  

It fur­ther not­ed that key dri­vers in­clud­ed op­ti­miz­ing gas through­put and ef­fi­cien­cy, en­hanc­ing nat­ur­al gas liq­uids (NGL) yields, rig­or­ous cost con­trol, and lever­ag­ing favourable mar­ket con­di­tions.

 PPG­PL’s North Amer­i­can sub­sidiary, Phoenix Park En­er­gy Mar­ket­ing LLC (PPEM) al­so sup­port­ed this per­for­mance with 21 per cent vol­ume growth and on­go­ing strate­gies.  

“These achieve­ments re­in­force the com­pa­ny’s com­mit­ment to strength­en­ing its core, pur­su­ing strate­gic goals, and in­vest­ing sus­tain­ably, con­firm­ing PPG­PL is mov­ing firm­ly in the right di­rec­tion,” the com­pa­ny stat­ed.

In ex­e­cut­ing its busi­ness strat­e­gy, PPG­PL out­lined that it con­tin­ues to max­imise the val­ue of the coun­try’s nat­ur­al gas re­sources in process plant op­er­a­tions, safe­ty, and sus­tain­abil­i­ty.  

PPG­PL high­light­ed that it pur­pose­ful­ly in­vest­ed in val­ue-adding growth strate­gies along the NGL val­ue chain, lo­cal­ly and in­ter­na­tion­al­ly.  

“Its US-based sub­sidiary, Phoenix Park En­er­gy Mar­ket­ing (PPEM), em­barked on a strate­gic ex­pan­sion project to boost its load­ing ca­pac­i­ty at Hull Ter­mi­nal from 28 rail­cars per day in 2023 to an im­pres­sive 44 rail­cars per day in 2024.

“This ex­pan­sion trans­lates to a re­mark­able ca­pac­i­ty of ap­prox­i­mate­ly 500 mil­lion gal­lons of nat­ur­al gas liq­uids (NGLs), with a cap­i­tal ex­pen­di­ture of US$7 mil­lion.

“To fur­ther strength­en its po­si­tion, PPEM con­tin­ued its prod­uct and ser­vice di­ver­si­fi­ca­tion in 2024, as part of its strat­e­gy to mit­i­gate against price and de­mand risk,” the com­pa­ny said.