De­spite re­port­ing an af­ter-tax prof­it of $82.8 mil­lion for the nine-month pe­ri­od end­ed Sep­tem­ber 30, 2024, Trinidad and To­ba­go NGL Lim­it­ed is still un­able to pay share­hold­ers in US dol­lars.

This con­cern was ad­dressed by chair­man Dr. Joseph Khan, in a news re­lease an­nounc­ing the com­pa­ny’s fi­nan­cial per­for­mance for the pe­ri­od.

He said, “We ac­knowl­edge that our share­hold­ers are un­der­stand­ably ea­ger for a res­o­lu­tion to the cur­rent div­i­dend re­stric­tion and the an­tic­i­pat­ed time­line for im­ple­ment­ing a vi­able so­lu­tion.

“The board and man­age­ment re­main deeply com­mit­ted to ad­dress­ing this is­sue as a pri­or­i­ty, know­ing the im­pact it has had on share­hold­er val­ue. We are ac­tive­ly ex­plor­ing path­ways that, while com­plex, we be­lieve will ul­ti­mate­ly strength­en TTNGL’s abil­i­ty to re­sume div­i­dends and im­prove share­hold­er re­turns. We ap­pre­ci­ate our share­hold­ers’ pa­tience as we work dili­gent­ly to po­si­tion TTNGL for sus­tain­able growth and val­ue cre­ation,” Khan said.

In TTNGL’s 2016 an­nu­al meet­ing share­hold­ers of the com­pa­ny vot­ed in favour of re­ceiv­ing their div­i­dends ei­ther in TT dol­lars or US dol­lars.

Khan, how­ev­er, hailed the turn­around in the com­pa­ny’s prof­its, as the $82.77 mil­lion af­ter-tax prof­it for the nine months to Sep­tem­ber 30, rep­re­sent­ed a 153.2 per cent im­prove­ment over the $32.7 mil­lion prof­it for the same pe­ri­od in 2023.

Ex­act­ly a year ago, the com­pa­ny re­port­ed an 80 per cent de­crease in prof­its.

Khan said the im­prove­ment in TTNGL’s prof­itabil­i­ty was dri­ven by an in­crease in nat­ur­al gas liq­uids (NGL), as a re­sult of an op­ti­mised gas sup­ply mix from The Na­tion­al Gas Com­pa­ny of Trinidad and To­ba­go Lim­it­ed (NGC).

He ex­plained gas vol­umes di­rect­ed to Point Lisas for pro­cess­ing av­er­aged 1,062 mil­lion stan­dard cu­bic feet per day, a slight in­crease over 2023.. He added

He said, “This in­creased NGL out­put, 33.3 per cent high­er year-on-year, en­abled PPG­PL to cap­i­talise on ad­di­tion­al rev­enue from favourable Mont Belvieu (MB) NGL prices, which were 10.0 per cent high­er than the cor­re­spond­ing 2023 pe­ri­od.

He al­so stat­ed, “PPG­PL’s North Amer­i­can sub­sidiary, Phoenix Park Trinidad and To­ba­go En­er­gy Hold­ings Lim­it­ed (PPT­TEHL), al­so re­port­ed ro­bust re­sults. PPT­TEHL achieved high­er trad­ing vol­umes and mar­gins on its sales con­tracts, with NGL trad­ing vol­umes up 23.8 per cent year-on-year. This growth stems from ex­pand­ed through­put and a more com­pre­hen­sive com­mer­cial foot­print, un­der­scor­ing the strength of TTNGL’s in­ter­na­tion­al port­fo­lio.”