Trinidad and To­ba­go NGL Lim­it­ed record­ed an af­ter-tax prof­it of $83.6 mil­lion for the first half of 2020.

This rep­re­sents a 476 per cent in­crease in its per­for­mance com­pared to the same pe­ri­od in 2020

In its sum­ma­ry fi­nan­cial state­ment for the pe­ri­od, chair­man  Con­rad Enill said TTNGL’s up­turn in prof­itabil­i­ty re­lates di­rect­ly to the per­for­mance of its un­der­ly­ing as­set Phoenix Park Gas Proces­sors Lim­it­ed (‘PPG­PL’).

He ex­plained the as­set’s per­for­mance was buoyed by in­creased Mont Belvieu nat­ur­al gas liq­uid (NGL) prices, which were 103.8% high­er than last year’s cor­re­spond­ing pe­ri­od.

The com­pa­ny ex­pects that favourable NGL prices and de­mand will con­tin­ue for 2021.

Enill said, “More­over, through the de­lib­er­ate ef­forts of The Na­tion­al Gas Com­pa­ny of Trinidad and To­ba­go Lim­it­ed (‘NGC’), PPG­PL ben­e­fit­ed from a 5 per cent in­crease in the NGL con­tent of the gas stream. This catal­ysed a 3.8 per cent in­crease in NGL pro­duc­tion from PPG­PL’s gas pro­cess­ing op­er­a­tions.”

It was al­so ex­plained that PPG­PL’s per­for­mance was not sole­ly based on ex­ter­nal forces. PPG­PL’s im­proved prof­itabil­i­ty was at­trib­uted to in­ten­tion­al ex­e­cu­tion of its mar­ket­ing and prod­uct trad­ing strate­gies. The com­pa­ny point­ed to the re­new­al of  sales con­tracts with­in the East­ern Caribbean mar­ket as key to its suc­cess.
 Phoenix Park Trinidad and To­ba­go En­er­gy Hold­ings Lim­it­ed (‘PPT­TEHL’), al­so reaped ben­e­fits for the com­pa­ny. It has de­liv­ered sig­nif­i­cant eco­nom­ic re­turns with its sub­sidiary’s sales con­tracts yield­ing im­proved prof­it mar­gins, based on the high trad­ing vol­umes.

The com­pa­ny said for the half year pe­ri­od, PPT­TEHL con­tributed ap­prox­i­mate­ly 7 per cent to PPG­PL’s af­ter tax prof­it.

The com­pa­ny said it main­tains a pos­i­tive out­look for PPG­PL de­spite the cur­rent short-term chal­lenges of re­duced vol­umes of nat­ur­al gas for pro­cess­ing and the im­pacts to en­er­gy mar­kets and economies from the fall­out of the pan­dem­ic.

Chair­man Enill said “PPG­PL will con­tin­ue to build its re­silience by strength­en­ing its op­er­a­tional ef­fi­cien­cies, fo­cus­ing on its growth strat­e­gy and deep­en­ing val­ue cre­ation tac­tics to se­cure long-term prof­itabil­i­ty and sus­tain­abil­i­ty.”