Trinidad and To­ba­go NGL Lim­it­ed has re­port­ed a net loss af­ter tax of $119.4 mil­lion for the fi­nan­cial year end­ed 31 De­cem­ber 2024.

NGL chair­man Dr Joseph Ish­mael Khan how­ev­er said, in his chair­man's state­ment in the com­pa­ny's sum­ma­ry fi­nan­cial state­ments, that this was an im­prove­ment from the TT$547.7 mil­lion loss in 2023.

He said,"This re­sult in­cludes an un­re­alised im­pair­ment of $184.3 mil­lion (2023: $573.6 mil­lion), de­rived from TTNGL's 2024 im­pair­ment as­sess­ment. The im­pair­ment re­flects pru­dent risk man­age­ment and is based on a con­ser­v­a­tive out­look in­cor­po­rat­ing: Low­er long-term gas sup­ply vol­umes. Re­duced NGL con­tent in the fore­cast gas stream, and low­er an­tic­i­pat­ed NGL prices over the medi­um term."

He how­ev­er ex­plained that TTNGL's share of prof­it from its in­vest­ment in Phoenix Park Gas Proces­sors Lim­it­ed ("PPG­PL") rose to $66.6 mil­lion in 2024, from $28.1 mil­lion in 2023-an in­crease of 137 per cent.

Khan said, "This re­flects a sol­id growth in PPG­PL's per­for­mance and sup­ports the com­pa­ny's broad­er ef­forts to sta­bilise earn­ings and long-term share­hold­er val­ue."

TTNGL's fi­nan­cial re­sults were re­leased mere days af­ter cred­it rat­ing agency Cari­CRIS reaf­firmed the rat­ings cur­rent­ly as­signed to the US $400 mil­lion debt is­sue of Na­tion­al Gas Com­pa­ny of Trinidad and To­ba­go Lim­it­ed.

TTNGL is a sub­sidiary of NGC.

Cari­CRIS kept the rat­ings at Cari­AA (For­eign and Lo­cal Cur­ren­cy) on the re­gion­al rat­ing scale, and ttAA (For­eign and Lo­cal Cur­ren­cy) on the Trinidad and To­ba­go (T&T) na­tion­al rat­ing scale. Cari­CRIS said these rat­ings in­di­cate that the lev­el of cred­it­wor­thi­ness of this oblig­a­tion, ad­judged in re­la­tion to oth­er oblig­a­tions in the Caribbean and with­in T&T, is high.

Cari­CRIS, in a re­lease last week stat­ed it has al­so as­signed a sta­ble out­look on the rat­ings. The agency said the sta­ble out­look is premised on the high like­li­hood that rev­enues and prof­its will re­main healthy over the next 12-15 months, fol­low­ing a re­bound in fi­nan­cial per­for­mance re­port­ed for the 9-month pe­ri­od to Sep­tem­ber 2024.

Cari­CRIS said, "This is un­der­pinned by the ex­pec­ta­tion of high­er en­er­gy prices and NGC’s on­go­ing dri­ve to fur­ther di­ver­si­fy its up­stream op­er­a­tions while bol­ster­ing its po­si­tion in the mid­stream and down­stream sec­tors.

Cari­CRIS how­ev­er stat­ed it was cog­nisant of volatil­i­ty in glob­al en­er­gy sup­ply along­side lin­ger­ing geo-po­lit­i­cal ten­sions which can lead to fluc­tu­a­tions in the Com­pa­ny’s fi­nan­cial per­for­mance.

The agency how­ev­er stressed that NGC is ex­pect­ed to main­tain strong debt pro­tec­tion met­rics go­ing for­ward and ser­vice com­mit­ments in a time­ly man­ner.