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Saturday 21 October 2017
News

TTNGL half year results ahead by 26.7 percent

Trinidad and Tobago NGL Limited (TTNGL) has recorded a profit after tax of TT $91.5 million for the first half of 2017.

In a statement issued this afternoon, TTNGL Chairman, Gerry Brooks, said this represents a 26.7 percent improvement over the corresponding period last year, when the company recorded $91.5 million in profit after tax.

The company said Brooks was "proud to declare an interim 2017 dividend of TT $0.50 per share", payable on September 6, 2017 to shareholders on the Register as at August 21, 2017.

Earnings per share for the period were TT $0.59, compared to TT $0.47 for 2016. This represents an increase of 25.5 percent.

TTNGL said the improved performance was driven by higher share of profit from its investment in Phoenix Park Gas Processors Limited (PPGPL).

Brooks said, "The continued challenge at PPGPL; of lower natural gas volumes to Point Lisas for processing, was mitigated by improved Mont Belvieu product prices and company driven initiatives."

He added that product prices for 2017 were 33.5 percent higher than that of the corresponding period last year.

Brooks also spoke about "the resounding success of the recently-completed Additional Public Offering (APO) of 40.248 million Class B TTNGL shares, offered by The National Gas Company of Trinidad and Tobago Limited (NGC)."

The APO commenced on June 5 and ended on June 28. Shares were offered to the public at a price of TT $21.00 per share, with TT $845.2 million being raised.

"The shares created tremendous excitement on the local stock market, earning endorsements across the financial sector throughout the three and half weeks of the Offer," the company stated.

Brooks spoke about the share offering being oversubscribed by 1.53 times, "with the company and institutional categories being oversubscribed by 223 percent and 313 percent respectively."

He emphasised that all regulatory and compliance requirements were addressed and shares had been allocated to successful parties.

Brooks thanked the TTNGL board and "the many partners and stakeholders who worked tirelessly to ensure a smooth, efficient and transparent process."

"TTNGL will continue to work for all our investors to maximise the value of and returns on this important piece of our patrimony. This demonstration of support will fuel NGC’s, PPGPL’s and TTNGL’s continued determination to distinguish ourselves in the energy sector," Brooks stated.

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