TTNGL reports strong half year results

TT NGL Ltd (TTNGL) has recorded an after-tax profit of TT$128.5 million for the six months ended June 30, 2018. This represents an increase of 40.7 per cent over the same period in 2017. Announcing the half year results on Monday, TTNGL chairman Gerry Brooks said earnings per share grew by TT$0.24 to TT$0.83 for the first half of 2018.

Saying the stock “remains an excellent buy, which has continued to outperform the market,” Brooks noted there was a $37.1 million improvement over the corresponding 2017 period when a profit after tax of TT$91.5 million was recorded.

An interim dividend for 2018 of $0.50 per share will be payable on September 5, 2018 to shareholders on the register as at August 20, 2018. Regarding the payment of dividends in US dollars, Brooks emphasised that TTNGL continues to engage the relevant authorities on this matter.

“The mechanism to facilitate such payments has already been established with the Trinidad and Tobago Stock Exchange and the Trinidad and Tobago Central Depository (TTCD). The TTCD has also completed the necessary arrangements with the local banking institutions to facilitate the US dollar transactions and we at TTNGL are committed to updating shareholders on this.”

Brooks said TTNGL’s improved performance was driven by a higher share of profit from its investment in Phoenix Park Gas Processors Ltd (PPGPL). The latter’s performance was a result of increased revenue gained from enhanced Mont Belvieu product prices and increased Natural Gas Liquids (NGL) sales volumes.

Despite the challenge of lower natural gas volumes to Point Lisas for processing, Brooks said, “PPGPL continues to focus on optimisation efficiencies and strategic value creation initiatives.”

Brooks also said TTNGL’s board remains very optimistic about the company’s performance for the second half of 2018.