National Energy recorded an $88.12 million profit after tax for 2019, 6.2 per cent higher than 2018. The company is a wholly owned subsidiary of the state-owned National Gas Company.
Revenue for the year increased by 5.4 per cent to $359.34 million, compared to the previous year’s $340.90 million. In its annual report for 2019, the company attributed its results mainly to increased operating revenue from towage and harbour operations, the Savonetta Pier and ISCOTT Dock (both at Point Lisas) and the Brighton Industrial Estate operations in La Brea.
Expenses for 2019 totalled $229.70M (2018: $223.39M), an increase of 2.8 per cent, primarily from higher vessel operating costs, which were offset by corresponding revenue increases. Profit before tax was $138.06 million in 2019 (2018: $127.82 million).
This improvement in performance was driven by higher operating revenue which was, partially offset by higher expenditure. In 2019, National Energy’s parent company, The National Gas Company (NGC) posted a $396 million profit after tax, just under $2 billion lower – or 69 per cent – than what it recorded in 2018. For the first half of 2020, NGC posted its first ever loss in its 45-year history – $316.2 million or 296 per cent lower year-on-year – after a tumultuous period marked by the covid19 pandemic.