TTNGL reports after-tax profit of $117.5 million

Trinidad and Tobago NGL Ltd (TTNGL) reported a good financial performance for the first six months of this year ending June 30.

In a statement on Sunday, TTNGL said it recorded an after-tax profit of $117.5 million.

"This represents a $33.9 million or 40.6 per cent improvement over the $83.6 million profit after tax recorded for the comparable period in 2021."

Based on the company’s results and its current cash flow position, the TTNGL board declared an interim dividend of $0.35 per share for 2022.

This dividend is to be paid on September 14 to shareholders on the register of members as at August 26.

TTNGL said its improved performance is directly related to the share of higher profit from its investment in Phoenix Park Gas Processors Ltd (PPGPL).

PPGPL’s share performance was buttressed by higher recognised Mont Belvieu natural gas liquids prices, which were 66.7 per cent higher than last year’s those of the corresponding period.

The company added that the global upward trend of energy commodity prices which continued from 2021 served to strengthen PPGPL's profits.