TTNGL reports 23% increase in profits in third quarter

The Trinidad and Tobago NGL Ltd recorded an after-tax profit for the nine months in 2022 ended on September 30 of $165.1 million. The profits represented a 23.1 per cent increase over the same period the year before.

In its unaudited financial statements released on Tuesday, TTNGL’s chairman Dr Joseph Ishmael Khan said TTNGL’s profitability was directly related to the share of higher profit from its investment in Phoenix Park Gas Processors Ltd (PPGPL).

“The asset’s performance was buoyed by increased Mont Belvieu natural gas liquid prices,” NGL said in a release. Gas prices were 51.5 per cent higher than the same period last year.

It also said its North American-based subsidiary, Phoenix Park TT Energy Holdings Ltd (PPTTEHL), continues to integrate its operations and maintained its position as a key supplier of NGL’s to its customers in its North American markets.

TTNGL noted, however, that during the period, NGL production from gas processing was lower by 3.7 per cent. This was due to lower gas volumes received at PPGPL for processing, the statements said.

The increased performance has translated to an increase in earnings per share of 23 per cent, with shares amounting to $1.07 per share as compared to $0.87 per share for the same period in 2021.