NEL records $447.5m net-profit

The National Enterprises Limited (NEL) has reported a $447.5 million net-profit after-tax for the first six-month period ended March 31.

NEL is an investment holding company formed to consolidate Government’s shareholding in selected state enterprises such as the National Flour Mills Company Limited (NFM), NGC NGL Company Limited (NGC NGL), Telecommunications Services (TSTT), Trinidad Nitrogen Company Limited (Tringen), NEL Power Holdings Limited (NPHL), NGC LNG Limited (NGC LNG) and Pan West Engineers and Constructors, LLC (Pan West).

In a statement, attached with the financial results, NEL chairman Ingrid Lashley said “the company’s performance is driven by a cumulative unrealised fair value increase of $68.9 million in its investee portfolio companies, as well as dividend income of $376.9 million compared to $9.5 million in the comparative period of 2022”

The condensed financial statements highlighted that material increases in fair value in NGC NGL (100 per cent), Pan West (118 per cent) and NPHL (16 per cent) have been offset with a reduction in fair value for Tringen (26 per cent).

Additionally, NEL recorded $381.2 million in operating profit as compared to $9.2 million for the same period last year.

Lashley said, “the projected local forecast of natural gas supply is expected to mitigate this period of market adjustments for NEL’s energy portfolio companies. While the non-energy portfolio companies continue demonstrating resilience with innovative and productive measures yielding progressive results and value.”