THE National Gas Company of Trinidad and Tobago Limited (NGC), together with its subsidiaries (collectively the group), recorded profit of TT$1.6 billion at the end of the six-month period in June — 260 per cent above the TT$437 million earned for the similar period last year.
Despite continued economic disruptions from the novel coronavirus pandemic and other global factors, group revenue over the six months also climbed to TT$16.6 billion, which was TT$7.1 billion more than that in 2021.
"The rebound of commodity prices which started trending upwards in 2021 have remained strong, largely due to impacted supply coming out of Europe because of the ongoing war between Russia and Ukraine. This rebound has positively impacted the NGC Group's revenues and margins," a report from the directors stated, also noting the execution of its 2025 strategic plan as instrumental to its latest financial performance.
The group, through a bolstering of its energy marketing and trading portfolio and successful partnerships with suppliers, also helped the company to provide adequate supply to domestic customers.
With an expansion of its business beyond Trinidad and Tobago remaining top priority this year, the group through its subsidiary Phoenix Park Gas Processors Limited (PPGPL) acquisition of a new NGL terminal in Hull, Texas, further opens access to markets in Mexico and the USA, thereby diversifying the company's income stream.
"The achievements of the NGC Group in the first half of 2022 are indicative of the vision, talent and dedication of our people, who continue to deliver work on a hybrid basis."
"The group remains optimistic about its revenue outlook for the rest of 2022. As its achievements for the first half of 2022 can attest, the group is working successfully to evolve its business and will continue to pursue every opportunity to create value for the people of Trinidad and Tobago," the directors said.
Pushing forward with its green agenda this year, the group's sustainability initiatives also allowed it to not only expand its network of partners, but to work towards building out its footprint for a cleaner, sustainable future.
"The group's commitment to climate action was reinforced by a memorandum of understanding (MOU) signed with the Caribbean Community Centre for Climate Change (CCCCC), as well as a new partnership with Nutrien to look at improving food and nutrition security in the region. NGC also launched upgraded versions of its two digital energy education platforms — EnergySmarTT and CariGreen," the report outlined.