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T&T NGL records $233.7m profit
The T&T NGL Limited reported $233.7 million in profit after tax for the period ended December 31, 2017, a 30 per cent increase compared to 2016, when $179.6 million was reported.
Looking at other aspects of its financial performance, TTNGL closed the period with $311 million in cash and cash equivalents. Total assets were valued at $3.4 billion and earnings Per Share amounted to $1.51 for the period.
In a statement, chairman Gerry Brooks said, “The share of profit from TTNGL’s investment in its underlying asset, PPGPL, improved by 32 per cent to $216.6 million in 2017.”
Addressing the issue of low supply of gas, Brooks said the continued challenge of lower natural gas volumes to Point Lisas was mitigated by increased Natural Gas Liquids content in the gas stream and improved Mont Belvieu product prices.
“Product prices continued on their upward trajectory and were 24.3 per cent higher than those in 2016.”
On the issue of the Additional Public Offering and its continued impact on the company’s performance, Brooks said divestment was “successful” and can serve as a blueprint for other potential divestment.
In total, the company is expected to pay out a final dividend of $1.50 for 2017. Shareholders are expected to enjoy a dividend yield or dividend expressed as a percentage of a current share price of 5.66 per cent, which places it at the top tier of dividend yield securities.
TTNGL is the company set up by Government to hold the 39 per cent of Phoenix Park Gas Processors Ltd, acquired by state-owned National Gas Company (NGC) from US oil major Conoco Phillip in August 2013.
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