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Higher prices boost NGC’s profit
The NGC Group recorded a profit after tax of $989 million for 2017—a 37.3 per cent or $269 million increase above the profit after tax of $721 million for the previous year.
Revenue increased by $2.977 billion from $10.903 billion in 2016 to $13.881 billion, driven by higher ammonia and methanol prices of 2 per cent and 61 per cent respectively.
The company said in a statement that the board and management’s agenda to re-engineer the business for sustainable growth improved profitability and continuous industry wide development was successful. Gas curtailment has been stabilised in the short and medium terms with the coming on stream of two major supply projects, Juniper and Trinidad Onshore Compression Project (TROC).
In addition, increased network optimization among up-streamers and down-streamers aided in increased reliability of supply.
On the issue of marginal field development, NGC said progress in Block 1A with consortium partners will augment supply in the medium to long term.
The company signed a commercial agreement in relation to gas resources in Grenada and is cementing strategic partnerships and agreements within other regional and international jurisdictions. Advancements have also been made on “across the border negotiations” for Venezuela’s Dragon Field in conjunction with the Ministry of Energy and the Office of the Prime Minister.
NGC chairman Gerry C. Brooks said: “In pursuit of our vision to be a profitable globally integrated organization, growing at 12 per cent compound annual growth rate, our strategy will continue to focus on operating excellence, organic and inorganic growth, the seeds of which were planted in 2016.”
President Mark Loquan said: “NGC is continuing its role as aggregator, actively seeking to improve supply from multiple sources and is also working to diversify its revenue streams within the energy sector to build a sustainable business. The work of the board and management has been instrumental in advancing swiftly toward this goal.”
Loquan said the board is cautiously optimistic about the growth prospects of T&T’s energy sector.
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