THE National Gas Company (NGC) has reported group profit after tax of $2.327 billion for 2018.
This represents an increase of $1.338 billion or 135 per cent above the 2017 profit after tax figure of $989 million.
In the Summary Consolidated Financial Statements, outgoing president Gerry Brooks said the increased profitability was due “to the ongoing execution of the strategic plan to re-engineer the business to drive new levels of productivity, improvements in commodity prices and partial settlement of the Investment Note Certificates that the company held in the CLICO Investment Bank”
Brooks who is resigning from all the state board he was on effective June 30, 2019, signed off on the consolidated statement, titled Sustainability Though Technology and People, on that same day.
In the Chairman’s Report, he said, “In 2018, several critical initiatives were progressed to ensure gas supply certainty and deepen our country’s gas-based recovery.
“Collaborative work with upstream companies continued with local gas supply being enhanced when Shell completed the Starfish drilling programme. First gas was achieved in May 2018.
“A supply agreement was also executed with De Novo, a new player providing gas from one of several identified marginal fields.
“NGC has a 20% share in Iguana. This reaffirms our confidence in the potential of this strategic pillar. Excellent progress and continued collaboration is occurring with all upstream companies.
“Negotiations for the renewal of the domestic Gas Supply Agreement with Shell also progressed to a very advanced stage and were completed in 2019.”
He said, “I am equally pleased to report that NGC also successfully completed negotiations on several PetChem Agreements.
“These included a new gas supply contract with Nutrien (formally PCS Nitrogen which is a five-plant complex). Gas supply contracts were also executed with Nitrogen (2000) Unlimited (N2000) and Caribbean Nitrogen Company Limited (CNC). The latter followed initial public agitation but was ultimately resolved in a mutually satisfactory manner and without detriment to the people of Trinidad and Tobago.”
Brooks said, “The NGC Group continues to be focused on renewables and energy efficiency, and developed projects which are execution ready. Through National Energy, a Super ESCO Project has been launched to improve energy efficiency in the manufacturing sector.
“ NGC CNG continues to lead the transition to a greener transportation environment while helping to meet COP 21 obligations.
“The investments made by NGC CNG are yielding positive macroeconomic benefits with 17 refuelling stations and 18 OEM CNG models available to the public.
“Double-digit increases have again been registered in CNG fuel conversions. Construction work has also commenced on the largest CNG station in the region, strategically located at the entrance to the Point Lisas Industrial Estate.”
Click below for full Consolidated Financial Statement:
NGC Consolidated Financial Statement 2018
