T&T NGL Limited (TTNGL) is working assiduously with Government on payment of dividends in US currency, Chairman Gerry Brooks told shareholders yesterday.
The issue was raised by some shareholders during the company’s third Annual General Meeting (AGM)at the Trinidad Hilton and Conference Centre. Last year shareholders voted in favour of a resolution for dividend to be paid in either TT or US currency. Brooks said the measure is being worked out.
“We have had to work through the administrative arrangements to determine what is the most efficient mechanism for the shareholders,” he explained.
“We went to a number of banks, we did some tenders, we looked at the cost profiles and then we have been able to come up with what is the most efficient mechanism. That is what I think took the time. We are now going to engage with Corporation Sole to get a final determination,” he said.
Brooks said he is hoping the issue will be resolved this year.
In his review of the company’s performance, Brooks said for the year ended 31 December 2017, TTNGL recorded total comprehensive income of $242.2 million. Earnings per share was $1.51 for 2017 compared to $1.16 for the previous year. This represents an improvement of 30.2 per cent.
TTNGL’s share of profits from its 39 per cent shareholding in Phoenix Park Gas Processors Limited (PPGPL) improved significantly by 32.1 per cent from $164 million in 2016 to $216.6 million in 2017.
This improved performance was directly linked to the ongoing, deliberate efforts of the company to rationalise expenses in the face of lower NGL production caused by continued gas supply challenges. This was offset by product prices that were 24.3 per cent higher than in 2016.
TTNGL was incorporated by NGC for the purpose of holding the 39 per cent of the shares of PPGPL. NGC made 49 per cent of its ownership of TTNGL available for sale to the citizens of via an initial public offering (IPO).
On October 19th 2015, TTNGL was listed on the T&T Stock Exchange (TTSE).
