(NGC, 19.Dec.2021) — The NGC Group recorded an unaudited after-tax profit of TT$1.045B for the nine-month period ended 30 September 2021. This represents an extraordinary improvement of 2,588% over the loss of $42M for the prior period. Revenue of the period was TT$15.6B as compared with TT$8.1B, an increase of 93% over the prior period, translating to a significant upturn of The Group’s profitability.
These results were achieved because of focused and dedicated leadership, committed to surmounting the multifold challenges of the last 20 months by advancing calculated strategies and leveraging favourable market conditions to build a strong financial performance.
Concurrently, the global environment has shown some recovery in 2021. Gas prices in Europe have been extremely high due to a global supply shortage, and there has been an uptick in ammonia, methanol, and LNG prices.
Factors influencing these changes include stronger demand, lower gas inventory, and colder weather with winter approaching. Additionally, worldwide vaccination programmes are allowing for COVID-19 restrictions to be stepped back, with a resultant increase in industrial and commercial activity and energy demand.
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