Phoenix Park Gas Processors Limited

Profit drops at Trinidad’s NGL

November 20, 2015 by IC Insider.com

T&TNGL traded at $21.51 on Thursday

Recently listed Trinidad and Tobago NGL suffered a sharp fall in profit in the September quarter with an out-turn of TT$44 million compared to $114 million in the same period last year and $125 million for the nine months to September, down from $219 million for the 2014 period.
The profit generated in the third quarter although sharply down from the similar period in 2014, is well up on the operating profit of $28 million for the March quarter but down on the $53 million in the June quarter of 2015. The decline is reflective of the fall in world energy prices.
The results flowed from the company’s share in a liquid gas joint venture of $46 million in the quarter, a fall from $129 million in the 2014 period and $134 million versus $277 million for the nine months in 2014. There were hardly any expenses incurred in operating the company.
Earnings per share for the September quarter is 28 cents and 85 cents for the nine months and should be around $1.15 for the full year.
NGL was incorporated in Trinidad and Tobago in September 2013. The The company does not do the processing on its own but acts as an investment holding company following acquisition of 39% of the share capital of Phoenix Park Gas Processors that is the largest producer of natural gas liquids in Trinidad and Tobago with its operation commencing in 1991.
The company will be paying a special dividend of 50 cents per share on December 15. A total of 75.8 million out of 116,100,000 issued shares, were offered to the public to raise $1.5 billion for the government of Trinidad and Tobago in September and is listed on the Trinidad and Tobago Stock Exchange and last sold at $21.51 at a PE of 19.

Filed Under: Company News, Company Results Tagged With: Phoenix Park Gas Processors Limited, Trinidad and Tobago NGL, Trinidad and Tobago Stock Exchange

Profit up 171% for National Enterprises

July 5, 2015 by IC Insider.com

National Flour – one of the companies that NEL has interest in

National Enterprises (NEL), a holding company for a series of investments in other major enterprises formerly controlled directly by the Trinidad government, recorded a profit of $490 million for the year ended March 2015, compared to $181 million in the previous year, an increase of 171 percent with earnings per share of 80 cents, compared to 32 cents for the prior year.
“Your Board’s strategic decisions to pursue a diversification strategy by seeking new investments and strengthening management has also started to produce results” Kenny Lue Chee Lip, Chairman of the company stated in a release to the Trinidad & Tobago Stock Exchange recently.
Trinidad Telecom produced higher results of $85 million, up from a loss of $226 million and Trinidad Nitrogen Company $157 million versus $192 million in 2014 and $29 million. National Flour Mills in which NEL owns 51 percent also reported improved earnings, this company is listed on the Trinidad Stock Exchange.
NEL expects dividend income of $318 million compared to $305 million in 2014. NEL received the first full year earnings from its investment in a 10 percent shareholding in Powergen yielding $11.5 million in dividends, as well as dividends from the investments in First Citizens Bank and Clico Investment Fund. An investment in November, 2014 in Pan West Engineers LLC (the owner of 10 percent of Phoenix Park Gas Processors Limited) as a member of a consortium produced dividends of $9.8 million.
A final dividend of 27 cents is proposed which when added to the interim dividend of 23 cents gives a total dividend of 50 cents for the year (2014: 46 cents).
The value of each of the 600 million issued shares is $5.67 each and the stock last traded on the Trinidad and Tobago Stock Exchange at TT$17.21.

Filed Under: Company News, Company Results Tagged With: clico, First Citizens, National Enterprises, National Flour Mills, Phoenix Park Gas Processors Limited, Trinidad Stock Exchange, TTSE

Another IPO eyes on TTSE

June 11, 2015 by IC Insider.com

Trinidad & Tobago Stock Exchange seems set to welcome another new listing later this year, if all goes well. According to reports out of the twin island state, the country’s Minister of Finance Howai said recently, the Phoenix Park Gas Processors initial public offering (IPO) will “come to market in the next few weeks” with some 75,852,000 shares for the public to purchase.
According to the company’s website, “Phoenix Park Gas Processors Limited (PPGPL) is a Trinidad and Tobago company formed in May 1989” PPGPL is one of the largest gas processing facilities in the Americas. We provide natural gas of a high quality standard to our customer by processing raw, natural gas delivered to our facility from their existing natural gas pipeline system. Processing involves the extraction of natural gas liquids (NGLs). The natural gas is delivered by our customer to downstream facilities that use it as a fuel and feedstock. We also fractionate the extracted NGLs into three components: propane, butane and natural gasoline. The propane and butane are marketed in the Caribbean and Central America and the natural gasoline is marketed internationally.
In 2013, the government sold off a part of First Citizens Bank to the public, with the shares being listed on the Trinidad and Tobago Stock exchange, providing investors with a healthy profit from their purchase.