After a record $9 billion in profits in 2008, the National Gas Company secured $1.7 billion in profits in 2009. Despite posting a profit, the company's sales declined by $8.5 billion and its gross profit declined by almost $5 billion in 2009. Its joint venture profit share also declined by about $200 million.
Its total equity and liabilities in 2009 increased to $26.7 billion from $24.7 billion in 2008.
However, the company's reserves increased from $974,651,000 million to $1.3 billion. "Although these results are not at the level experienced in 2008 which was an exceptional year, NGCs core business of purchase, transportation and sale of natural gas as well as dividend income received from its key strategic investments in the liquified natural gas (LNG) and natural gas liquids (NGL) business remained stable," stated chairman Larry Howai.
He noted that the company continued its infrastructure development works to expand its offshore pipeline capacity. The company's financial statement for 2009 was published almost three months after NGC received their board of directors. The company's financials, which were concluded by mid-year, had to be signed off by its new board.