NP reports reduced profit

National Petroleum Marketing Company Ltd made an after tax profit of $34.9 million for the financial year ended March 31, 2011. However, this was much less than the $64.9 million profit recorded the previous year which the company attributed to a period of adjustment following settlement of wage negotiations for the period 2008 to 2011. Chairman Neil Gosine said the NP Group had been ably supported by its Dominica branch and its wholly owned subsidiary, Natpet, which “demonstrated stability amidst growing competition and an unsettled global expansion”.

Gosine said the company, which recently celebrated its  40th anniversary as T&T’s leading distributor and producer of petroleum products, is embarking on a major rebranding exercise this year. Another major undertaking is transforming the customer service experience by improving NP’s delivery processes and facilities. Gosine added: “Major projects include the expansion of the retail network with the construction of ‘new to industry’ multi-fuels service statuibs that will also offer compressed natural gas (CNG).

“The rationalisation of the existing network is ongoing and planned upgrades as well as the full roll out of a franchise model for our Quik Shoppes are expected to yield improved financial performance, increased storage capacity in Tobago, additional fuelling capability at Piarco and dedicated support of the Liquid Fuels Pipeline Project (LFPP) at Caroni, are just a few of the group’s additional undertakings, as we engage in the development of the local energy sector.” He said NP is making strides into regional markets which will yield results in the short term.