Trinidad and To­ba­go NGL Lim­it­ed (TTNGL) re­turned to prof­itabil­i­ty in 2025, re­port­ing an af­ter-tax prof­it of $224.3 mil­lion for the year end­ed De­cem­ber 31, 2025, a sig­nif­i­cant turn­around from the $119.4 mil­lion loss record­ed in 2024.

The per­for­mance was dri­ven by stronger earn­ings from Phoenix Park Gas Proces­sors Ltd (PPG­PL), in which TTNGL holds a 39 per cent stake, and a re­ver­sal of im­pair­ment pro­vi­sions linked to the in­vest­ment.

TTNGL, an in­vest­ment hold­ing com­pa­ny whose pri­ma­ry source of in­come is its share­hold­ing in PPG­PL, re­port­ed earn­ings per share of $1.45 for 2025, com­pared with a loss of $0.77 per share a year ear­li­er.

Chair­man Ger­ald Ramdeen de­scribed the re­sults as a re­flec­tion of im­proved op­er­at­ing con­di­tions at PPG­PL and the re­in­state­ment of the li­cence is­sued by the Unit­ed States Of­fice of For­eign As­sets Con­trol (OFAC), which al­lows nat­ur­al gas col­lab­o­ra­tion in­volv­ing Trinidad and To­ba­go.

TTNGL’s share of prof­it from PPG­PL rose to $84.6 mil­lion in 2025 from $66.6 mil­lion in 2024, rep­re­sent­ing a 27 per cent in­crease. The com­pa­ny al­so ben­e­fit­ed from an im­pair­ment re­ver­sal of $143.1 mil­lion as long-term as­sump­tions sur­round­ing com­mod­i­ty prices and nat­ur­al gas flows im­proved.

Cash bal­ances climbed to $309.4 mil­lion at the end of 2025 from $165.6 mil­lion one year ear­li­er. Div­i­dend in­come from PPG­PL surged to $144.9 mil­lion, com­pared with $39.4 mil­lion in 2024.

PPG­PL gen­er­at­ed prof­it af­ter tax of $216.8 mil­lion in 2025, up from $170.9 mil­lion the pre­vi­ous year. The in­crease was sup­port­ed by high­er sales vol­umes re­sult­ing from in­ven­to­ry draw­downs, im­proved plant re­li­a­bil­i­ty, and low­er main­te­nance ac­tiv­i­ty.

The stronger per­for­mance en­abled PPG­PL to dis­trib­ute US$55 mil­lion in div­i­dends dur­ing the year, its high­est pay­out in five years.
De­spite the im­proved earn­ings, TTNGL did not de­clare a div­i­dend for the 2025 fi­nan­cial year be­cause it was un­able to sat­is­fy the sol­ven­cy re­quire­ments of the Com­pa­nies Act. How­ev­er, share­hold­ers ap­proved a $2.2 bil­lion re­duc­tion in stat­ed cap­i­tal in March 2026, al­low­ing the com­pa­ny to meet the nec­es­sary tests.

The board ap­proved a spe­cial in­ter­im div­i­dend of $1 per share, paid on May 29, 2026, mark­ing TTNGL’s first div­i­dend dis­tri­b­u­tion in al­most four years.

Look­ing ahead, Ramdeen not­ed that nat­ur­al gas liq­uids prices re­main close­ly linked to crude oil mar­kets, but ex­pressed op­ti­mism that sta­bilised pro­duc­tion, stronger prices, and grow­ing glob­al de­mand would sup­port earn­ings growth in the medi­um term.