T&T NGL Ltd (TTNGL) is re­port­ing $150.7 mil­lion in prof­it af­ter tax for the nine-month pe­ri­od end­ed Sep­tem­ber 30, 2017.

This rep­re­sents a 30 per cent im­prove­ment com­pared to the same pe­ri­od in 2016 when the com­pa­ny gen­er­at­ed af­ter tax prof­its of $115.9 mil­lion.

In his state­ment ac­com­pa­ny­ing the con­densed in­ter­im fi­nan­cial state­ments, TTNGL chair­man Ger­ry Brooks said the im­proved per­for­mance was dri­ven by the "high­er share of prof­it from TTNGL's in­vest­ment in Phoenix Park Gas Proces­sors Ltd (PPG­PL)."

He added that, "PPG­PL con­tin­ues to fo­cus on op­ti­mis­ing ef­fi­cien­cies de­spite the chal­lenge of low­er nat­ur­al gas vol­umes to Point Lisas for pro­cess­ing. PPG­PL's re­sults were al­so buoyed by en­hanced Mont Belvieu prod­uct prices dur­ing the re­port­ing pe­ri­od."

Re­fer­ring to the Ad­di­tion­al Pub­lic Of­fer­ing which took place in June, Brooks said "share­hold­ers who ac­quired shares at that time have earned a re­turn of 12.2 per cent. Share­hold­ers who ac­quired TTNGL shares at the time of the Ini­tial Pub­lic Of­fer­ing in Au­gust 2015, have been re­ward­ed with a 32.8 per cent re­turn."

Brooks added that the NGC Group of Com­pa­nies (NGC, Na­tion­al Ene­gry Cor­po­ra­tion, NGC CNG and PPG­PL) would be in­tro­duc­ing an Em­ploy­ee Share Own­er­ship Plan (ESOP) for em­ploy­ees in the Group for which TTNGL would act as the spon­sor.

"All costs as­so­ci­at­ed with the plan will be borne by the pre­vi­ous­ly men­tioned par­tic­i­pat­ing com­pa­nies. The es­tab­lish­ment of an ESOP is an ex­treme­ly in­no­v­a­tive and pro­gres­sive step for com­pa­nies in the state sec­tor" Brooks said.