Trinidad Generation Unlimited has recorded a profit before taxation of US$26.866 million for the year ended December 31, 2021.
This was a decrease of 34 per cent from the profit before taxation that TGU made for the comparative period last year when they recorded a profit before taxation of US$40.851
TGU owns, operates and maintains a fuel efficient 720-megawatt (MW) capacity combined-cycle gas-fired power plant located in the Union Industrial Estate, Vessigny, La Brea.
The company, initially a joint project of the AES Corporation and the Government of the Republic of T&T is currently wholly owned by the GORTT through 100 per cent ownership of its National Investment Fund Holding Company Ltd.
The holding company has been set up to hold its investment in TGU together with its holdings of other publicly traded assets listed with the T&T Stock Exchange.
«For the year ended December 31, 2021, the power plant achieved an equivalent availability (EA) short of its target. This shortfall was due to unscheduled maintenance on its gas turbines in the latter part of the year which was necessary to maintain asset integrity. Repairs were performed and the related generators were brought back online,» TGU’s chairman Sandra Jones stated.
TGU’s profit after tax for the year ended December 31, 2021 was US$18 million.
In the year 2020, TGU attained profit after tax of US$27 million.
The 2021 profitability reflected the lower EA when compared to 2020,» Jones stated.
«Total assets as at December 31, 2021 amounted to US$1.096 billion, an increase of US$10 million for the financial year. Total equity as at December 31, 2021 amounted to US$263 million, which represented a US$7 million increase when compared to equity as at December 31, 2020,» she stated..
In November 2016, TGU issued its US$600 million 144A RegS bond on the international financial market at a rate of 5.25 per cent.
The bond continued to be well viewed by investors with trading values above par on both the 144A and RegS international markets. As at December 31, 2021, TGU’s bond had a remaining life of six years and the company successfully paid US$157 million of interest to its bondholders.
«Whilst 2021 was a challenging year, TGU continued to focus on its strategic objectives ensuring the safety of its people and plant whilst maintaining its commitment to its shareholder and stakeholders. The company’s adaptability fostered a remote work culture whilst maintaining its core operations and enhanced governance through the development of strategic policies and procedures,» Jones stated.
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LINK ORIGINAL: The Trinidad Guardian