Trinidad Generation Unlimited records US$18M profit /

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.


LINK ORIGINAL: The Trinidad Guardian