National Enterprises Limited (NEL) is an investment holding company incorporated on August 27, 1999 by the Government of the Republic of Trinidad and Tobago. NEL was formed to consolidate the Government’s shareholding in selected State Enterprises and facilitate public offerings on the Trinidad and Tobago Stock Exchange.

NEL has invested in industries that drive the economy of Trinidad and Tobago: natural gas and energy-based manufacturing, telecommunications, power generation, and the marketing and manufacturing of basic foods.

NEL holds significant shareholding in the following companies:

• NGC NGL Company Limited (NGC NGL);
• NGC Trinidad and Tobago LNG Limited (NGC LNG);
• Telecommunications Services of Trinidad and Tobago Limited (TSTT);
• Trinidad Nitrogen Co. Limited (TRINGEN);
• National Flour Mills Limited (NFM);
• NEL Power Holdings Limited (NPHL); and
• Pan West Engineers and Constructors, LLC (Pan West).

Through NEL, individual and corporate investors can share in the financial stability and staying power of these enterprises. Today, over 5,000 citizens who will continue to benefit from our consistent dividend payments own 100 million of the 600 million issued shares in NEL.

As of September 30, 2022, the fair market value of National Enterprises Limited’s (NEL) equity investments in subsidiaries, joint ventures and associate companies based on IFRS 9, was TT$3.42 Billion, an increase of 92% compared to the $1.78 Billion as of March 31, 2021, the last reporting date.

NEL’s Financial Position
For the financial period ended September 30, 2022 (FY2022), NEL recorded a net profit of $1.98 Billion, an increase of over $2 Billion as compared to the previous financial year (FY2021), where NEL recorded a loss of $270 Million.

NEL’s increased net profit over the eighteen-month financial period ended September 30, 2022 includes the unrealized fair value gain of $1.7 Billion from NEL’s portfolio companies in the energy sector.

NEL Power Holdings increased by $21.3 Million or 19.7% over its value as of March 31, 2021. This was offset by declines in the fair values of Telecommunications Services of Trinidad and Tobago Limited (TSTT) and National Flour Mills Limited (NFM).

NEL also registered an operating profit of $297 Million in FY2022 versus the $28 Million recorded in financial year ended March 31 2021 (FY2021).

Management has continued with prudent cost management practices while pursuing operational efficiencies. Operating expenses in FY22 have remained consistent at $8.8 Million for the eighteen-month period compared to $4.99 Million for the twelve-month FY2021.

Charles Maynard
General Manager National Enterprises Limited

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Businessuite 2023  #1  Trinidad and Tobago Company by US$ Profit after Tax – National Enterprises Limited

2022 was the 99th year of operations for the Massy Group of Companies, formerly Neal & Massy. Given the tumultuous environment in the world today, coupled with the success the Group has experienced in focusing on its three main Portfolios and success in international expansion, we have created a new vision for the Massy Group as it approaches 100 years of operations:

“A Global Force For Good, An Investment Holding Company with a Caribbean Heart”

Several developments have inspired this new vision. First, we are called to expand our sphere of influence beyond the Caribbean Basin. We recognise that our Purpose and Values resonate with people from diverse backgrounds, religions, and races.

The Group has never been more profitable and our Balance Sheet has never been stronger.

Operating Profit from Business Units grew by 25 percent from TT$961 million (US$143 million) in FY2021 to TT$1.2 billion (US$178 million) in FY2022.

Profit Before Tax (PBT) from Continuing Operations grew by 11 percent from FY 2021 to FY 2022; growth was impacted by the underperformance of the overseas cash investments held by the Group in FY2022 compared to the significant gains produced in those investments in FY 2021.
The Group’s Debt to Equity is down to 25 percent and in addition to its TT$1.2 billion in cash at the end of the year, the Group has US$176 million invested overseas to fund acquisitions and growth initiatives.

The Group’s governance has been strengthened with the creation of Portfolio Boards of Directors with Independent Directors and with increased autonomy and decision-making being implemented throughout our operations.

Mr. E. Gervase Warner, President &
Group CEO
Massy Group of Companies

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Businessuite 2023 #1 Trinidad and Tobago Company by US$ Revenue –  Massy Holdings Limited

Hon. Patrick Hylton, OJ, CD
President & Group Chief Executive Officer
NCB Financial Group

With more than three decades of experience in banking and finance, Patrick’s bold, fearless leadership and business achievements have earned him international recognition as an expert in the field.

Up to recently, Patrick was Chairman of National Commercial Bank Jamaica Limited, NCB Capital Markets Limited, Guardian Holdings Limited, Clarien Bank Limited and TFOB (2021) Limited. He sat on the Board of Directors for Clarien Group Limited and several NCBFG subsidiaries including NCB (Cayman) Limited; NCB Insurance Agency and Fund Managers Limited; and NCB Capital Markets (Cayman) Ltd. He was also a director of Massy Holdings Limited (Trinidad). He was Chairman of the Mona School of Business and Management at the University of the West Indies, Mona (UWI, Mona) and his alma mater, Glenmuir High School.

In the mid-1990s, he was appointed by the Government of Jamaica to lead the restructuring of the Jamaican financial sector – a project that earned him Jamaica’s Order of Distinction (Commander Class) in 2002. In 2019 he received the Honorary Doctor of Laws from UWI, Mona. In 2020, he was also conferred with the Order of Jamaica for contributions to the financial sector and his philanthropic efforts.

Patrick provides strategic leadership for all entities within the Group. He leads the development of the Group’s vision, strategic plans, objectives, and capital allocation decisions, and works closely with the executive leadership team to execute the strategies designed to meet stated objectives. These objectives are optimised to deliver short- and long-term growth, manage risk prudently, and enhance customer experience and employee engagement. Patrick communicates with the Board, shareholders and other key stakeholders to ensure continuous alignment on performance and strategic direction.

NCBFG is the licensed holding company of four direct subsidiaries, namely: National Commercial Bank Jamaica Limited (“NCBJ”), NCB Global Holdings Limited (“NCBGH”), Clarien Group Limited (“CGL”) and TFOB (2021) Limited (“TFOB”). NCB Financial Group operates in the financial services industry, providing products and services in banking, insurance and investment management through 21 territories across the Caribbean.

The NCB Financial Group is also the largest financial conglomerate in Jamaica and is among the largest within the Caribbean, measured by profitability and total assets.

NCBFG offers a wide range of products and services distributed through seven business segments.

The products and services offered to customers include: loans, deposits, electronic banking, payment services, structured finance, trade finance, foreign exchange, wealth management, pension fund management, annuities, trust and general, health and life insurance services. Our products and services are made easily accessible to customers via multiple channels,
including online platforms, mobile apps and – for banking services self-service options and through our financial kiosks, intelligent ABMs at our Bank on the Go locations.

NCBFG remains committed to delivering superior value for customers through various digital channels to ensure a delightful customer experience.

NCBFG’s shares are listed on both the Jamaica and Trinidad & Tobago Stock Exchanges.

2022 Overview

We remained focused and committed to advancing our strategic transformation, undeterred by the many headwinds that could have restrained aspects of our performance in FY 2022.

We continued to execute on a range of strategic initiatives geared towards growth and long-term resilience as we navigated the changing economic and operating environments. The successful implementation of our initiatives demonstrates the Group’s commitment to achieving its goal to create a regional financial ecosystem to provide world-class products and services through our fully integrated subsidiaries.

The following four pillars continue to anchor our aspiration for 2024 and beyond:

1. Strong financial performance – delivering world-class growth, efficiency, return of assets and return on equity.

2. Inspired people and culture – becoming the employer of choice, with strong organisational health, and a place where each employee is proud to be a part of the team and committed to our success as an organisation.

3. Delighted customers – being the preferred and most trusted financial partner for customers across segments.

4. Digital to the core – operating a world-class technology and analytics platform that enables fast, simple, intuitive, secure, stable and delightful digital first experiences for customers and employees.

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