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Businessuite 2023 #1 Caribbean Company By US$ Profit after Tax |
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US$000 |
US$000 |
2023 |
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Company |
2022 |
2021 |
1 |
TT |
National Enterprises Limited |
$292,000 |
-$40,183 |
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