Apr 2017 Financial News

Dividend payout in US$

Apr 26, 2017

SHAREHOLDERS of the Trinidad and Tobago National Gas Company Limited (TTNGL) yesterday voted in favour of a resolution to receive dividend payments in either TT or US currency. The vote took place during TTNGL’s second Annual General Meeting (AGM) at the Hilton Trinidad in Port-of-Spain.

However, US dollar dividend payments require completion of, “a number of steps first”, including getting necessary approvals from the TT Stock Exchange and the TT Securities and Exchange Commission.

TTNGL Chairman Gerry Brooks also said, “it’s also going to be extremely important that shareholders establish a US dollar account because if they do not have (one), there’s no basis on which to pay.

“We want to work through those steps very carefully first and then, of course, we’d want to have a conversation with Government; in terms of a policy, but it’s an important step.” He said the board was “very, very encouraged” with the 2016 performance.

For the year ended 31 December, 2016, TTNGL recorded total comprehensive income of TT$344.8 million while earnings per share was TT$1.16 for 2016.

TTNGL’s share of profits from its 39 percent shareholding in PPGPL improved operationally by 20.3 percent from TT $136.3 million in 2015 to TT $164.0 million in 2016. “This improved performance at PPGPL,” Brooks explained, “was directly linked to the deliberate efforts of the company to rationalise expenses in the face of lowered Natural Gas Liquids (NGL) production caused by continued gas supply challenges and lowered product prices,” Brooks stated.

The board approved a final dividend of TT $1.00 per share (2015: TT $1.00) bringing the total dividend for 2016 to TT $1.50. Brooks said this is consistent with the dividend payout for 2015 and represents a dividend yield of 7.14 percent at the end of 2016. “It is the highest dividend yield on the TTSE . The final dividend will be paid on 12 April, 2017 to shareholders on the Register as at 28 March, 2017,” Brooks stated

Source:
Sasha Harrinanan
Newsday
Wednesday April 26, 2017

http://www.newsday.co.tt/business/0,242799.html