NEL recovers from loss with $15.3m profit

News Mya Quamie 20 Hrs Ago

NEL director David Robinson. -

NATIONAL Enterprises Ltd (NEL) has recorded a profit after tax of $15.3 million, recovering from the $349 million in unrealised fair value losses in 2024. This is a 104 per cent increase.

For this period, NEL was not only able to maintain operating expenses but decrease them by nine per cent while dividend income also increased by 14 per cent to $129 million from $113 million.

Cashflow also saw a healthy $172 million in cash and cash equivalents.

NEL noted the financial year saw the return of positive performance by NGC and TTLNG, which previously comprised Atlantic LNG train one, and is now part of the restructured unified ALNG that includes trains two, three and four.

Praising the company’s growth, director David Robinson said, “NEL has kept an unwavering focus on delivering value to our shareholders even in the face of chronic uncertainty in global and local markets, geopolitical threats and forecasting challenges with uneven gas supplies.

“This resilience in the face of multiple challenges underscore not just the sustainability of our underlying assets but also the ability to seize new opportunities to add value and position our portfolio of companies and investments for profitable growth. NEL is confident that this turnaround in performance is the platform from where our shareholders can consistently receive sustained value for both the short and long-term horizons.

The company also noted its corporate social responsibility efforts in education, youth development, social welfare, arts and culture.

“NEL supported programmes such as financial literacy, school fundraisers and entrepreneurship incubator programmes, underscoring our strategic focus on empowering future generations and contributing to cultural and social enrichment in our communities.”

The statement also noted NEL’s 2024 total dividend payments of $156 million or $0.26 per share.

“NEL's trailing dividend yield of 7.3 per cent for fiscal 2024 is one of the highest on the local stock market and compares favourably to other market returns.”