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Higher
ammonia market prices have been good news for Trinidad Nitrogen
Company Ltd (Tringen).
The company declared an after-tax profit of $410,958,000
for its financial year ended December 31, 2007, compared
to an after-tax profit of $358,979,000 in the previous year
ended December 31, 2006.
Tringen chairman Amrit Sinanan, in audited financial statements
for the period stated that sales revenues were $136 million
or nine per cent higher than the previous year due to increased
sales volume and higher ammonia market prices.
“As
a result, the net income before taxes for the year ended
December 31, 2007, was $636 million compared to $560.8 million
in the previous year, an increase of $75.2 million or $13.4
per cent,” Sinanan said.
He described Tringen as debt-free and financially strong.
Sinanan added that the international outlook for the ammonia
market this year is favourable and the company is projecting
another profitable year.
“A
dividend of US$75 million has been declared and paid for
2007. Tringen continues to adopt an aggressive dividend
payout policy with the company having paid out dividends
totalling US$444 million for the period 1997-2007,”
Sinanan stated.
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