Outcast Reports First Quarter Profit of $59.3 Million | Local company

PARIA Fuel Trading Company reported after-tax profits of $59.3 million for the first three months of its 2022 fiscal year, down $35.5 million from the company’s reported $91.9 million for the comparable quarter of its previous fiscal year.

For the period October 1 to December 31, 2021, Paria recorded revenue from contracts with customers of $2.82 billion, 91.4% more than the $1.47 billion generated during the first trimester.

In the report accompanying the unaudited financial statements, Paria Chairman Newman George explained that the decline in after-tax profit compared to the same period last year “was partly attributable to the change in the company’s accounting status. from a discontinued entity to a going concern and the resulting amortization and finance charges on assets and liabilities of $41 million.

In the report, George said: “During the reporting period, Paria provided a competitive supply of product and improved regional sales volumes as the market recovered from the demand destruction of Covid-19. Paria has consistently maintained a reliable and uninterrupted supply of fuel to the country despite new challenges in emerging markets such as increased freight, correct sourcing and rising product prices, which are reflected in the company’s revenues , while volatility and market constraints continue to affect margins. Paria said the local market continued to be well supplied with fuel.

“Of the total 4.06 million barrels of product sold, 1.80 million barrels or 44.24% were supplied to the local market for the three-month period ending December 31, 2021,” Paria said. This means that 55.77% of the fuel imported by Paria was sold in markets other than the domestic market.

Paria also said its terminalling and logistics play a central role in handling and exporting crude oil from its underlying company Heritage Petroleum.

“Of the port’s throughput of 7.14 million barrels this fiscal year, 3.08 million or 43.16% was Heritage crude oil,” Paria said.

George also said Paria’s focus on restoring and renovating assets has been renewed. He said as the year progresses, there will be continued investment in the asset through the capital and one-time expenditure programs.

The Paria Chairman also noted that the company’s board and management continue to focus on business efficiency and cost optimization, underscored by sound health, safety and environmental principles. environment.

Paria was incorporated in October 2018, after the government decided to close the Pointe-à-Pierre refinery. Paria’s parent company is Trinidad Petroleum Holdings Ltd (TPHL), which is also the parent company of Heritage Petroleum and Guaracara Refining as well as the former Petrotrin.

TPHL is 100% government owned.