Thursday 26 November, 2020

NEL Chairman confident of rebound in share price

National Enterprises Limited Chairman Ingrid Lashley anticipates that NEL’s share price will recover soon.

At the company’s Annual General Meeting on Thursday, Lashely expressed confidence that the share price will improve in the “medium to long term”.

The company’s share price stood at $3.90 per share as of Thursday, compared to a strong $10.87 in February 2017.

“We anticipate that in the medium to long term our share price would recover going forward,” she said.

NEL recorded a net loss of $327.5 million for the fiscal year ended March 31, 2020 when for the same period last year a profit of $12.5 million was recorded.

According to NEL’s financial statements, the losses were due to a $127.5 million decline in the value of its investment in the Telecommunication Services of Trinidad and Tobago (TSTT) and a $175.3 million drop at NGC NGL.

Meanwhile, new General Manager Charles Maynard assured stakeholders that NEL will continue to protect investments and safeguard their primary interests in its portfolio

He assured protocols in place are designed to create the highest possible levels of investor readiness.

“This means, using our majority shareholdings to drive through thee reforms and agility necessary to be more responsive to rapidly changing markets and industry forces.”

Maynard said NEL is working to diversify its portfolio to deliver “exceptional returns” on investments.

“One thing we know for sure is that we can’t afford to do the same things as before, if only because many on those same things do not exist.”  

He added that NEL is resilient and its team is committed to delivering above normal returns to its shareholders.

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