Plipdeco announces retirement of president

News

THE Point Lisas Industrial Port Development Company (Plipdeco) has announced the retirement of its president, Earnest Ashley Taylor.

In a notice published on the TT Stock Exchange website on December 5, Plipdeco said Dr Averne Pantin, vice president of technical services, will continue to act as president until further notice.

Earlier reports said Taylor was sent on administrative leave by the Plipdeco board in July, three months before his retirement.

On September 11, Plipdeco gave official notice to the TT Stock Exchange about Taylor being sent on administrative leave.

Reports claim that Taylor was sent on leave amid questions over contracts that were negotiated during his tenure at Plipdeco.

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Allegedly, this includes the terms of the lease agreement between Plipdeco and TT Iron and Steel Company in July for the former Arcelor Mittal steel plant in Point Lisas Industrial Estate.

For the quarter ended September 30, Plipdeco generated $285 million in revenue. This was an increase of $16.1 million when compared to 2023.

It said its third-quarter results reflected earnings before interest, taxes, depreciation and amortisation (EBITDA) of $79.3 million, with the EBITDA in 2023 being $40.6 million.

Earnings per share (EPS) stood at $4.58, compared to $1.22 in 2023.