PetroEnergy income rises to P874M

PETROENERGY Resources Corp. (PERC) said Monday that its net income in the first nine months of 2023 rose to P873.97 million from P677.05 million.

The Yuchengco-led firm attributed the increase to higher electricity sales from its renewable energy units and an increase in interest income from short-term investments.

Revenues also climbed as sales of electricity grew to P1.69 billion from P1.26 billion a year earlier.

The growth was said to have come from the 32-megawatt (MW) Maibarara geothermal power project (operated by Maibarara Geothermal Inc.), the 70-MW direct current (MWDC) Tarlac solar power project (operated by PetroSolar Corp. (PSC), and the 36-MW Nabas wind power project (operated by PetroWind Energy Inc. (PWEI).

The firm’s oil revenues, meanwhile, dropped by 28.24 percent to P413.32 million from P576.01 million as only 409,000 oil barrels were produced compared to 451,000 a year earlier.

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The decline in crude oil prices to an average of $81.67 per barrel from $109.08 in 2022 also contributed to this decrease.

PERC has committed to the development of renewable energy by increasing its equity interest in PetroGreen Energy Corp. from 67.5 percent to 75 percent and maintaining direct ownerships in PSC and PWEI at 44 percent and 20 percent, respectively.

The company recently formed Rizal Green Energy Corp., a 100 percent-owned PGEC subsidiary that will develop solar projects in Bohol, Nueva Ecija, Pangasinan and Isabela.

PERC shares last traded at P4.89 apiece on Nov. 8, 2023.