Energy sales increase from renewable energy (RE) investments boosted Yunchengco Group’s PetroEnergy Resources Corp. (PERC) revenue by 44 percent.
In a disclosure to the Philippine Stock Exchange Exchange, PERC reported their 2017 net income amounted to $8.46 million, compared to the previous year’s $ 5.86 million.
Net income from equity holders also surged by 114 percent, from $1.77 million to $3.79 million.
While PERC considers electricity sales from RE investments to be the leading cause of income rise, the energy company’s petroleum operations also hiked by 22 percent due to the crude oil price increase.
“Our 2017 financial performance shows PERC’s growth-driven direction, credited mainly to the efficiency and reliability of our RE power plant operations. And to be recognized recently by the Financial Times as one of the fastest-growing companies in the Asia-Pacific region is truly and encouraging achievement for PetroEnergy,” PERC president Milagros Reyes said.
Last March, PERC’s 12 megawatt (MW) Maibarara-2 Geothermal Power facility started supplying power to the Luzon grid.
The company’s other RE projects include 20-megawatt (MW) Maibarara Geothermal Power Project in Batangas, 36-MW Nabas Wind Power Project in Aklan, and the 50-MW Tarlac Solar Power Project in Tarlac.
Originally, PERC’s business centered on petroleum exploration and production. However, come 2009, the company diversified to renewable energy development and production.