Basic Energy Corporation (BEC) navigated a challenging 2024, with sales falling to PHP 47.96 billion from PHP 64.07 billion in 2023. Profits dropped to PHP 28.6 million from PHP 99.6 million, according to audited financial statements released on April 15. Despite these setbacks, BEC is holding steady with strong financial management and eyeing growth through renewable energy, including a newly authorized 43 MW Cadiz Solar Project.
The financial report showed that sales dipped due to volatile fuel prices and market pressures. BEC is owed PHP 16.33 billion by customers, with some payments delayed up to 240 days.
BEC carries PHP 25.95 billion in debt, including PHP 16.14 billion in loans with 6% to 7% interest rates. A PHP 41.8 million loss widened the company’s financial shortfall to PHP 551.55 million, up from PHP 502.42 million in 2023. Management remains confident with PHP 20.19 billion in cash and liquid assets ensuring BEC can meet its obligations.
BEC’s core business—fuel sales and storage facilities—drives its revenue, powered by subsidiaries like Filoil Energy Co. Inc. and Filoil Logistics Corporation. The company also manages PHP 407.93 million owed by related firms, such as Grandway Group Limited, balanced out in its books. With 14.67 billion shares outstanding, 763.84 million held by directors, BEC is poised to push forward.
In March 2025, the Department of Energy approved the 43 MW Cadiz 1 Solar Power Project in Negros Occidental, a 30-hectare solar farm that marks a key step in BEC’s renewable energy journey. The project, backed by a Certificate of Authority, allows BEC to secure permits and connect to the national grid. It’s part of BEC’s ambitious plan to develop 500 MW of solar and 500 MW of wind energy by 2030, with projects like a 62 MW solar farm in Mariveles, Bataan, also in the pipeline.
How do you view Basic Energy’s move into solar energy? Can projects like Cadiz help it overcome financial hurdles? Share your thoughts below!
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