ACEN-backed ENEX Energy Corp. slashed its net loss by 72% to P3.41 million in Q1 2025 from P12.22 million in Q1 2024, signaling a strong financial strategy as it gears up for commercial operations. This milestone, outlined in its latest SEC filing, highlights ENEX’s cost-cutting and capital management efforts, a key focus for energy sector stakeholders.
The loss reduction stemmed from a 95% drop in other charges, from PHP 9.21 million to PHP 0.47 million, mainly due to a lower equity share in the net loss of its joint venture, Bulusan Clean Energy Inc. (BCEI), which fell from PHP 5.77 million to PHP 1.37 million.
ENEX also eliminated interest expenses in 2025 after converting short-term loans from ACEN Corporation into a PHP 207.54 million deposit for future stock subscriptions. “The decrease in Other charges (income) – net mainly from lower equity in net loss of a joint venture (BCEI) amounting to PHP 1.37 million from PHP 5.77 million in previous period,” the filing stated.
ENEX’s cash stood at PHP 21.64 million as of March 31, down from PHP 28.11 million, reflecting pre-operating expenses. Its PHP 64.88 million investment in BCEI and PHP 54.35 million in deferred exploration costs for Service Contract 55 (SC 55) in West Palawan position it for growth. SC 55, operated by ENEX’s subsidiary Palawan55 with a 75% stake, is under force majeure, with 23 months to drill a well post-lifting.
Backed by ACEN’s 75.92% ownership, ENEX’s equity was PHP 58.84 million. Its application to raise authorized capital to PHP 1.3 billion, including 300 million preferred shares, awaits SEC approval. With a debt-to-equity ratio of 1.43 and no off-balance sheet liabilities, ENEX offers a stable profile for investors.
What does ENEX’s financial progress mean for Philippine energy exploration? Share your thoughts.
Follow Power Philippines on Facebook and LinkedIn or join our Viber community to stay up to date on the latest energy news.
There are no comments
Add yours