Yuchengco-led PetroEnergy Resources Corp. (PERC) recorded a growth in its consolidated net income by 21% to Php646 million from Php534 million in 2019, due to the full-year operations of its 20-megawatt (MW) Tarlac-2 solar plant.
Other factors that led to PERC’s “strong financial performance” last year were the prolonged season and feed-in-tariff rate adjustments, it said in a disclosure to the Philippine Stock Exchange on Thursday.
PERC also posted a nine percent increase in its net income attributable to parent company from Php293 million to Php319 million year-on-year.
PetroEnergy said the operations of the solar plant offset lower oil revenues from the company’s oil ventures in the West African nation of Gabon due to a lower average crude oil price of $49.72 per barrel in 2020 from $64.94 per barrel in the previous year.
Aside from the Tarlac and Gabon projects, PetroEnergy also owns the 12MW Maibarara Geothermal Power Project (MGPP) and its 12MW MGPP-2 expansion in Sto. Tomas City, Batangas, as well as the 36MW Nabas Wind power project in Aklan.
Photo courtesy of PetroEnergy website.