PetroEnergy Resources Corporation (PERC) witnessed substantial growth in interest income for the first quarter of 2023 following short-term investments and an uptick in electricity sales from its renewable energy operating units.
PERC disclosed to the Philippine Stock Exchange that the energy firm sustained a 35% increase in their net income to Php 340 million from Php 252 million recorded in the same period last year.
The increase in power sales and interest income from short-term investments, as determined by PERC, significantly helped to offset the impact of lower revenues from its oil activities in Gabon, which were impacted by the drop in crude oil prices.
The company generates the majority of its revenue through its investments in renewable energy, primarily through PetroGreen Energy Corporation (PGEC), its dedicated renewable energy subsidiary.
Some of these projects include the Maibarara geothermal power project by Maibarara Geothermal Inc., with a capacity of 32 megawatts (MW), the Tarlac solar power project by PetroSolar Corporation, with a capacity of 70 MW, and the Nabas-1 wind power project by PetroWind Energy Inc., with a capacity of 36 MW.
The corporation credited the increase in short-term investments and interest earnings to the equity investment made by Kyuden International Corporation in PGEC.
Through the Etame consortium in Gabon, West Africa, and PGEC in the Philippines, PERC is active in both petroleum production activities and renewable energy initiatives. PGEC is in charge of owning and managing power plants that use geothermal, solar, and wind energy.