Yuchengco-led PetroEnergy Resources Corporation (PERC) reported a 29.9% decline in consolidated net income to PHP 618.33 million in 2025 from PHP 881.41 million in 2024, as higher financing costs and weaker oil revenues offset gains from its expanding renewable energy portfolio. 

In a disclosure dated April 23, the company reported total revenues of PHP 3.72 billion, up 7.8% from PHP 3.45 billion in 2024, driven primarily by an 11.45% increase in electricity sales to PHP 3.13 billion. 

Growth in electricity generation was supported by new and ramping renewable assets, including the 13.2-megawatt Nabas-2 Wind Power Project in Aklan, as well as full-year contributions from the Dagohoy Solar Power Project in Bohol and the San Jose Solar Power Project in Nueva Ecija. Initial power exports from Phase 2 of the Limbauan Solar Power Project in Isabela also contributed to output toward the end of the year. 

However, oil revenues declined 20.24% to PHP 415.09 million due to lower crude oil prices and reduced production from Gabon operations, tempering overall revenue growth. 

Profitability was further weighed down by interest expenses amounting to PHP 652.66 million, reflecting financing costs tied to new project loans. Net income attributable to equity holders of the parent company fell to PHP ?284.18 million. 

Total assets increased to PHP 25.71 billion as of end-2025 from PHP 23.36 billion a year earlier, indicating continued investment in energy projects. 

PERC said it is advancing several projects in its pipeline, including solar developments in Bugallon and Isabela, as well as the Panitan Solar and Battery Energy Storage System (BESS) project in Capiz. The company is also continuing its offshore oil operations in Gabon, where a Phase 3 drilling campaign aims to increase production from 15,000 to 18,000 barrels per day by late 2026. 

The results reflect a transition phase for the company, with renewable capacity expanding but earnings pressured by financing costs and volatility in oil operations.

How do you see rising financing costs shaping the pace of renewable expansion for listed Philippine energy firms like PERC?

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