PetroEnergy records increase in consolidated net income


PetroEnergy Resources Corporation (PERC) saw a 30%  increase in its consolidated assets in 2023, amounting to Php 21.9 billion from Php 16.8 billion in 2022, and a 9% increase in its consolidated net income from Php 863 million to Php 944 million in 2023.

PERC said that the increase is credited to the growth in electricity sales of the firm’s RE projects, while the upsurge in net income was brought about by the profit from Kyuden International Corporation’s equity investment in PGEC, equaling 25%

The increase in consolidated was also due to the acquisition from EEI Power Corporation (EEIPC) of a 20% direct equity interest in PetroWind Energy, Inc. (PWEI).

The firm also acquired a 44% direct equity interest in PetroSolar Corporation (PSC) as well as an additional 7.5% equity interest in PetroGreen Energy Corporation (PGEC), and these acquisitions had been backed by term loans from local banks. 

Another cause for growth is the funding and construction of Phase 2 of the Nabas Wind Power Project in Aklan with a capacity of 13.2 megawatts (MW), with 6.6 MW now for testing and commissioning.

Meanwhile, electricity rates scaled up due to the full operation of Unit 1 and Unit 2 of the 32 MW Maibarara Geothermal Power Projects. PWEI’s generation performance had improved because of higher wind speeds in July and August of 2023.

Additionally, intending to increase the firm’s RE footprint, PERC through PGEC established the Rizal Green Energy Corporation to lead the development of new solar projects. Under this corporation are four solar projects in the pipeline which would be situated in Pangasinan, Bohol, Nueva Ecija, and Isabela.