Yuchengco-led PetroEnergy Resources Corporation (PERC) reports a 29% increase in their consolidated net income, reaching P874 million by the end of September this year versus P677 million recorded in the same period in 2022.
In a report by the Manila Bulletin, the third-quarter profit alone amounted to P282.696 million, a considerable increase from P171.207 million in the previous year.
There is also an increase in revenue as the corporation recorded Php 2.159 billion in the same period as compared to Php 1.916 billion last year.
The increase was a result of higher electricity sales from renewable energy (RE) units and increased interest income from short-term investments.
Despite a drop in revenues from its Gabon oil operations due to lower average crude oil prices, improved generation from power assets such as the 32 megawatt (MW) Maibarara geothermal facility, 70 MW Tarlac solar farm, and the 36 MW Nabas wind power facility led to increased electricity sales.
Moreover, PetroEnergy highlighted its commitment to renewable energy development, particularly through its subsidiary, PetroGreen Energy Corp (PGEC). The company increased its direct equity in PGEC to 75% from the previous 67.5%, demonstrating a robust expansion in the RE sector.
PetroEnergy’s investments include a 44% direct share in PetroSolar Corporation and a 20% stake in PetroWind Energy Inc.
Additionally, the Yuchengco group will receive a boost in their RE investment as the newly incorporated Rizal Green Energy Corporation, a subsidiary of PGEC, will oversee planned solar projects in Bohol, Nueva Ecija, Pangasinan, and Isabela, aligning with PERC’s goal of becoming a “sustainable energy developer.”
Alongside solar developments, PetroEnergy is completing the expansion of its Nabas wind farm project, adding 13 MW to its capacity.
The company is also progressing with gigawatt-scale offshore wind farm projects, starting with the Buhawind Energy project in Ilocos Norte, a joint venture with Danish partner Copenhagen Energy. These strategic initiatives mark significant progress for PERC in achieving its sustainable energy development objectives.