PetroEnergy Resources Corporation (PERC) posted a 5.81% revenue increase to P1 billion in Q1 2025, driven by its expanding renewable energy portfolio, even as oil revenues fell 19.61%. The company’s pivot to solar and wind projects signals strong growth potential in the Philippines’ clean energy sector.
The company, however, disclosed renewable energy (RE) expansion-related expenses and lower profit from Gabon oil production brought down its consolidated net income and net income
attributable to equity holders in the first quarter of the year to PHP 281 Million and PHP 143 Million, respectively.
Electricity sales from geothermal, solar, and wind projects soared 12.66% to P885.307 million from P785.852 million, fueled by testing and commissioning of Nabas-2’s wind turbines (10,344.19 MWh), Dagohoy Solar Power Project (8,934.96 MWh), and San Jose Solar Power Project (8,008.42 MWh).
“The 12.66% net increase in 2025 versus the same period last year is due to testing and commissioning revenues of Nabas-2’s first three (3) WTGs, DGEC and SJGEC,” PERC noted in its SEC Form 17-Q. Conversely, oil revenues dropped to P112.390 million from P139.798 million due to lower production (435 Kbbl vs. 464 Kbbl) and crude prices (US$75.74/bbl vs. US$82.81/bbl), cutting net income for equity holders by 22.67% to P143.462 million.
Total assets rose 8.17% to P23.817 billion, with property and equipment up 28.12% to P15.851 billion, reflecting investments in Nabas-2 and solar projects. Costs of sales increased 16.09% to P492.376 million, and interest expenses rose 10.50% to P147.090 million from new loans.
PERC maintained a current ratio of 1.56:1 and an interest rate coverage ratio of 3.15:1. The company plans to energize three more Nabas-2 turbines by Q4 2025 and secure grid approvals for solar projects by April 2025. In Gabon, Etame oil production will see two new wells by Q4.
How will PERC’s renewable energy strategy shape the Philippines’ energy future? Share your insights!
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