PetroEnergy profit triples on RE boost

MANILA, Philippines — Yuchengco-led PetroEnergy Resources Corp. (PERC) saw a threefold increase in earnings last year, driven by higher contributions from the green energy business.

The company reported a 200-percent surge in net income to P471.8 million in 2024 from P156.9 million in 2023, while consolidated profit nearly doubled to P881.4 million from P465.8 million.

The growth was mainly anchored on robust power sales, which buoyed revenues to P3.4 billion last year from P3 billion previously.

Electricity sales, PERC said, sizzled by 21 percent to P2.81 billion from P2.3 billion following the activation of its new renewable energy (RE) plants across the country.

In April last year, the company started the testing and commissioning of the first three wind turbines of its 13.2-megawatt (MW) Nabas Wind Power Project Phase 2 in Aklan.

It also switched on the 27-MW Dagohoy Solar in Bohol in November and the 19.6-MW San Jose Solar in Nueva Ecija in December.

The robust performance of PERC’s RE business helped cushion the impact of weaker oil revenues, which declined by 16 percent to P520 million from P623 million due to lower crude output.

The listed firm closed 2024 with consolidated assets of P23.36 billion, with equity and liabilities amounting to P13.62 billion and P9.74 billion, respectively.

Moving forward, the energy arm of the Yuchengco Group expects “further growth” with the completion of more green projects.

In particular, the testing and commissioning of the 25-MW Bugallon Solar Power in Pangasinan and the 40-MW Limbauan Solar Power in Isabela are slated for the fourth quarter of this year.

PERC, through subsidiaries and affiliates, is engaged in renewable power development and power generation.