PERC net income jumps 24%

BY LENIE LECTURA – NOVEMBER 16, 2022
from Business Mirror

YUCHENGCO-led PetroEnergy Resources Corp. (PERC) reported a 24-percent jump in its net income to P677 million at end-September this year from P544 million in the same period a year ago on account of higher revenues.

Of the amount, P171.2 million was made in the third quarter, up from P158 million in the same period a year ago. Revenues stood at P621 million in the third quarter this year.

From January to September this year, PERC recorded P1.92 billion in revenues, up 10 percent from P1.74 billion in the same period last year. This healthy financial growth is due largely to higher global crude oil prices, and to higher off-take rates for the Tarlac-2 solar power plant of PetroSolar Corp. This resulted in a 44-percent increase in net income attributable to PERC parent.

The bulk of PERC’s revenues is derived from electricity sales of its RE operating units under holding firm PetroGreen Energy Corp. (PGEC). These include the 32MW Maibarara Geothermal Project of Maibarara Geothermal Inc. in Batangas, the 70MW Tarlac Solar Project of PetroSolar Corp. in Tarlac City, and the 36-MW Nabas-1 Wind Project of PetroWind Energy Inc. Oil revenues from its minority stake in the Etame oil concession in offshore Gabon, West Africa provide the balance of steady earnings for the company.

Recently, the PGEC also launched its Dagohoy solar project in Bohol which will increase its total solar operating units to 100 megawatts (MW) while PetroWind Energy Inc., its onshore wind unit, won the Visayas grid wind allocation in the first DOE Green Energy Auction Program last June.