PetroEnergy registered 7% income growth to P186m in three months

By Alena Mae S. Flores – May 15, 2024, 7:20 pm
from manilastandard.net

PetroEnergy Resources Corp. (PERC) of the Yuchengco Group said Wednesday consolidated net income attributable to equity holders of the parent company climbed 7 percent in the first quarter of 2024 to P186 million from P173 million in the same period last year.

Gross revenues increased 55 percent to P945 million from P608 million.

PERC attributed the higher revenues to its direct acquisition of EEI Power Corp. (EEIPC)’s 20-percent equity interest in PetroWind Energy Inc. (PWEI), 44-percent equity interest in PetroSolar Corp. (PSC) and additional 7.5-percent equity interest in PetroGreen Energy Corp. (PEGC), now PERC’s 75 percent-owned subsidiary.

PERC said in a statement the acquisition of EEIPC’s investments and the consolidation of PWEI’s financials boosted not only the company’s gross revenues, but also led to a rise in financing expenses tied to the acquisition of the said shares.

This resulted in a 5-percent drop in consolidated net income to P322 million from P340 Million in the first quarter of 2023.

PERC holds a minority interest in petroleum exploration and production in Gabon, West Africa which contributed 15 percent to its first-quarter gross revenues.

The bulk of its revenues are now sourced from clean energy as the PERC group diversified its portfolio to renewable energy (RE) development in the Philippines.