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Yuchengo-led PetroEnergy Resources Corporation (PERC) announced an increase in its net income, fueled by increased electricity sales from its renewable energy (RE) ventures.
In a disclosure to the Philippine Stock Exchange on Monday, April 21, PERC reported an 89.22 percent surge in its 2024 consolidated net income, climbing from ₱466 million to ₱882 million.
This growth was primarily driven by a 21 percent rise in the company’s electricity sales, which increased from ₱2.33 billion in 2023 to ₱2.81 billion in 2024.
These sales were notably boosted by the testing and commissioning of several RE projects. These include the initial three wind turbine generators of the 13.2 megawatt (MW) phase 2 of the Nabas wind power project in Aklan, which occurred last April; the 27 megawatt direct current (MWdc) Dagohoy solar power project (DSPP) in Bohol, commissioned last November; and the 19.6 MWdc San Jose Solar Power Project (SJSSP) in Nueva Ecija, which came online last December.
“The strong performance of our RE projects effectively offset the 16 percent decline in oil revenues, which fell from ₱623 million in 2023 to ₱520 million in 2024,” the company explained.
This substantial decrease in oil revenues was attributed to both lower crude oil output and a drop in crude oil prices, which averaged US$80.05 per barrel (bbl) throughout the year.
“Despite the reduction in oil revenues, the company still achieved a 12 percent increase in consolidated gross income, rising from ₱1.46 billion in 2023 to ₱1.64 billion in 2024,” it further stated.
PetroEnergy also clarified that the notable increase in 2024 net income was partly due to the restatement of a previously understated accounting loss in 2023 related to its acquisition of a stake in PetroWind Energy Inc.
“In accordance with existing accounting standards requiring the completion of the purchase price allocation study within one year of the transaction, the loss on remeasurement in 2023 has now been finalized at ₱514 million, a significant adjustment from the provisionally reported ₱45.89 million,” PERC detailed.
Excluding this one-time paper loss, the company’s consolidated net income would have seen a 6.6 percent decrease due to higher interest expenses from loans related to the share acquisition, as well as lower interest income from investments in new RE projects.
Looking ahead, the firm expressed optimism about its capacity expansion, highlighting an eight percent increase in its consolidated total assets to ₱23.35 billion last year.
According to PetroEnergy, the company is in the final stages of developing the 25 MWdc Bugallon solar project in Pangasinan and the 40 MWdc Limbauan solar project in Isabela. Both of these projects are slated to begin testing and commissioning by the fourth quarter of this year.
