PetroEnergy Resources Corp., the Yuchengco Group of Companies’ publicly-listed energy arm, posted an 89-percent increase in consolidated net income to P882 million in 2024 from P466 million in 2023.
PetroEnergy said in a disclosure to the Philippine Stock Exchange Monday it recorded a 21-percent increase in its electricity sales to P2.81 billion last year from P2.33 billion in 2023.
This was driven by the completion and the start of the testing and commissioning of the first three wind turbine generators of the 13.2-megawatt phase 2 of the Nabas Wind Power Project (Nabas-2 in Aklan) in April 2024; the 27-MWDC Dagohoy Solar Power Project (DSPP in Bohol) in November 2024; and the 19.6-MWDC San Jose Solar Power Project (SJSPP) in Nueva Ecija in December 2024.
The robust performance of its renewable energy (RE) projects cushioned the 16-percent drop in oil revenues to P520 million from P623 million in 2023, attributable to lower crude oil production from 506,000 barrels to 453,000 barrels and the decline in crude oil prices from the average of $82.86 per barrel in 2023 to $80.05 per bbl in 2024.
It said the despite the reduction in oil revenues, the company still registered a 12 percent increase in consolidated gross income from P1.46 billion in 2023 to P1.64 billion in 2024.
PetroEnergy said this considered the provisional recognition of loss on remeasurement of previously held interest of P45.89 million related to PERC’s direct acquisition of a 20-percent equity interest in PetroWind Energy Inc. from EEI Power Corp. (EEIPC) in early 2023.
