PetroEnergy’s 2024 income soars to P471M

PETROENERGY RESOURCES CORP. (PERC) reported a nearly threefold increase in its attributable net income for 2024, rising to P471.82 million from P156.88 million in the previous year.

Revenues grew by 14.45% to P3.45 billion from P3.01 billion, driven by electricity sales, based on the company’s annual report.

In a media release, the company said electricity sales increased by 21% to P2.81 billion from P2.33 billion, supported by additional output from its renewable energy (RE) facilities.

Last year, the company completed and began testing and commissioning the 13.2-megawatt (MW) Phase 2 of the Nabas Wind Power Project in Aklan, the 27-MW direct current (MWdc) Dagohoy Solar Power Project in Bohol, and the 19.6-MWdc San Jose Solar Power Project in Nueva Ecija.

These RE projects offset the 16% year-on-year decline in oil revenues to P520 million from P623 million, resulting from lower crude oil production and prices.

Consolidated net income increased by 89% to P882 million in 2024 from P466 million in the previous year. The company attributed this to the recognition of a paper loss of P514 million and the restatement of its 2023 consolidated net income to P466 million from the previously reported P944 million.

“However, without the paper loss, PERC’s consolidated net income would have decreased by 6.6% due to higher interest expenses related to loans used for the acquisition of shares from EEIPC (EEI Power Corp.) and lower interest income from funds invested in new RE projects,” the company said.

For 2025, PERC is accelerating the completion of its 25-MWdc Bugallon Power Project in Pangasinan and the 40-MWdc Limbauan Solar Power Project in Isabela, both of which are scheduled to begin testing and commissioning in the fourth quarter.

Shares in the company rose by 0.28% to close at P3.61 each. — Sheldeen Joy Talavera