PetroEnergy income up 29% to P872M

At a glance

  • The Yuchengco firm and its Danish company-partner Copenhagen Energy have been aiming to make a mark when it comes to pioneering offshore wind farm installation in the Philippines.

The consolidated net income of Yuchengco-led PetroEnergy Resources Corporation’s (PERC) had climbed 29% to P874 million as of end-September this year as against a leaner P677 million within a comparative period in 2022.

For the third quarter alone, the company posted a profit of P282.696 million, which also climbed from the year-ago level of P171.207 million.

In terms of revenues, the aggregate outcome for the company reached P2.159 billion within this year’s nine-month stretch compared to P1.916 billion in the same period in 2022.

According to PetroEnergy, it was able to register higher income “due to higher electricity sales from renewable energy (RE) operating units and a significant increase in interest income from short-term investments.”

The company expounded that these streams of income “cushioned a decrease in revenues from its Gabon oil operations as a result of lower average crude oil prices compared to same period last year.”

The Yuchengco firm emphasized that its electricity sales “went up largely because of the improved generation” of its various portfolio of power generating assets, including its 32-megawatt Maibarara geothermal facility; the 70MW Tarlac solar farm and its 36MW Nabas wind power facility.

PetroEnergy said it has been briskly expanding its investment foothold into its renewable energy (RE) development subsidiary PetroGreen Energy Corp (PGEC) by increasing its direct equity to 75% from previously at 67.5%.

The company similarly noted that its direct shareholdings in PetroSolar Corporation had been at 44% level; while in PetroWind Energy Inc, that was at the scale of 20%.

The investments in the RE sector of the Yuchengco group will be further boosted via its newly incorporated  Rizal Green Energy Corporation, which will serve as a subsidiary of PGEC and will then take charge of the planned solar projects in Bohol, Nueva Ecija, Pangasinan and Isabela.

“These developments are key steps in PERC’s goal of becoming a sustainable energy developer,” the company stressed.

Apart from its solar developments, PetroEnergy has likewise been completing the expansion of its Nabas wind farm project for a capacity addition of 13 megawatts.

On top of that, the Yuchengco firm is advancing implementation of its gigawatt-scale offshore wind farm developments – starting with the Buhawind Energy project in Ilocos Norte, which is its joint venture with Danish firm-partner Copenhagen Energy.