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Manila Bulletin devider Business devider The Stock Market devider PetroEnergy profits dip despite renewable energy boost

PetroEnergy profits dip despite renewable energy boost

Published Nov 15, 2024 07:46 am

Yuchengco-led Petro Energy Resources Corporation (PERC) reported lower net income growth despite higher electricity sales during the first nine months of 2024.

In a disclosure to the Philippine Stock Exchange on Friday, Nov. 15, PetroEnergy said that its consolidated net income fell 23 percent to P692 million from P874 million in the same period last year.

The decline was attributed to higher interest and tax expenses resulting from the company's direct equity acquisitions in its subsidiaries—PetroWind Energy, Inc. (PWEI), PetroSolar Corporation (PSC), and PetroGreen Energy Corporation.

Despite this, the company’s consolidated gross revenue jumped to P2.57 billion from P2.16 billion due to increased electricity sales from its renewable energy (RE) assets. Consolidated assets also grew to P23 billion from P20.8 billion.

The RE units generated a 24 percent increase in electricity sales to P2.09 billion compared to P1.68 billion year-on-year. This improvement was driven by the integration of PWEI into PetroEnergy’s financials.

PetroEnergy acquired 20 percent of EEI Power Corporation’s equity in PWEI in 2023. PWEI’s Phase 2 wind project began exporting power in April, and its profit contributed to PetroEnergy’s revenue performance from January to September.

The strong RE performance offset a three percent drop in revenue from Gabon oil operations, which fell to P399 million due to lower oil output and prices.

The subsidiaries affirmed their commitment to boosting PetroEnergy’s presence in the RE industry as part of its long-term goal to achieve a clean energy transition.

Last month, PetroGreen connected its 27-megawatt peak (MWp) Dagohoy Solar Power Project to the Bohol grid. It will be the first utility-scale solar power facility in the area once testing and commissioning are completed.

The solar project is expected to power around 15,000 households in Bohol and reduce dependence on imported electricity from Leyte and Cebu.

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