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Manila Bulletin devider Business devider The Stock Market devider PetroEnergy's net income dips 12% in H1 despite 15% revenue growth

PetroEnergy's net income dips 12% in H1 despite 15% revenue growth

Published Aug 15, 2025 02:35 pm
Yuchengco-led PetroEnergy Resources Corp. (PERC) reported a 12 percent decline in net income in the first half of the year due to low oil prices and rising expenses for new renewable energy projects.
In a disclosure to the Philippine Stock Exchange on Friday, Aug. 15, the company noted that its consolidated net income fell to ₱463.75 million in January to June this year from ₱526.99 million in the same period last year.
PERC said the decline was primarily driven by higher financing costs associated with new clean energy assets, as well as lower prices at the Wholesale Electricity Spot Market (WESM) for power exported during the commissioning phase.
Lower global crude oil prices also contributed to the decrease in net income, with oil revenues trickling down to ₱245.9 million from ₱279.54 million.
Despite the headwinds, PERC said consolidated revenues grew by 15 percent from ₱1.73 billion to ₱1.9 billion, fueled by higher electricity sales and increased revenues from the company's renewable energy operations.
The company added that energy sales posted a 13 percent increase to ₱1.59 billion.
PetroEnergy explained that the revenue growth was largely due to the commissioning and testing of several new projects. These included the 6.6 MW Nabas-2 wind power project in Aklan, the 27 MWdc Dagohoy solar project in Bohol, the 19.6 MWdc San Jose solar project in Nueva Ecija, and a completed 2 MWp solar rooftop in Laguna Technopark.
The company added that it is on track to further expand its renewable energy portfolio with the ongoing development of the 25 MWdc Bugallon solar project in Pangasinan and the 40 MWdc Limbauan solar project in Isabela.
Earlier, PetroEnergy reported a ₱9.3 billion allotted budget for these projects through its RE unit, PetroGreen Energy. Of this, ₱4.5 billion is slated for this year, while the remaining ₱4.8 billion will be carried out next year.

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