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Manila Bulletin devider Business devider Trade & Industry devider PetroEnergy sees profit squeeze on higher rates, Gabon oil dip

PetroEnergy sees profit squeeze on higher rates, Gabon oil dip

Published Apr 23, 2026 04:00 pm
Despite expanding its solar and wind power projects in 2025, Yuchengco-led PetroEnergy Resources Corp. (PERC) reported a decline in net income due to higher interest expenses and lower oil revenues.
In a disclosure to the Philippine Stock Exchange on Thursday, April 23, PERC reported a 29.8 percent decline in its consolidated net income to ₱618.33 million last year from ₱881.41 million in 2024.
Despite the improvement in energy sales during the year, oil revenues were affected by lower crude prices and lower output from its Gabon operations. As a result, the full-year profit decreased ₱415.09 million in 2025, a 20.24 percent slowdown from ₱520.43 million in 2024.
Likewise, profitability was affected by higher interest expense from financing costs associated with new loan acquisitions for power projects.
“Combined with the decline in PERC’s Oil Revenue (as Parent), Net income attributable to equity holders of the Parent Company stood at ₱284.18 million for the year,” the company explained.
Despite this, the firm’s renewable energy (RE) expansion remains on track, with several new solar plants and wind energy projects wrapped up.
In return, the company recorded ₱3.72 billion in total revenue, an improvement from ₱3.45 billion in 2024. This was due to the 11.45 percent increase in its power sales from ₱2.8 billion to ₱3.13 billion.
These financial improvements were brought by the recently completed 13.2 megawatts (MW) Nabas-2 Wind power project in Aklan, and output from 27 MW direct current (MWdc) Dagohoy solar project in Bohol.
The 19.6 MWdc San Jose solar project in Nueva Ecija also contributed to the company's full-year performance, as it began generating and exporting power before the start of 2025.
Additionally, the second phase of the 40 MWdc Limbauan solar project in Isabela accounted for a substantial share of the company’s power sales.
“Looking ahead, PERC remains focused on completing key projects in its renewable energy pipeline, including the commercial operations of its solar assets in Bugallon and Isabela, and completion of the Panitan Solar and Battery Energy Storage System (BESS) in Capiz, which is now under development,” PERC said.
Furthermore, the firm plans to continue its offshore oil investments in Gabon, Africa. Phase three of its drilling program is currently underway and is slated for completion later this year.
Once completed, the drilling is expected to raise field production from 15,000 barrels of oil per day (bpd) to 18,000 bpd. (Gabriell Christel Galang)

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PetroEnergy Resources Corp. (PERC) renewable energy (RE)
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