PetroEnergy Resources Corporation (PERC), the publicly-listed energy arm of the Yuchengco Group of Companies, demonstrated the strength of its renewable energy (RE) portfolio in 2024.
The company reported a significant 21% increase in electricity sales, climbing from ₱2.33 billion in 2023 to ₱2.81 billion in 2024. This growth was primarily fueled by the recent completion and commencement of testing and commissioning for several key RE projects:
- The first three wind turbine generators of the 13.2 MW Phase 2 of the Nabas Wind Power Project (“Nabas-2”) in Aklan (April 2024).
- The 27 MWDC Dagohoy Solar Power Project (“DSPP”) in Bohol (November 2024).
- The 19.6 MWDC San Jose Solar Power Project (“SJSPP”) in Nueva Ecija (December 2024).
This robust performance in the RE sector effectively mitigated a 16% decline in oil revenues, which fell from ₱623 million in 2023 to ₱520 million in 2024. This decrease in oil revenue was attributed to both lower crude oil production (453 thousand barrels compared to 506 thousand barrels in 2023) and a slight decrease in average crude oil prices (US$80.05/bbl in 2024 versus US$82.86/bbl in 2023).
Despite the headwinds in the oil market, PERC achieved a 12% increase in Consolidated Gross Income, rising from ₱1.46 billion in 2023 to ₱1.64 billion in 2024.
The company’s Consolidated Net Income for 2023 was initially reported as ₱944 million. However, this figure has been restated to ₱466 million due to the final determination of a Loss on Remeasurement of Previously Held Interest.
This loss, related to PERC’s direct acquisition of a 20% equity interest in PetroWind Energy Inc. from EEI Power Corporation (EEIPC) in early 2023, was finalized at ₱514 million, significantly higher than the provisional ₱45.89 million. Consequently, the reported Consolidated Net Income shows a substantial 89% increase from ₱466 million in 2023 to ₱882 million in 2024.
The company noted that without this accounting adjustment, PERC’s underlying Consolidated Net Income would have seen a 6.6% decrease. This decline would have been due to higher interest expenses associated with loans used for the EEIPC share acquisition and lower interest income resulting from investments in the new RE projects.
PERC continues its expansion trajectory, evidenced by an 8% growth in its Consolidated Total Assets, from ₱21.64 billion in 2023 to ₱23.35 billion in 2024. Further growth is anticipated as the company progresses with the completion of two additional solar power projects: the 25 MWDC Bugallon Solar Power Project in Pangasinan and the 40 MWDC Limbauan Solar Power Project in Isabela, both slated for testing and commissioning in the fourth quarter of 2025.
