PetroEnergy Reported P2.57 Billion Consolidated Gross Revenue, Up 19%

Yuchengco-led PetroEnergy Resources Corporation (PERC) consolidated gross revenue rose by 19% to P2.57 Billion as of Q3 2024 compared to P2.16 Billion in same period last year.

The uptick was due to a 24% increase in electricity sales of its RE units which rose year-on-year from P1.68 Billion to P2.09 Billion driven largely by the consolidation of PetroWind Energy Inc. (PWEI) into PERC’s financials after PERC acquired EEI Power Corporation’s 20% equity in PWEI last year and also by additional revenue from PWEI’s Phase 2 wind project in Aklan which started exporting power in April 2024.

​The robust RE performance offset the 3% decline in revenue contribution from the Gabon oil operations which fell to ~P399 Million due to lower oil production and lower oil prices compared to same period last year. The PERC parent financials were also negatively affected by higher interest and tax expenses related to PERC’s series of direct equity acquisition in PWEI, PetroSolar Corporation (PSC) and PetroGreen Energy Corporation (PGEC) to boost PERC’s footprint in the RE industry as part of a long-term shift to clean fuels. As a result, PERC’s consolidated net income for the period fell to P692 Million from P874 Million while consolidated total assets grew from P20.82 Billion to P23.23 Billion.

PetroEnergy Resources Corporation (PERC) is a publicly-listed Philippine energy company under the reputable conglomerate of Yuchengco Group of Companies (YGC). PERC was founded in 1994 to undertake upstream oil exploration and development. Since then, it has diversified into renewable energy and power generation.