PetroEnergy profit up 44% to $8.5 M in 2017

The Philippine Star - - BUSINESS - By DANESSA RIVERA

PetroEnergy Re­sources Corp. (PERC) of the Yuchengco Group booked a 44-per­cent jump in net earn­ings last year mainly due to higher elec­tric­ity sales from its re­new­able en­ergy (RE) in­vest­ments.

In a dis­clo­sure to the Philip­pine Stock Ex­change yes­ter­day, PERC said its con­sol­i­dated net in­come reached $8.46 mil­lion last year as against the pre­vi­ous year’s $5.86 mil­lion.

Net in­come at­trib­uted to eq­uity hold­ers also in­creased 114 per­cent from $1.77 mil­lion to $ 3.79 mil­lion.

PERC at­trib­uted the in­come rise to higher rev­enues from elec­tric­ity sales of its RE in­vest­ments. It also said rev­enues from its petroleum op­er­a­tions in­creased 22 per­cent as a re­sult of slightly higher crude oil prices.

“Our 2017 fi­nan­cial per­for­mance shows PERC’s growth­driven di­rec­tion, cred­ited mainly to the ef­fi­ciency and re­li­a­bil­ity of our RE power plant op­er­a­tions. And to be rec­og­nized re­cently by the

Fi­nan­cial Times as one of the fastest-grow­ing com­pa­nies in the Asia-Pa­cific re­gion is truly an en­cour­ag­ing achieve­ment for PetroEnergy,” PERC pres­i­dent Mi­la­gros Reyes said.

PERC’s three RE projects in­clude the 20-megawatt (MW) Maibarara Geo­ther­mal Power Project in Batan­gas, 36MW Nabas Wind Power Project in Ak­lan and the 50-MW Tar­lac So­lar Power Project in Tar­lac.

Last March, the Maibarara-2 geo­ther­mal power fa­cil­ity, the 12-MW ex­pan­sion of the ex­ist­ing geo­ther­mal plant, started sup­ply­ing power to the Lu­zon grid, in­creas­ing PERC’s to­tal RE power gen­er­a­tion port­fo­lio to 118 MW.

“We are op­ti­mistic that with our planned ex­pan­sion in our Tar­lac and Nabas projects, and the prof­itable op­er­a­tions of our ex­ist­ing power fa­cil­i­ties, PERC will con­tinue to grow both in terms of rev­enue and in the ben­e­fits we give to our var­i­ous stake­hold­ers. Our sus­tained growth is an af­fir­ma­tion of the value we put into our part­ner­ships with pub­lic and pri­vate en­ti­ties,” PERC vice pres­i­dent Fran­cisco Delfin said.

PERC is cur­rently work­ing on the 14-MW Nabas wind power project in Ak­lan, the 49-MW Tar­lac so­lar power plant and 10-MW so­lar hy­brid power project in Puerto Princesa.

It has al­lot­ted P1.6 bil­lion for the 14-MW ex­pan­sion of the ex­ist­ing Nabas wind farm in Ak­lan, P2.4 bil­lion for the 49-MW Tar­lac-2 so­lar-power project and P855 mil­lion for the 5-10 MW hy­brid so­lar power project in Puerto Princesa, Palawan.

Once com­pleted, these projects will help the com­pany nearly dou­ble its ca­pac­ity by 2019.

Orig­i­nally, PERC’s busi­ness is petroleum ex­plo­ration and pro­duc­tion. PERC, along with US part­ner Vaalco Inc., se­cured the Etame off­shore oil block in Gabon, West Africa in 1995, made an oil dis­cov­ery in the block in 1998 and started com­mer­cial oil pro­duc­tion in 2002.

It started to di­ver­sify into re­new­able en­ergy de­vel­op­ment and oper­a­tion in 2009.

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