PetroEnergy net income up 24% end of Q3

YUCHENGO-LED PetroEnergy Resources Corp. (PERC) reported a net income of P677 million in the first nine months of 2022, up 24 percent from P544 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, it announced attributable net profit increased by 44.1 percent to

P466.21 million from P323.45 million. Revenues reached P1.92 billion in the period ended September, a 10-percent increase from P1.74-billion revenues a year earlier.

Majority of revenues during the period were from electricity sales of its renewable energy operating units under holding firm PetroGreen Energy Corp. These include the 32-megawatt (MW) Maibarara Geothermal Project of Maibarara Geothermal Inc., the 70-MW Tarlac Solar Project of PetroSolar Corp. (PSC) and the 36-MW Nabas-1 Wind Project of PetroWind Energy Inc.

PERC said revenues from its minority stake in the Etame oil concession in offshore Gabon, West Africa provided the balance of steady earnings for the company.

“This healthy financial growth is due largely to higher global crude oil prices, and to higher offtake rates for PSC’s Tarlac-2 solar power plant,” the company said.