PetroEnergy Resources Corp. reported a consolidated net income of $8.46 million in 2017, up 44 percent from $5.86 million in 2016.
PetroEnergy disclosed to the Philippine Stock Exchange Tuesday net income attributable to equity holders of the company also increased 114 percent to $3.79 million from $1.77 million in 2016.
The company credited the significant rise in earnings last year on higher revenues from electricity sales of renewable energy investments.
Revenues from petroleum operations in 2017 also rose 22 percent as a result of slightly higher crude oil prices.
“Our 2017 financial performance shows PERC’s growth-driven 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 and encouraging achievement for PetroEnergy,” PetroEnergy president Milagros Reyes said.
PetroEnergy’s original business was petroleum exploration and production.
In 1995, the company along with US partner Vaalco Inc., secured the Etame Offshore oil block in Gabon, West Africa. It made an oil discovery in the block in 1998 and went on to start commercial oil production in 2002.
PetroEnergy started to diversify into renewable energy development and operation starting in 2009.
PetroEnergy, through its subsidiary, PetroGreen Energy Corp., invested in the 20-megawatt Maibarara Geothermal Power Project, 3-MW Nabas Wind Power Project and 50-MWTarlac Solar Power Project.
The 12-MW Maibarara-2 geothermal power facility in Batangas successfully started supplying power to the Luzon grid on March 9 increasing PetroEenrgy’s total renewable energy 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,” PetroEnergy vice president Francisco Delfin Jr. said.