PetroEnergy Resources Corp. said consolidated net income in the first three months of 2017 jumped 327 percent to $4.306 million from $1.009 million year-on-year.
The company in a statement attributed the strong financial performance in the first quarter to higher electricity sales from its renewable energy development and power generation assets and slightly higher crude oil revenues from the Gabon oil production.
PetroEnergy said net income attributed to equity holders of the parent company increased more than five times to $2.858 million in the first three months from $0.518 million on year.
“Our decision to venture into RE, in addition to our upstream oil business, has started paying off,” PetroEnergy president Milagros Reyes said.
“Our 20-megawatt Maibarara geothermal venture was declared in 2011 as the first commercial project under the 2008 RE Law framework by the DoE (Department of Energy) and was successfully put on stream in 2014,” Reyes said.
She said the Maibarara geothermal plant was being expanded to add another 12 MW.
“Since then, we have commissioned two more RE plants, the 36 MW Nabas-1 wind power project in 2015 and the 50 MW Tarlac-1 solar power facility in 2016,” Reyes added.
Total net electricity exported by the PetroEnergy subsidiaries increased to 102.91 gigawatt-hours from 76.60 GWh in the first quarter 2016.
“The positive difference in generation between the two periods came from increased net electricity export from the Maibarara and Tarlac power facilities,” PetroEnergy vice president and Maibarara Geohermal Inc. president Francisco Delfin Jr. said.
Aggregated gross revenues from the three operating renewable energy plants rose to P693.46 million from P511.11 million a year ago.
“For the 12-MW Maibarara-2 geothermal facility, all major equipment have been delivered on site and construction is entering its final stages. Testing and commissioning activities will follow suit even as we are now starting on the interconnection regulatory requirements,” Delfin said.