State-run Philippine National Oil Co. (PNOC), the government’s oil and gas unit, posted higher income of P928 million in 2021 from P524 million in 2020 on the back of improved revenues and lower expenses.
PNOC reported in its unaudited financial statement that total income rose 28 percent to P1.526 billion last year from P1.192 billion in 2020.
Service and business income contributed P717 million, while other non-operating profit stood at P789 million and gains accounted for P20.23 million.
Expenses dropped to P335.9 million from P510.8 million with the biggest reduction coming from direct costs that decreased to P23.14 million from P106.96 million and non-cash expenses to P51.38 million from P113.4 million in 2020.
PNOC earlier announced it would continue with the company’s ongoing projects in 2022, such as the development of vital energy infrastructure, especially the development and rehabilitation of the Energy Supply Base.
