Yuchengco-led PetroEnergy Resources Corp. reported a consolidated net income of P463.75 million for the first half of 2025, a 12 percent decrease from P526.99 million in the same period last year.
The company attributed the decline to several factors, including lower oil prices, higher financing costs for new renewable energy projects, and reduced electricity spot market rates.
Net income attributable to equity holders fell by 21.5 percent to P251.03 million rom P319.73 million a year ago.
Despite the drop in net income, consolidated revenues increased by 15 percent to P1.99 billion, up from P1.73 billion in the first half of 2024. This growth was fueled by higher electricity sales and other revenues from renewable energy operations.
Electricity sales rose 13.03 percent to P1.59 billion , driven by additional power generation from new projects, including the 6.6-megawatt Nabas-2 Wind Power Project in Aklan, the 27-megawatt Dagohoy Solar Power Project in Bohol, and the 19.6-megawatt San Jose Solar Power Project in Nueva Ecija.
Other revenues also saw an increase following the completion and handover of a 3.002-megawatt-peak solar rooftop facility to Isuzu Autoparts Manufacturing Corp. in Laguna Technopark.
Oil revenues, however, decreased to P245.99 million from P279.54 million in the first half of 2024, mainly due to a decline in global crude oil prices from an average of $83.81 per barrel to $71.19 per barrel this year.
PetroEnergy said it continues to expand its renewable energy portfolio with the ongoing construction of the 25-megawatt Bugallon Solar Power Project in Pangasinan and the 40-megawatt Limbauan Solar Power Project in Isabela, both expected to be completed by the end of 2025.
