PetroEnergy Resources Corp. (PERC) reported a 16.6-percent drop in net income in the first nine months of 2025 to P577.12 million from P691.96 million in the same period last year due to lower oil revenues from its Gabon operations.
The decline in oil revenue was the main factor affecting the consolidated net income. Oil revenues decreased by 25.26 percent to P298.027 million from P398.744 million on lower average crude oil price which fell from $81.60 per barrel in 2024 to $69.72 per barrel in 2025.
PERC’s net income attributable to equity holders saw an even steeper decline of 26.37 percent to P297.54 million in the nine-month period from P404.09 million in 2024. Third-quarter net income also fell sharply to P46.502 million from P84.364 million in 2024.
Despite the setback from oil, the company’s renewable energy (RE) sector showed consistent growth. PERC reported an 11-percent increase in consolidated electricity sales to P2.33 billion from P2.09 billion in the same period last year.
The higher power sales and associated financing expenses came largely from newly operational projects: the 27-megawatt (MW) Dagohoy Solar Power Project in Bohol which started commercial operations in July 2025, the 19.6-MW San Jose Solar Power Project in Nueva Ecija that went online to the grid in August 2025 and the 13.2-MW Nabas-2 wind power facility which began exporting power from all six Vestas wind turbine-generators in August 2025 as part of ongoing commissioning tests.
PERC’s RE holding unit, PetroGreen Energy Corp. (PGEC), is expected to bring two more projects online this year: the 27-MW Bugallon solar project in Pangasinan and the 40-MW Limbauan solar project in Isabela. Both solar projects and their respective grid connection facilities are physically completed and set to undergo testing and commissioning in the fourth quarter.
“This will not only bring PERC’s total installed capacity by end-2025 to 266 MW but will contribute to further RE revenue growth in 2026 when the full-year financial impact of the new solar facilities will be felt,” the company said in a statement.
 reports a 16.6 percent drop in nine-month net income due to lower Gabon oil revenues, despite an 11 percent increase in consolidated renewable energy sales.){kind=link}