PetroEnergy Resources Corp. (PERC) said Friday it posted consolidated net income of P692 million in the first nine months of 2024, down from P874 million a year ago, on lower oil production, lower oil prices and higher expenses.
PERC said in a disclosure to the Philippine Stock Exchange the revenue contribution from the Gabon oil operations declined 3 percent to P399 million.
PERC holds a 2.53-percent participating interest in the exploration and production sharing contract covering the Etame block in Gabon, West Africa.
The PERC parent financials were also negatively affected by higher interest and tax expenses related to its series of direct equity acquisition in PetroWind Energy Inc. (PWEI), PetroSolar Corp. (PSC) and PetroGreen Energy Corp. (PGEC) to boost PERC’s footprint in the renewable energy sector.
The company’s consolidated gross revenue, however, climbed 19 percent to P2.57 billion as of the third quarter of 2024 from P2.16 billion in same period last year.
The uptick was due to a 24-percent increase in electricity sales of its RE units which rose from P1.68 billion to P2.09 billion, driven by the consolidation of financials after PERC acquired EEI Power Corp.’s 20-percent equity in PWEI last year.
The additional revenue from PWEI’s phase 2 wind project in Aklan, which started exporting power in April 2024, also boosted electricity sales.
PERC’s consolidated total assets grew from P20.82 billion to P23.23 billion.
PERC subsidiary PEGC announced last month it started testing and commissioning of the 27-megawatt peak Dagohoy Solar Power Project (DSPP in Bohol. DSPP consists of 32 panels of 665-watt capacity each, stringed in a 21-meter-long and about 5-meter-wide table mounted about 1 meter above the ground.
The 22-hectare Dagohoy solar site will be covered by 1,270 solar tables consisting of 40,628 units of Trina Solar-brand panels producing 41,000 MWh of power annually once completed.
