PetroEnergy Resources Corp., a member of the Yuchengco Group of Companies, is preparing for aggressive expansion of solar and wind projects in 2022.
PERC posted a net income of P544 million in the first nine months, up 30 percent from P417 million in the same period last year.
“For 2022, our immediate expansion plans are focused on expanding our solar and wind capacities. These include expansions in our existing service contract blocks like Tarlac and Nabas as well as new areas we are looking at in Central Luzon and Central Visayas,” PERC assistant vice president for operations Maria Victoria Olivar said.
PERC’s RE holding unit, PetroGreen Energy Corp., operates five power stations through three operating companies—the 32-megawatt Maibarara geothermal project by Maibarara Geothermal Inc., the 70-MW Tarlac solar project by PetroSolar Corp. and the 36-MW Nabas-1 wind project by PetroWind Energy Inc.
PERC assistant vice president for finance and chief finance officer Carlota Viray said the company had "a very robust financial performance in the first nine months of 2021 with PERC’s consolidated net income growing 30 percent higher than last year to reach P544 million."
Viray said net income attributable to PERC’s equity holders’ increased 60 percent to P323 million from P203 million a year earlier.
"This performance keeps PERC in a healthy financial position with total assets of P13.6 billion and total equity of P8.3 billion. We have also been able to increase our book value to P 9.80 per share, pay our currently maturing obligations to lenders, and sustain other working capital requirements," Viray said.
Driving the significant increase in profits were the rise in crude oil price over the same period to $72.86 per barrel from $43.22 per barrel and higher electricity sales from its Tarlac solar and Nabas wind power plants.
PERC reported a 38-percent improvement in consolidated net income in the third quarter to P158 million from P115 million over the same period last year.
Net income attributed to equity holders of PERC jumped 115 percent to P89 million from P41 million in the third quarter in 2020.
Aside from RE development, PERC is engaged in petroleum exploration and production in Gabon, West Africa.