PETROENERGY Resources Corp. (PERC) said Tuesday that consolidated net income in 2017 had surged by 44 percent to $8.46 million from $5.86 million in the previous year on higher electricity sales.
Net income attributed to equity holders of PERC soared 113.99 percent to $3.79 million from $1.77 million in 2016, the company said in a disclosure.
Gross income climbed 16.44 percent to $17.38 million from $14.93 million in 2016.
PetroEnergy attributed the higher earnings largely to higher revenues from electricity sales of its renewable energy (RE) investments.
Electricity sales touched $28.85 million last year, up 1.98 percent from $28.29 million in 2016, primarily because of higher energy generated by Maibarara Geothermal, Inc. (MGI) and PetroSolar Corp.’s (PSC) full operations in the previous year.
Power sales contributed 77.07 percent of the total revenues, including other income, as of December last year.
PetroEnergy said these are currently generated from the 20-megawatt (MW) Maibarara Geothermal Power Project (MGPP-1) in Santo Tomas, Batangas and the 50-MW Tarlac Solar Power Project in Tarlac City.
Revenues from its petroleum operations reached $6.51 million, 22 percent higher than the $5.34 million recorded the year before, as crude oil prices rose to $45.12-$64.11 a barrel in 2017 from $27.80-$56.80 per barrel in 2016, which was partly offset by the decline in production volume in 2017 compared to 2016.
“Our 2017 financial performance shows PERC’s growth-driven direction, credited mainly to the efficiency and reliability of our RE power plant operations. And to be recognized recently by the Financial Times as one of the fastest-growing companies in the Asia-Pacific region is truly and encouraging achievement for PetroEnergy,” PetroEnergy President Milagros Reyes said.
PetroEnergy is a publicly listed energy company under the Yuchengco Group of Companies. It is engaged in upstream oil exploration and development. Founded in 1994, its main businesses are geothermal, petroleum, solar, and wind.
It is upbeat on its planned expansion in its Tarlac and Nabas projects and on the profitability of its existing power facilities.
“We are optimistic that with our planned expansion in our Tarlac and Nabas projects, and the profitable operations of our existing power facilities, PERC will continue to grow both in terms of revenue and in the benefits we give to our various stakeholders,” PetroEnergy Vice President Francisco Delfin Jr. said.