PetroEnergy Posts 44% Growth in 2017 Consolidated Net Income
April 18, 2018
Publicly-listed, PetroEnergy Resources Corporation (PERC) declared on Monday, a 2017 consolidated net income of US$ 8.46MM, a 44% increase from US$ 5.86MM in 2016. Net income attributed to equity holders of PERC also increased by 114% from US$ 1.77 in 2016 to US$ 3.79 in 2017.
The increases are largely due to higher revenues from electricity sales of its renewable energy investments. Revenues from its petroleum operations in 2017 also increased by 22% as a result of slightly higher crude oil prices.
“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,” said Ms. Milagros V. Reyes, PERC President.
PERC’s original business is petroleum exploration and production. In 1995, PERC along with US partner, Vaalco Inc., secured the Etame Offshore oil block in Gabon, West Africa. In 1998, it made an oil discovery in the block and went on to start commercial oil production in 2002. PERC was listed in the Philippine Stock Exchange (PSE) in 2004. In 2009-2010, PERC diversified into renewable energy development and operation. Through its subsidiary, PetroGreen Energy Corporation (PGEC), PERC invested in 20MW Maibarara Geothermal Power Project (COD, 2014), 36MW Nabas Wind Power Project (COD, 2015), and 50MWDC Tarlac Solar Power Project (COD, 2016). The 12MW Maibarara-2 geothermal power facility in Batangas successfully started supplying power to the Luzon grid, in March 9, 2018, increasing PERC’s total RE power generation portfolio to 118MW.
“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. Our sustained growth is an affirmation of the value we put into our partnerships with public and private entities,” adds Mr. Francisco G. Delfin, Jr., PERC Vice President.