PetroEnergy Resources Corp. (PERC) reported an 89 percent increase in consolidated net income to ₱882 million for 2024, mainly driven by a restatement of its 2023 earnings to align with accounting standards.
In a disclosure to the Philippine Stock Exchange, PERC said on Monday its 2023 net income was revised downward to ₱466 million from the previously reported ₱944 million. The adjustment stemmed from the finalized recognition of a ₱514-million paper loss related to its acquisition of a 20 percent stake in PetroWind Energy Inc. from EEI Power Corp., significantly higher than the provisional ₱45.89 million loss initially recorded.
Excluding the non-cash remeasurement loss, the company noted that its net income would have declined by 6.6 percent due to higher interest expenses tied to acquisition loans and reduced interest income from capital redeployed into renewable energy projects.
Despite this, PERC saw strong commercial performance from its power segment. Electricity sales rose by 21 percent to ₱2.81 billion in 2024, bolstered by the commissioning of new renewable assets, including Phase 2 of the Nabas wind project in Aklan, the Dagohoy solar project in Bohol, and the San Jose solar plant in Nueva Ecija.
The increase in clean energy sales helped cushion a 16 percent decline in oil revenue, which dropped to ₱520 million from ₱623 million due to lower prices and production.
PERC is expanding its renewable energy portfolio with two new solar projects—25 MW in Pangasinan and 40 MW in Isabela—slated for commissioning in the fourth quarter. The company’s existing assets include geothermal, wind, and solar facilities across Batangas, Tarlac, and Aklan, positioning it for continued growth amid the Philippines’ clean energy push.
