EconomyEditor's PickPetroEnergy income up nearly 25% on strong energy sales

November 15, 2022

PETROENERGY Resources Corp. reported a third-quarter net income of P111.03 million, up by 24.7% from the P89.01 million recorded a year ago, on strong energy sales from its renewable energy units.

In its regulatory filing, PetroEnergy recorded revenues of P649.92 million for three months to September, 8.9% higher than the P596.93 million logged in the same period last year. Its gross expense increased by 10.4% to P467.39 million from P423.27 million.

For the nine-month period, its net income increased by 44.1% to P466.22 million from the P323.46 million recorded in the corresponding period last year.

From January to September, the energy firm saw its revenues rise by 9.2% to P2.01 billion from P1.83 billion. PetroEnergy said its revenues were lifted by energy sales from its renewable energy unit PetroGreen Energy Corp.

Energy sales came from the 32-megawatts (MW) Maibarara geothermal project of Maibarara Geothermal, Inc.; the 70-MW Tarlac solar project of PetroSolar Corp.; and the 36-MW Nabas-1 wind project of PetroWind Energy, Inc.

Meanwhile, PetroEnergy said oil revenues from its minority stake in the Etame oil concession in offshore Gabon, West Africa provided the balance of steady earnings for the company.

It said revenues were lifted by higher global crude oil prices and higher offtake rates for PetroSolar’s Tarlac-2 solar power plant.

Last month, PetroEnergy announced that Kyuden International Corp. (KIC) has completed the initial closing requirements for its acquisition of a 25% stake in PetroGreen.

KIC, a subsidiary of Japan’s Kyushu Electric Power Co., Inc., is the overseas investment arm of Kyushu Electric, the power provider and distributor in Kyushu Island in Japan. — Ashley Erika O. Jose

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