PetroEnergy Resources Corp. (PERC) yesterday reported a 44-percent surge in its consolidated net income to $8.46 million in 2017 from $5.86 million in the previous year.
PERC attributed this to the higher electricity sales revenue posted by its renewable energy investments.
The group’s revenue from its petroleum operations also jumped by 22 percent in 2017 due to slightly higher oil prices.
“Our 2017 financial performance shows PERC’s growth-driven direction, credited mainly to the efficiency and reliability of our RE (renewable energy) power plant operations,” company president Milagros V. Reyes said in a statement.
Last year, the company’s net income attributed to equity holders reached $.379 million, more than double or 114 percent compared to $ 1.77 in 2016.
PERC’s was originally engaged petroleum exploration and production, having partnered in 1995 with American firm Vaalco Inc. to secure the Etame Offshore oil block in Gabon, West Africa.
Commercial crude started flowing in 2002 after oil was discovered in Etame in 1998.
It diversified into renewable energy development and operation from 2009 to 2010. It’s portfolio now includes interest in the 20-megawatt Maibarara geothermal power project in Batangas, 36-MW Nabas wind power project in Aklan, and a 50-MW Tarlac solar power project.