AlwaysFree: PetroEnergy’s 2022 Consolidated Net Income Up By 30%

According to the company’s website news release on April 3, 2023, Yuchengco-led PetroEnergy Resources Corporation (PERC) recorded a 30% increase in its 2022 consolidated net income to PhP 863 MM from PhP 665 MM in 2021.

PERC is engaged in petroleum production through the Etame consortium in Gabon, West Africa and in renewable energy (RE) in the Philippines through its holding firm PetroGreen Energy Corporation (PGEC), that owns and runs RE power stations utilizing geothermal, wind, and solar energy.

Oil revenues rose 57% to PhP 726 MM in 2022 from PhP 461 MM in 2021 driven by significant increase in global crude prices during the period, from an average of $69.90/bbl to $106.27/bbl. Electricity sales in 2022 declined 11% from previous year due largely to the one-month preventive maintenance shutdown of the 20MW Maibarara-1 and the 12 MW Maibarara-2 power plants in February, 2022.  But this was offset by the hefty returns from the Gabon petroleum operations, leading to a 69% surge in net income attributable to PERC’s equity holders from PhP 325 MM in 2021 to PhP 549 MM in 2022.

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