Yuchengo-led PetroEnergy Resources Corp. (PERC) booked P646 million in net income last year, up 21 percent from P543 million posted in 2019, buoyed by the full-year operations of its solar power plant in Tarlac.
PERC’s 20MW Tarlac-2 solar power plant started commercial operation in 2019.
This and the FIT-rate adjustments helped offset lower oil revenues from the company’s Gabon oil ventures due to lower average crude oil price of $ 49.72/bbl in 2020 compared with $ 64.94/bbl in 2019.
PERC is engaged in petroleum production through the Etame consortium in Gabon, West Africa and inrenewable energy (RE) in the Philippines through its subsidiary PetroGreen Energy Corp. (PGEC) that owns and runs RE power stations utilizing geothermal, wind, and solar energy.
In the Philippines, it also operates the 20-MW Maibarara-1 and 12-MW Maibarara-2 geothermal power plants in Batangas, the 36-MW Nabas wind power plant in Aklan, and the 50-MW Tarlac-1 solar power plant in Tarlac.
“Due to this overall revenue and income growth, PERC maintained a healthy consolidated financial position in 2020,” it added.
Cash and cash equivalents increased by nearly P200 million to P1.2 billion, total assets remained stable atP13.4 billion while liabilities declined 9 percent to P5.6 billion due to timely settlement of maturing loan obligations.
Total equity rose 8 percent to P7.8 billion while equity attributed to parent company rose to P5.3 billion from2019’s P4.9 billion.
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