YUCHENGCO-LED PetroEnergy Resources Corp. said on Thursday that its attributable net income to the parent firm rose 9% to P319 million in 2020 on the back of higher revenues from its solar plant in Tarlac.
“[PetroEnergy’s] strong financial performance in 2020 was driven largely by the full-year operations of its 20 MW Tarlac-2 solar plant, the latter’s higher than forecasted revenues due to prolonged ‘summer’ in 2020, and FIT (feed-in tariff)-rate adjustments,” it said in a regulatory filing.
The operations of the solar plant have offset lower oil revenues from the company’s oil ventures in Gabon, West Africa as a result of a lower average crude oil price at $49.72 per barrel last year compared with 2019’s $64.94 a barrel.
PetroEnergy said it was able to maintain a “healthy consolidated financial position in 2020” because of its overall revenue and income growth.
In its disclosure, the firm said that its consolidated net income increased by 21% to P640 million in 2020. Meanwhile, its equity attributable to the parent for the year rose 8% to P5.3 billion.
PetroEnergy is engaged in petroleum production through the Etame consortium in Gabon, and in renewable energy in the Philippines through its unit PetroGreen Energy Corp.
PetroGreen’s subsidiaries and affiliates are: the 65%-owned Maibarara Geothermal, Inc., which owns the 20 MW Maibarara Geothermal Power Project (MGPP) in Santo Tomas, Batangas and its expansion, the 12 MW MGPP-2; the 40%-owned PetroWind Energy, Inc., which owns the 36-MW Nabas Wind Power Project in Nabas and Malay, Aklan; and the 56%-owned PetroSolar Corp., which owns the 50-MW-direct current Tarlac Solar Power Project.
Shares in PetroEnergy at the local bourse improved 2.50% or 10 centavos to finish at P4.10 apiece on Thursday. — Angelica Y. Yang