PETROENERGY Resources Corp.’s net income attributed to equity holders soared by 115% to P89 million in the third quarter of 2021 from P41 million in the same quarter last year.

The profit rise brings the company’s nine-month attributable income to P323 million, up 60% from P203 million in the same quarters a year ago.

In a news release on Monday, PetroEnergy said the significant increase in its income was brought about by the higher global prices of crude oil to $72.86 per barrel from $43.22, and higher electricity sales from its solar and wind power plants in Tarlac City and in Nabas, Aklan respectively.

PetroEnergy’s consolidated net income for the third quarter also improved by 38% to P158 million from P115 million in the same period last year.

This brought its consolidated net income for the three quarters ending September to P544 million, which is 30% higher than year ago’s P417 million.

PetroEnergy is part of the Yuchengco Group of Companies and is engaged in renewable energy development in the Philippines and in petroleum exploration and production in Gabon, West Africa.

PetroEnergy shares at the local bourse shed 1.14% or five centavos to finish at P4.35 apiece on Monday. — Bianca Angelica D. Añago