PetroEnergy net income surges 39%

YUCHENGCO-LED PetroEnergy Resources Corp. posted an attributable net income of P178.23 million in the second quarter, a 39.1% increase from P128.16 million a year ago.

In its financial report filed with the stock exchange, second-quarter revenues stood at P720.96 million, 13.1% higher compared with P637.62 million in the same period last year.

In the first semester, the company’s attributable net profit increased by 51.5% to P355.19 million from P234.45 million. Revenues stood at P1.37 billion, up 11.4% from P1.23 billion last year.

In a media release, the company attributed its “robust financial performance” in the first half largely to the rise in global crude oil prices and higher offtake sales for PetroSolar Corp.’s Tarlac-2 solar power plant.

It said crude oil prices in the international market averaged at $111.26 per barrel from $64.63 per barrel previously.

PetroEnergy said that it derived the bulk of its revenues from electricity sales of the renewable energy (RE) power plants by operating units of its RE holding firm PetroGreen Energy Corp.

The company said its income drivers included the 32-megawatt (MW) Maibarara geothermal project by Maibarara Geothermal, Inc., the 70-MW Tarlac solar project by PetroSolar, and the 36-MW Nabas-1 wind project by PetroWind Energy, Inc.

Oil revenues from its minority stake in the Etame oil concession in offshore Gabon, West Africa also provided the balance of steady revenues for the company.

In July, PetroEnergy declared a 5% cash dividend or P0.05 per share to all its stockholders of record as of Aug. 15.

On Monday, shares in the company jumped by 4.04% or P0.20 to finish at P5.15 apiece on the stock exchange.