Yuchengco-led PetroEnergy Resources Corporation (PERC) saw its consolidated net income fall to P577.12 million in the first nine months, down from P691.96 million a year earlier, as lower oil revenues from Gabon offset gains from its renewable energy business.

“Oil revenues dropped due to lower global crude oil prices, from an average of $81.60 per barrel in 2024 to $69.72 per barrel in 2025,” the company said in a report on Monday. 

Net income attributable to equity holders declined to P297.54 million from P404.09 million in 2024.

Meanwhile, consolidated electricity sales rose 11 percent to P2.33 billion as of the end of September, from P2.09 billion a year earlier, driven by PERC’s expansion in renewable energy. 

Key contributors included the 27 megawatt-direct current (MWDC) Dagohoy Solar Power Project in Bohol, which started commercial operations in July, and the 19.6 MWDC San Jose Solar Power Project in Nueva Ecija that went online in August. 

The 13.2 MW Nabas-2 wind power facility also began exporting power from all six Vestas turbines during commissioning tests in the same month.

PERC’s renewable energy unit, PetroGreen Energy Corp., is expected to add two more projects this year: the 27 MWDC Bugallon Solar in Pangasinan and the 40 MWDC Limbauan Solar in Isabela. 

These new facilities will bring total installed capacity to 266 MW by year-end and are expected to further boost RE revenues in 2026.