PERC profit down on loan costs, oil dip

Yuchengco-led PetroEnergy Resources Corp. (PERC) reported a consolidated net income of P618.33 million in 2025, down from P881.41 million in 2024, as higher financing costs and weaker oil revenues weighed on earnings.

The company said Thursday that net income attributable to equity holders of the parent declined to P284.18 million. 

Interest expenses rose to P652.66 million, driven by borrowings tied to the company’s expanding renewable energy projects. 

The impact of higher costs was compounded by a 20.24 percent drop in oil revenues to P415.09 million from P520.43 million, due to lower crude prices and reduced production from its Gabon operations.

Despite the decline in profit, PERC’s total revenues grew 7.8 percent to P3.72 billion from P3.45 billion, supported by an 11.45 percent increase in electricity sales to P3.13 billion. 

The growth was driven by higher generation from newly completed and ramped-up renewable energy assets, including the 13.2-megawatt Nabas-2 wind project in Aklan and full-year contributions from solar plants in Bohol and Nueva Ecija. 

Initial output from the Limbauan solar expansion in Isabela also contributed to the increase.

Total assets rose to P25.71 billion from P23.36 billion, reflecting continued investments in its renewable energy portfolio.