PetroEnergy Resources’ earnings down 26% in 9M

Blame it on expansion costs and lower oil prices.

The Philippines’ PetroEnergy Resources Corporation has reported a net income attributable to equity holders of $5.06m (PHP 297.54m) in the first nine months (9M) of 2025, down from $6.87m (PHP 404.09m) in 2024.

The company reported lower net income despite an 11% increase in consolidated electricity sales to $39.61m (PHP 2.33b), reflecting consistent growth in renewable energy. Earnings were hit by the decline in the Gabon oil revenues, which reached $9.81m (PHP 577.12m) from $11.76m (PHP 691.96m) the previous year.

Higher power sales and higher financing expenses, on the other hand, came largely from the 27 MWDC Dagohoy Solar Power Project in Bohol which started commercial operations in July 2025, the 19.6 MWDC San Jose Solar Power Project in Nueva Ecija that went on-line to the grid in August 2025, and the 13.2 MW Nabas-2 wind power facility which started exporting power from all six Vestas wind turbine-generators in August 2025 as part of ongoing commissioning tests.

Renewable energy unit PetroGreen Energy Corporation is expected to put two new power projects on-line to the grid this year – the 27 MWDC Bugallon solar in Pangasinan and the 40 MWDC Limbauan solar project in Isabela.

This will bring PetroEnergy Resources’s total installed capacity by end-2025 to 266 MW, and will also contribute to further renewable energy revenue growth in 2026 when the full-year financial impact of the new solar facilities will be felt.

PHP1 = $0.017