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Petro Energy Resources Corp. (PERC) recorded a consolidated net income last year of P944 million, up 9 percent from P863 million in 2022.
In a disclosure to the Philippine Stock Exchange yesterday, the company said its consolidated assets last year jumped 30 percent to P21.9 billion from P16.8 billion in 2022.
PERC attributed the improved financial performance to the acquisition of additional stakes in its existing renewable energy (RE) portfolio as well as due to sustained and well-managed power plant operations. The RE portfolio tempered the impact of the impairment loss recognized on account of the decline in the valuation of PERC’s minority interest in its oil assets in Gabon, West Africa, among others.
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