Basic Energy Suffers 2024 Profit Drop, Advances 43MW Solar Project in Negros Occidental

Basic Energy Corporation (BEC) reported a sharp decline in financial performance for 2024, with both revenue and profit falling significantly amid volatile fuel prices and ongoing market pressures. Audited financial statements released Monday showed sales dropping to PHP 47.96 billion from PHP 64.07 billion in 2023, while net profit fell to PHP 28.6 million from PHP 99.6 million.

Despite financial challenges, BEC is pressing ahead with its renewable energy transition. In March, the Department of Energy granted a Certificate of Authority for BEC’s 43-megawatt Cadiz 1 Solar Power Project in Negros Occidental. The 30-hectare facility will be a key addition to BEC’s clean energy portfolio, contributing to its target of 500MW of solar and 500MW of wind capacity by 2030.

The company’s financial report highlighted PHP 16.33 billion in customer receivables, with some accounts overdue by up to 240 days. Total liabilities reached PHP 25.95 billion, including PHP 16.14 billion in loans with interest rates ranging from 6% to 7%. BEC also posted a net loss of PHP 41.8 million, widening its accumulated deficit to PHP 551.55 million from PHP 502.42 million in the previous year.

Nevertheless, BEC maintains confidence in its liquidity position, holding PHP 20.19 billion in cash and liquid assets, which the company says will support financial obligations and enable continued investments in renewable energy.

While fuel trading and storage operations — managed by subsidiaries like Filoil Energy Co. Inc. and Filoil Logistics Corporation — remain central to BEC’s business, its pivot toward clean energy is gaining momentum. Alongside the Cadiz project, BEC is preparing a 62MW solar farm in Mariveles, Bataan.

As the Philippines accelerates its renewable energy push, BEC’s clean energy strategy is positioning the company for long-term, sustainable growth.