VIVANT INCOME DOWN 33%; REVENUES UP AT P4.32B

HOLDING company Vivant Corp. (VVT) announced that it ended the first nine months of 2022 with a net income of P1.05 billion, a 33-percent year-on-year decline from P1.56 billion, which was due to the adverse effects of Typhoon “Odette” and the challenging economic environment.

The slowdown in electricity sales in January and February, the assistance extended to its customers and the delayed recovery of generation charges all weighed down the company’s profit performance.

Current global trade conditions and inflation also resulted in higher costs for the company’s businesses, as the increase in fuel costs in 2022 also increased the cost of generation for its subsidiaries.

VVT’s total revenues stood at

P4.32 billion as of end-September 2022, an increase of 16 percent over P3.72 billion in the same period last year.

The increase was driven by fresh contributions from power generation plants in Bantayan, Cebu as well as the improved solar rooftop business of wholly-owned subsidiary COREnergy. VVT said that sales grew by 34 percent year on year to P3.1 billion from P2.3 billion in the same period in 2021.

The company also began deriving revenues from subsidiary Isla Norte, which operates a 23.3-megawatt power plant in Bantayan Island north of Cebu.

COREnergy also recorded an increase in sales because of an expanding customer base for its solar rooftop business, higher revenues from retail electricity and improved earnings from its engineering solutions business.

“Although we continue to face industry wide external challenges, our third-quarter results have shown that we are resilient and agile within a changing environment,” said Arlo A.G. Sarmiento, Vivant Corp. chief executive officer.