Vivant 2023 income 43% higher at P2.6B

CEBU-BASED power firm Vivant Corp. said Friday that its net income last year rose 43 percent to P2.3 billion, largely due to the robust performance of the energy business.

In a disclosure, the company said that it also recognized P366.4 million in noncore income, which mainly stemmed from onetime management and technical contracts, realized gain from a share acquisition made by a subsidiary and fair value recognition of some of its investments.

“Netting out the oneoff items, Vivant’s core net income for the year closed at P1.9 billion, 24 percent higher than the previous year’s P1.5 billion,” the company said.

Vivant said its energy strategic business unit contributed P3.1 billion to total income, up 36 percent year on year, as “all business segments shored up the unit’s performance, which rode on the spurred economic activities in both the main and island grids.”

The power generation segment under the unit added P1.9 billion to total income, up from the previous year’s P1.5 billion, as both on-grid and off-grid segments recorded earnings growth of 26 percent and 105 percent, respectively.

Vivant said the unit’s electricity distribution business also rebounded last year with an income contribution of P1 billion, up 33 percent, on the back of a 12-percent surge in electricity sales as both residential and nonresidential segments posted healthy consumption growth.

The unit’s retail group posted a net income of P72.4 million, up 37 percent year on year, as the retail electricity and solar rooftop businesses drove earnings, with robust growth in energy delivered and increased customer base.

Meanwhile, its water unit “recorded a negative income contribution of P15.6 million against the previous year’s profit share of P6.3 million,” due to higher incurred costs and operating expenses of the water solutions and water supply segments, which offset the improved performance of the waste water business.

“Vivant Corporation remains bullish in sustaining our growth in the power generation and electricity distribution sector as well as in the water infrastructure segment,” company Chief Executive Officer Arlo Sarmiento said.

“We will continue to play a pivotal role in transitioning to more renewable energy sources and work toward a more sustainable and environmentally friendly future,” he added.

Vivant shares last traded at P14.32 each on April 3.