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Manila Bulletin devider Business devider Vivant profits rise on gains of power business

Vivant profits rise on gains of power business

Published Mar 21, 2022 02:45 pm

Cebu-based investment holding firm Vivant Corporation reported a 25 percent hike in core net income to P1.73 billion last year from the P1.38 billion earned in 2020.

In a statement, the firm said it ended the year 2021 with a total consolidated attributable net income of P1.78 billion, an increase of 23 percent year-on-year from P1.44 billion.

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This comes as Vivant continues to provide adaptable solutions both in the energy and infrastructure sectors. Investments in power generation, electricity distribution and retail electricity comprise Vivant’s power business portfolio.

The power generation business continued to drive Vivant’s earnings performance, accounting for 69 percent of total income from business segments.

The business recorded an 11 percent year-on-year expansion in income contribution in 2021, from P1.53 billion to P1.70 billion due to the favorable spot market prices and the fresh contributions of newly acquired generation companies in 2021.

The electricity distribution business booked a net income contribution of P745.57 million, up 29 percent from P579.02 million in 2020.

Although electricity sales for the year only grew marginally, Vivant’s improved bottom line performance was driven by reduction in systems loss, reduced tax payments under the Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises, and effective management of doubtful accounts.

“We’re proud of what we have accomplished amid the challenges brought by the pandemic. As we see businesses adapt to the changed landscape, we expect a demand for forward-looking, customizable solutions that will help them thrive in the new environment,” said Vivant Corporation Chief Executive Arlo A.G. Sarmiento.

He added that, “We are also grateful to the government for laying out a policy that helps corporations survive the effects of the pandemic.” Vivant also reported a one-time gain of P44.96 millionn in 2021, mainly due to unrealized foreign exchange gains and its share in the fair value re-measurement of investment properties.

In the same year, the retail electricity group recorded a bottom line contribution of P64.40 mn, a significant improvement from previous year’s P3.93 million.

The increase in contribution resulted from an expansion in the wholly owned subsidiary COREnergy’s customer base, which now see the importance of energy engineering solutions in their operations.

Vivant saw its ventures into the water solutions sector take form in 2021 with the commissioning of a combined septage and sewage treatment plant in Puerto Princesa City in Palawan.

The plant, a private-public partnership project with the City Government of Palawan, will help rehabilitate the Puerto Princesa Bay.

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Arlo A.G. Sarmiento Vivant Corporation
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