Vivant 2022 income down 15% to P1.6B

HOLDING firm Vivant Corp. on Friday reported a net income of P1.60 billion for 2022, 15 percent lower compared to the prior year.

The firm recognized P53.59 million in non-recurring income, which came from gains resulting from the re-measurement of foreign currency held and the fair value of some of its investments.

Excluding one-off items, Vivant’s core net income for the year closed at P1.54 billion for 2022, also 15 percent lower than the P1.80 billion in 2021.

Vivant’s power sector continued to drive the financial performance of the company but its income contribution was lower by 13 percent year on year at P2.25 billion.

The power generation business ended 2022 with a total income contribution of P1.45 billion, dropping by 16 percent. The decline was attributed to the diesel group, particularly on grid assets, which recorded an 80-percent year-on-year drop to P131.73 million.

Off-grid assets showed a strong recovery in earnings as it recorded a 273-percent jump to P61.91 million.

Investments in coal assets also generated profits of P1.13 billion in 2022, up by 53 percent.

Vivant’s retail electricity group posted income of P52.96 million, down by 18 percent year on year as retail electricity supply companies saw earnings decline by 29 percent to P48.73 million in net income. The solar rooftop business posted a positive contribution of P4.23 million.

As for the electricity distribution business, the company recorded P755.32 million in earnings, 7 percent lower than the previous year’s level. Electricity sales were weighed down by a disruption in operations during the first two months of the year.

Vivant’s infrastructure sector recorded a positive income share of P6.26 million for 2022, a reversal from 2021’s losses. Fresh contributions from a wastewater treatment facility in Puerto Princesa and gains from foreign currency held by a subsidiary accounted for the favorable results.