Cebu-based Vivant Corp. chalked up a net income of P1.6 billion in 2022, down 15 percent year-on-year on lower contribution from its power business, the company said Friday.
Vivant said in a stock exchange filing the income contribution of the power business segment reached P2.25 billion in 2022, down 13 percent year-on-year.
It said despite the decline, the power generation and electricity distribution comprised the bulk of the profits for the year, accounting for 64 percent and 33 percent of the total, respectively.
The power generation business reported net income contribution of P1.45 billion in 2022, down 16 percent from a year ago while electricity distribution business generated P755.32 million in earnings in 2022, also lower by 7 percent than previous year’s income level.
Meanwhile, the solar business booked P53 million in net income in 2022, down 18 percent year-on-year while retail electricity supply companies posted a 29-percent decline in earnings to P48.73 million.
The solar rooftop business reported earnings contribution of P4.23 million in 2022.
Vivant acquired a solar power plant with a target capacity of 22 megawatt in 2022. Its ancillary facilities in San Ildefonso, Bulacan contributed to the company’s plans to grow its RE portfolio.
“By adapting to the challenging business environment, we have been able to pursue our expansion plans in power with particular focus on growing our RE portfolio as we continue to develop our water projects. All these are aligned to our commitment to provide solutions that support economic development and improve everyday living in our communities,” Vivant chief executive Arlo Sarmiento said.
Vivant’s infrastructure unit delivered P6.26-million net income in 2022, a reversal from previous year’s losses. This was largely due to fresh income contribution from its waste water treatment facility in Puerto Princesa and gains from foreign currency held by a subsidiary.