CEBU-BASED Vivant Corp. on Monday reported a 23% increase consolidated net income attributable to the parent firm to P1.78 billion in 2021 driven by its power generation segment.
Excluding a one-time gain, the listed firm with interest in the energy sector posted a 25% increase in its core income to P1.73 billion, it said in a media release.
“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 Chief Executive Officer Arlo Angelo G. Sarmiento said.
Mr. Sarmiento added that government policies during the pandemic helped the company to survive.
Vivant recorded a one-time gain of P44.96 million in 2021 on the back of unrealized foreign exchange gains and its share in the fair value re-measurement of investment properties.
The company’s power generation business was the major driver of its earnings with a 69% share in the company’s total income from its business segments after its contribution increased 11% to P1.70 billion.
“The favorable spot market prices and the fresh contributions of newly acquired generation companies in 2021 led to the enhanced profit performance of the group,” the company said.
Meanwhile, its electricity distribution business contributed P745.57 million, 29% higher than its P579.02 million share 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,” the company said.
The retail electricity group’s share also soared to P64.40 million last year from the P3.93 million in 2020.
The firm said the increase in contribution was due to the expansion in the customer base of wholly owned subsidiary Corenergy, Inc., which now realized the importance of energy engineering solutions in its operations.
Vivant earlier invested in water solutions and saw 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,” it said.
Vivant shares at the stock exchange on Monday were unchanged at P14.02 apiece. — Marielle C. Lucenio