Holdings company Vivant Corporation ended the fiscal year 2022 with a net income of P1.60 billion, recording a 15 percent decline year-on-year.
The company recognized P53.59 million in non-recurring income, which mainly stemmed from gains resulting from the remeasurement of foreign currency held and the fair value of some of its investments.
Vivant has investments in various segments of the power value chain and a growing interest in infrastructure development. Through its equity interests in subsidiaries and associates in the energy sector, Vivant provides services in all three major island groups in the country with particular focus on SPUG (Small Power Utilities Group) areas.
Netting out the one-off items, Vivant’s core net income for the year closed at P1.54 billion, 15 percent lower than previous year’s P1.80 billion.
The power business unit continued to drive the financial performance of the company, with the infrastructure business unit starting to post gains during the year.
In 2022, the total income contribution of the power business segment was lower by 13 percent at P2.25 billion. Power generation and electricity distribution comprised the bulk of the profits for the year accounting for 64 percent and 33 percent of total, respectively.
The power generation business ended 2022 with total income contribution of P1.45 billion versus previous year’s P1.72 billion. The 16 percent decline is attributable to the diesel group, particularly the On Grid assets, which recorded an 80 percent drop in contribution at P131.73 million.
Lower revenues from ancillary services and spot market sales brought down the group’s performance for the year. A subsidiary incurred one off expenses related to the purchase of its plant assets in April 2022.
The Off Grid assets showed a strong recovery in earnings as it recorded a 273 percent expansion in income, from P16.62 million in 2021 to P61.91 million in 2022. Operations of all island utilities showed significant expansion in energy sales. – Reuters
