Cebu-based Vivant Corporation registered a total consolidated net income attributable to parent of Php1.78 billion in 2021, up 23% from Php1.44 billion in 2020.
In its disclosure to the Philippine Stock Exchange on Monday, Vivant said its power generation business contributed largely to the company’s increased profits, accounting for 69% of the firm’s total net income. The generation business’ profit specifically went up by 11% to Php1.70 billion from Php1.53 billion in 2020.
The increase was attributed to “favorable sport market prices and fresh contribution of new acquired generation companies in 2021.”
Vivant’s power distribution business recorded a Php745.57 million profit, 29% more than 2020’s Php579.02 million due to reductions in system loss, lower debt service, tax payment, and provisions for doubtful accounts.
Its retail electricity business, meanwhile, contributed Php64.4 million, over 16 times more than the Php3.93 million recorded previously. The company said this resulted from an improved customer base and improved revenues from a subsidiary’s engineering solutions, among others.
Vivant recently witnessed a change of leadership with Emil Andre Garcia taking over as President and Arlo Sarmiento as CEO. Both took over on February 7 from Ramontito Garcia, who previously held both posts.