Vivant’s net profit rose 43% to P2.3b in 2023, led by energy unit’s expansion

By Alena Mae S. Flores – April 7, 2024, 8:30 pm
from manilastandard.net

Cebu-based energy and water company Vivant Corp. said over the weekend it posted a 43-percent increase in its 2023 net income to P2.3 billion, driven by its energy unit.

“2023 was another banner year for us at Vivant and we could have not achieved this without the support of our shareholders, customers and our employees,” Vivant chief executive Arlo Sarmiento said in a statement.

“We take pride in helping the nation move forward by supplying reliable, consistent and steady supply of electricity and more recently, offer alternative solutions to address the water security concerns through our foray in the water infrastructure sector,” Sarmiento said.

Vivant Energy Corp., the company’s strategic business unit (SBU), had an income contribution of P3.1 billion, up 36 percent from the previous year.

The power generation business segment ended the year with a total income contribution of P1.9 billion, up from P1.5 billion year-on-year on strong results from both the on-grid and off-grid business segments.

“Vivant remains bullish in sustaining our growth in the power generation and electricity distribution sector as well as in the water infrastructure segment. We will continue to play a pivotal role in transitioning to more renewable energy sources and work towards a more sustainable and environmentally friendly future,” Sarmiento said.

Vivant Energy expanded its off-grid portfolio last year by consolidating ownership in facilities in Puerto Princesa, Palawan (Delta P Inc.), Coron and Busuanga, Palawan (Calamian Islands Power Corp.) and Bantayan Island, Cebu (Isla Norte Power Corp).

The company’s acquisition resulted in an expanded investment in the Small Power Utilities Group (SPUG) or off-grid areas to 63 megawatts from 35 MW, nearly doubling Vivant Energy’s attributable installed capacity in the segment.

Vivant said 2023 also showed great progress in the energy SBU’s renewable energy target through the acquisition of a solar facility in Bulacan (San Ildefonso Alternative Energy Corp.) and the signing of a joint venture agreement with Vena Energy and Aboitiz Renewables Inc. for the construction of a wind farm in Samar, Leyte.

It said the completion of these projects would increase Vivant Energy’s attributable capacity by 22 MW in 2024 and 62 MW in 2025.