Vivant revenues up 16% to P43B
The company’s power sales grew by 34 percent year on year to P3.1 billion from P2.3 billion in the same period in 2021
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Daily TribuneThe company’s power sales grew by 34 percent year on year to P3.1 billion from P2.3 billion in the same period in 2021
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Despite a lower income due to the recent typhoons, Vivant Corp. saw a 16 percent year-on-year increase in its total revenues to P4.3 billion as of the end of September from last year's P3.7 billion. Vivant Corp., in a recent stock report, said the topline improvement was driven by the contribution from power generation plants in Bantayan, Cebu, and the boom of the solar rooftop business of its wholly owned subsidiary COREnergy.
Particularly, the company's power sales grew by 34 percent year on year to P3.1 billion from P2.3 billion in the same period in 2021.
According to Vivant, its subsidiary Isla Norte, which operates a 23.3-megawatt power plant to provide stable and reliable power to Bantayan Island in northern Cebu, contributed fresh income to the company.
Energy sales grow
Likewise, its subsidiary COREnergy reported an expansion in the volume of energy sales amid an improved customer base for its solar rooftop business, higher revenues from retail electricity, and improved earnings from its engineering solutions business.
Due to the typhoon aftermath, Vivant, however, noted that income contribution from its distribution business was significantly narrowed.
The slowdown in electricity sales in January and February, the assistance extended to its customers, and the delayed recovery of generation charges weighed down the utility's profit performance, which resulted in a 39-percent reduction in income contribution to Vivant.
"Although we continue to face industry-wide external challenges, our third quarter results have shown that we are resilient and agile within a changing environment," Vivant Corp. CEO Arlo A.G. Sarmiento said.
Despite headwinds, Sarmiento said Vivant Corp. continues to invest in energy generation and water solutions while implementing cost-efficiency measures to adapt to the prevailing economic environment.
It recently acquired the 225-megawatt Bauang Diesel Power Plant by 1590 Energy Corporation, a majority-owned subsidiary of Vivant Energy Corporation which is a wholly owned subsidiary of Vivant Corporation.
