Cebu-based Vivant Corporation reported a net income of P1.60 billion in 2022, representing a 15 percent year-on-year decline.

The company also said it booked P53.59 million in non-recurring income, which was attributable to gains resulting from the remeasurement of foreign currency held and the fair value of some of its investments.

“By adapting to the challenging business environment, we have been able to pursue our expansion plans in power with a particular focus on growing our RE portfolio as we continue to develop our water projects,” Vivant Corporation CEO Arlo A.G. Sarmiento said.

“All these align with our commitment to provide solutions that support economic development and improve everyday living in our communities,” he added.

Vivant said its power business unit continued to drive its financial performance — with the infrastructure business unit starting to post gains during the year.