Cebu-based listed company Vivant Corp. said Monday net income rose 23 percent in 2021 to P1.78 billion from P1.44 billion in 2020 on higher contribution from power generation and power distribution businesses.
Core net also climbed 25 percent in 2021 to P1.73 from P1.38 billion a year earlier.
“We’re proud of what we have accomplished amid the challenges brought by the pandemic. As we see businesses adapt to the changed landscape, we expect a demand for forward-looking, customizable solutions that will help them thrive in the new environment,” said Vivant chief executive Arlo. Sarmiento.
Power generation business continued to drive Vivant’s earnings performance, accounting for 69 percent of total income from business segments. Net income contribution reached P1.7 billion, up 11 percent from P1.53 billion on favorable spot market prices and the fresh contributions of newly-acquired generation companies in 2021.
The electricity distribution business booked a net income contribution of P745.57 million, up 29 percent year-on-year from P579.02 million.