Vivant FY23 profit: P2.3-B (up 43%)

Vivant Corporation [VVT 14.32 unch; 0% avgVol] [link] teased an FY23 net income of P2.3 billion, up 43%, boosted by the recognition of P366 million in a one-time, non-core “management and technical contract”. Leaving the non-core income aside, VVT’s core net income was P1.9 billion (up 24%) carried by the performance of the company’s energy business unit thanks to what it called “spurred economic activities in both the main and island grids”. VVT attributed the increased consumption on the island grids to the “continued recovery in tourism”.

MB BOTTOM-LINE: I have a soft spot in my heart for VVT, which makes this stock’s illiquid trading history all the more frustrating to me. They have a decent base of installed capacity and a nice niche (island grid) that is tied to a government priority (tourism) that they’re really leaning into. But that stock. Ugh. It’s only traded around P100k worth of stock so far this year. That’s less than P2,000 per trading day.