Vivant reports 42% growth in core net income to P318M in 1Q 2025 with strong power generation and du business contributions

Financial and Operating Results for the quarter ended March 31, 2025 (with comparatives for 2024):

• Consolidated Core Net Income grew by 42 percent to P318 million; accounting for non-recurring income, net income attributable to equity holders of the parent recorded at P284 million, 26 percent higher than the level in 1Q 2024.
• Power generation net income contribution reached P277 million, representing 56 percent of total net income from the strategic business units as Vivant’s portfolio of assets delivered a total of 888 GWh to its customers.
• Net income contribution from 35 percent-owned distribution utility Visayan Electric Company increased by 4 percent to P281 million, consistent with the 4 percent growth in energy sales to 934 GWh compared with the same period in 2024.
• Vivant’s water arm, Vivant Hydrocore Holdings, Inc. signed a 25-year Joint Venture Agreement with Metropolitan Cebu Water District to supply Metro Cebu with up to 20,000 cubic meters per day of treated and potable water.
• Vivant Corporation (Vivant or “the Company”) (PSE: VVT) reported Consolidated Core Net Income of P318 million in 1Q 2025, recording a significant 42 percent increase from the prior year.

Considering non-recurring income which includes a one-time customer refund by the Company’s DU due to unutilized regulatory-related costs and an adjustment in its distribution wheeling service charges, net income attributable to equity holders of the parent company stood at P284 million, 26 percent higher than the level in 1Q 2024.

“The first quarter of 2025 saw healthy growth in our bottom line driven by the strong performance of our power generation and electricity distribution businesses,” said Arlo G. Sarmiento, Vivant Corporation CEO.

“Furthermore, we are proud that earlier this year, our energy and water subsidiaries, namely Calamian Island Power Corporation (CIPC) and VHHI, signed new long-term agreements with their respective partners, affirming our commitment to delivering impactful projects that improve everyday living.” 

Vivant’s energy business contributed a total of P505 million to the Company’s income. The distribution business was the biggest contributor with P281 million accounting for 56 percent of the total energy business contribution. 

Power generation followed, contributing P277 million. The retail energy segment had a loss contribution of P54 million as the increase in solar rooftop revenues was offset by the retail electricity supply business due to the expiry of some of its customer contracts.

Power generation net income contribution grew by 94 percent, driven by the participation of four Vivant conventional plants in the Reserve Market. Volumes nominated through the RM reached 346 GWh, over five times higher than the same period in 2024. Among them, 1590 Energy Corporation (1590 EC) recorded the largest jump in volume nominations with a 508 percent increase year-on-year (YOY).

Meanwhile, net income contribution from VECO increased by 4 percent as energy sales reached 934 GWh, also four percent higher. Residential sales led the growth with an eight percent increase YOY, driven by warmer temperatures during the quarter. Commercial and industrial volumes followed, growing by three percent and two percent, respectively.

Vivant’s water business, which is still in its investment phase, had a loss contribution of P9 million during the period.

Consolidated revenues reached P2.4 billion, 24 percent higher than the P1.9 billion recorded in 1Q 2024, primarily due to the combined effect of higher sales volumes from certain power generation assets and solar rooftop businesses, offset by lower sales from RES and engineering services.

Operating expenses increased by 19 percent to P355 million largely driven by increased headcount and higher professional fees brought about by business expansion initiatives, and higher depreciation and amortization costs due to asset acquisitions in the latter part of 2024.

Vivant’s consolidated assets stood at P32.8 billion while total equity attributable to parent was at P20.3 billion. Total consolidated interest-bearing notes amounted to P7.3 billion.

Vivant’s current ratio as of the end of March 2025 stood at 1.80x versus 2.40x at year-end 2024, while debt-to-equity ratio was at 0.50x compared with 0.49x at year-end 2024.

The Company recently achieved milestones on its pipeline of new projects under the energy and water SBUs.

In March, CIPC signed a 15-year power supply agreement (PSA) with Busuanga Island Electric Cooperative (BISELCO) for an additional 24 MW supply, signaling the start of the expansion project to increase the plant’s capacity to 33.8 MW, in order to address the energy needs in Palawan.

In April, VHHI signed a 25-year JVA with MCWD, solidifying their partnership that will augment the bulk water supply of Metro Cebu with up to 20,000 cubic meters per day of treated and potable water. Testing and commissioning of the first utility-scale seawater desalination facility in the country is underway.

“Apart from these two projects, Vivant continues to look for opportunities to invest in the energy and water value chains. We expect marked progress in our renewable energy initiatives within the year as we move closer to our goal of achieving 30% RE by 2030 (30 by 30),” Sarmiento added.

“Additionally, we intend to expand our wastewater treatment capabilities while we look forward to the success of the company’s first seawater desalination facility.”

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Editor’s Note: This article was provided by Vivant Corporation.