Cebu-based energy and water solutions provider Vivant Corporation reported a 42% rise in consolidated core net income (CCNI) to PHP 318 million in the first quarter of 2025, driven by strong performance from its power generation assets and its minority stake in Visayan Electric Company (VECO).
The company’s net income attributable to equity holders reached PHP 284 million, up 26% year-on-year. This figure reflects adjustments for non-recurring items, including a customer refund related to unused regulatory cost allowances and recalibrated wheeling charges by its distribution utility.
“Our strong performance in both power generation and electricity distribution reflects Vivant’s focus on delivering reliable and efficient services,” said CEO Arlo G. Sarmiento. “We also made progress on long-term projects in both the energy and water sectors, further advancing our commitment to improving daily life for Filipinos.”
Vivant’s energy business contributed PHP 505 million in total income. The distribution segment, primarily from its 35% stake in VECO, accounted for the largest share with PHP 281 million, reflecting a 4% year-on-year increase. This growth was in line with a 4% uptick in energy sales, reaching 934 GWh.
Residential demand drove the increase, posting an 8% rise due to higher temperatures. Commercial and industrial volumes grew by 3% and 2%, respectively.
Power generation income rose sharply to PHP 277 million, marking a 94% increase. This was largely attributed to four of the company’s thermal power plants participating in the Reserve Market (RM), with nominated capacity reaching 346 GWh—over five times higher than in the same quarter last year.
1590 Energy Corporation recorded the largest RM volume surge, up 508% year-on-year, reflecting Vivant’s ability to respond to grid support opportunities.
Meanwhile, the retail electricity supply (RES) business posted a PHP 54 million loss, as solar rooftop revenue gains were offset by the expiration of several RES contracts.
Vivant’s water segment, still in its early investment phase, recorded a net loss of PHP 9 million.
In April, the company’s water subsidiary, Vivant Hydrocore Holdings, Inc. (VHHI), signed a 25-year joint venture agreement with Metropolitan Cebu Water District (MCWD) to provide up to 20,000 cubic meters of treated water daily to Metro Cebu. This project includes the country’s first large-scale seawater desalination facility, which is now undergoing testing and commissioning.
In March, Vivant also signed a 15-year power supply agreement through Calamian Islands Power Corporation (CIPC) to provide an additional 24 MW to Busuanga Island Electric Cooperative (BISELCO). This expansion will raise CIPC’s capacity to 33.8 MW to meet rising demand in Palawan.
Revenues rose 24% to PHP 2.4 billion, lifted by increased output from its generation and solar rooftop businesses. These gains were partially offset by lower revenues from RES operations and engineering services.
Operating expenses rose 19% to PHP 355 million, driven by business expansion, higher staffing costs, professional fees, and depreciation linked to late-2024 acquisitions.
As of March 2025, total consolidated assets stood at PHP 32.8 billion, with equity attributable to the parent company at PHP 20.3 billion. Interest-bearing debt totaled PHP 7.3 billion.
The company’s current ratio declined to 1.80x from 2.40x at year-end 2024, while the debt-to-equity ratio edged up slightly to 0.50x from 0.49x.
Looking ahead, Vivant reiterated its target to reach 30% renewable energy in its portfolio by 2030 and plans to grow its wastewater treatment capabilities alongside its desalination initiatives.
“We continue to pursue strategic projects across the energy and water value chains,” said Sarmiento. “Our 30-by-30 goal is on track, and we remain focused on infrastructure that supports sustainable and inclusive growth.”
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