Cebu-based energy and water solutions provider Vivant Corporation has announced a record-breaking Consolidated Core Net Income (CCNI) of PHP 2.3 billion for 2024, marking a 20% increase from the previous year. The company released these figures in a report filed with the Securities and Exchange Commission on March 21.
The strong performance was driven largely by its energy business, with power generation contributing PHP 2.2 billion, or 64% of the total net income from its strategic business units. This growth was fueled by Vivant’s portfolio of power plants, which delivered 4,965 gigawatt-hours (GWh) of energy to customers in 2024. Participation in the Reserve Market and Wholesale Electricity Spot Market also boosted results.
Vivant’s 35%-owned distribution utility, Visayan Electric Company (VECO), saw its net income contribution rise by 22% to PHP 1.2 billion, supported by an 11% increase in energy sales totaling 3,933 GWh.
Meanwhile, the retail electricity supply business added PHP 22.3 million to the tally. The company’s water business, still in its investment phase, achieved a milestone with the Philippines’ first utility-scale seawater desalination plant producing its initial water in May 2024, though it is not yet a major income driver.
“The year 2024 was a record year for Vivant Corporation, led by its energy business which saw double digit growth in earnings,” said Arlo G. Sarmiento, Vivant Corporation CEO. “Meanwhile, our business development teams in both energy and water continued to lay the groundwork for the company’s future growth.”
Total revenues for 2024 hit PHP 12.2 billion, a 48% jump from the previous year, thanks to higher sales volumes from power generation, retail electricity, and solar rooftop businesses. Operating expenses rose 59% due to increased staffing, consultancy services for digital transformation, and depreciation from new assets, but company’s financial health remained solid, with consolidated assets at PHP 32.0 billion, equity attributable to the parent at PHP 20.1 billion, and a debt-to-equity ratio improving to 0.49x from 0.53x.
Looking ahead, Vivant is focusing on a mix of conventional and renewable energy projects, alongside water initiatives like desalination and wastewater treatment. “Beyond 2024, we have established a pipeline of projects which will enable us to continue improving the lives of our fellow Filipinos,” Sarmiento added.
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