Vivant posts record P2.3 billion core net income in 2024

CEBU, Philippines — Cebu-based Vivant Corporation reported a 20 percent increase in Consolidated Core Net Income (CCNI) for 2024, reaching P2.3 billion, fueled by robust power generation and distribution business growth.

Net Income Attributable to Equity Holders of the Parent Company stood at P2.4 billion, reflecting a 3 percent year-on-year increase, including non-recurring income from fair value recognition of investments, insurance proceeds, one-time service fees, and the reversal of the prior year’s accrued charges.

Vivant CEO Arlo G. Sarmiento reported that the company’s power generation business continued to be its growth driver, contributing P2.2 billion or 64 percent of total net income from its strategic business units (SBUs).

The positive performance was driven by increased participation in the Reserve Market (RM) and the Wholesale Electricity Spot Market (WESM), delivering 4,965 GWh to its customers in 2024.

Meanwhile, the 35 percent owned distribution utility (DU) Visayan Electric Company (VECO) contributed P1.2 billion, a 22 percent jump from the previous year, as energy sales climbed 11 percent to 3,933 GWh.

Vivant’s water division achieved a significant milestone in 2024 with the successful delivery of first water from the Philippines’ first utility-scale seawater desalination plant in May. The ongoing testing and commissioning of the facility’s four skids, each capable of producing 5 million liters per day (MLD), mark a critical step toward commercial operations.

Consolidated revenues soared by 48 percent to P12.2 billion in 2024, driven by higher sales volumes from power generation assets, retail electricity supply (RES), and the solar rooftop business.

However, operating expenses also surged by 59 percent to P1.6 billion due to manpower expansion, consultancy services for digital transformation initiatives, and higher depreciation from recent asset acquisitions.

The publicly-listed company reported total assets of P32.0 billion, with P20.1 billion belonging to the parent company. It had P6.8 billion in interest-bearing loans. The company’s current ratio improved to 2.40x from 1.76x in 2023, and its debt-to-equity ratio improved to 0.49x from 0.53x.

Sarmiento emphasized the company’s commitment to sustainable growth beyond 2024, highlighting a balanced portfolio of conventional and renewable energy (RE) projects to ensure reliable and sustainable power.

He also reiterated Vivant’s focus on expanding its investments across the water value chain, particularly in desalination and wastewater treatment, to address the evolving needs of the communities it serves.

“The year 2024 was a record year for Vivant Corporation, led by our energy business, which saw double-digit growth in earnings. Our business development teams in Energy and Water have also laid a strong foundation for future growth,” said Sarmiento.