Vivant’s income up 3% to P2.4B in 2024

LISTED company Vivant Corp. reported an attributable net income of P2.4 billion for 2024, up 3% from the previous year, driven by growth in its energy business.

“The year 2024 was a record year for Vivant Corp., led by its energy business, which saw double-digit growth in earnings,” Vivant Chief Executive Officer Arlo G. Sarmiento said in a media release on Monday.

“Meanwhile, our business development teams in both energy and water continued to lay the groundwork for the company’s future growth,” he added.

Consolidated core net income rose 20% to P2.3 billion from P1.9 billion in the previous year.

Power generation accounted for the bulk of net income, contributing 64% or P2.2 billion. Earnings from this segment grew 15%, driven by the participation of the company’s power plants in the reserve market and the Wholesale Electricity Spot Market.

Last year, Vivant delivered a total of 4,965 gigawatt-hours of energy to its power generation customers.

The company’s distribution utility business contributed P1.2 billion, while retail electricity accounted for P22.3 million. 

Vivant said its water business is “still in its investment phase and is expected to meaningfully contribute in the medium term.” 

Consolidated revenues surged 48% to P12.2 billion, driven by higher sales volumes from certain power generation assets, retail electricity supply, and solar rooftop businesses.

Operating expenses climbed 59% to P1.6 billion, primarily due to increased manpower, consultancy service engagements for digital transformation and business expansion initiatives, and higher depreciation from asset acquisitions. 

Mr. Sarmiento said Vivant has established a pipeline of projects, including plans for “a more balanced portfolio of conventional and renewable energy projects.” 

“In water, we have earmarked investments across the water value chain, centered on desalination and wastewater treatment to address the needs of the communities we serve,” he said.

Vivant Water, the company’s water infrastructure unit, is developing a P2-billion desalination plant in Cordova, Cebu, which is expected to produce up to 20 million liters per day of potable water upon completion this year.

For 2025, the company has allocated a P4.5-billion capital expenditure budget, primarily for renewable energy projects such as solar and wind power developments. It plans to roll out solar power projects with a total capacity of 115 megawatts (MW) and develop a 200-MW wind power project in Samar. 

Vivant has investments in various companies engaged in electric power generation and distribution, as well as the retail electricity business. The company has also expanded into the water industry, with a diversified portfolio in bulk water supply, wastewater treatment, and water distribution. — Sheldeen Joy Talavera