Vivant Corp. said Monday said its consolidated core net income (CCNI) grew 24 percent to P1.9 billion in the first nine months of 2025, led by strong results from its power generation and energy distribution operations.
The company reported that net income attributable to equity holders of the parent company also rose 12 percent year-on-year to P1.9 billion after accounting for non-recurring items such as a foreign exchange gain, insurance proceeds and a cost reimbursement of certain power subsidiaries.
Vivant chief executive Arlo Sarmiento said the company “continued to show strong results despite the slower than expected GDP growth” and noted the positive performance of the company’s power generation, energy distribution and wastewater treatment operations.
Sarmiento expressed bullishness for the remaining quarter of 2025, particularly following the recent acquisition of a minority stake in Samal Solar Renewable Energy Corp. (SSREC), which operates a 53.14-MW solar power plant in Bataan.
Vivant Energy acquired a 40-percent equity stake in SSREC in September 2025, effectively increasing Vivant’s total attributable operating generation capacity to 471 MW.
Vivant’s consolidated revenues stood largely flat at P8.9 billion. The decrease in revenues from the sale of power and equity in net earnings from joint ventures and associates was offset by the positive effect of the concession asset recognition and an increase in interest income. The sale of power accounted for 77 percent of total revenues.
The energy business contributed P2.5 billion to the company’s income. Power generation represented 63 percent of the total, contributing P1.7 billion.
This was a 12-percent growth in net income contribution, despite overall energy volumes sold seeing a 15 percent decline during the period.
The growth was driven by trading gains from the participation of certain plants in the Reserve Market (RM) and Wholesale Electricity Spot Market (WESM) and revenue from Ancillary Services Procurement Agreement (ASPA) contracts.
Net income contribution from the distribution utility (DU) business, Visayan Electric Co., was P879 million, slightly up from P871 million the prior year, led by a 3-percent growth in DU sales volumes.
The retail energy segment, however, had a P79 million loss contribution primarily due to a lower average selling price from retail electricity supply (RES) sales during the period.
Vivant’s water business recorded a positive P184 million income contribution compared with an P11 million loss recorded in the same period last year.
This turnaround was supported by the recognition of finance income from the concession of 100 percent-owned Isla Mactan Cordova Corporation (IMCC) following a 25-year joint venture agreement.
Operating expenses increased 26 percent to P1.2 billion, led by increased employee headcount, higher professional fees and outside services and higher depreciation and amortization costs due to asset acquisitions since late 2024.
Vivant’s consolidated assets stood at P33.3 billion while total equity attributable to the parent company was P21.3 billion.
