Vivant Corp. on Monday reported a 20-percent increase in its consolidated core net income (CCNI) to about P2.3 billion in 2024 from P1.9 billion in 2023.
Vivant said in a disclosure to the Philippine Stock Exchange power generation accounted for bulk of the income last year, representing 64 percent or P2.2 billion.
The distribution utility accounted for 36 percent or P1.2 billion, while retail electricity contributed P22.3 million or 1 percent.
It said the water business is still in its investment phase and is expected to meaningfully contribute in the medium term.
Vivant’s net income attributable to equity holders of the parent company was recorded at P2.4 billion, or 3 percent higher than in 2023, considering the non-recurring income from the recognition of the fair value of some of the company’s investments, booked insurance proceeds by associates, one-time service fees of a subsidiary and a reversal of prior year’s accrued charges.
”The year 2024 was a record year for Vivant Corp., led by its energy business which saw double digit growth in earnings. Meanwhile, our business development teams in both energy and water continued to lay the groundwork for the company’s future growth,” said Vivant chief executive Arlo Sarmiento.
Vivant said its power generation net income contribution grew by 15 percent, driven by the participation of Vivant’s portfolio of plants in the reserve market (RM) and Wholesale Electricity Spot Market (WESM).
The company delivered 4,965 gigawatt-hours of energy to power generation customers in 2024.
The net income contribution from Visayan Electric Co. where the company holds a 35-percent stake increased by 22 percent as energy sales hit 3,933 GWh, up by 11 percent year-on-year.
“Beyond 2024, we have established a pipeline of projects which will enable us to continue improving the lives of our fellow Filipinos. In energy, we have planned a more balanced portfolio of conventional and renewable energy projects, designed to provide reliable and sustainable power to our customers. 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,” said Sarmiento.
Consolidated revenues reached P12.2 billion, or 48 percent higher than in 2023 primarily due to the combined effect of higher sales volumes from certain power generation assets, retail electricity supply (RES) and solar rooftop businesses.
Operating expenses increased 59 percent to P1.6 billion because of manpower additions, consultancy services engagements brought about by digital transformation and business expansion initiatives and higher depreciation due to asset acquisitions.