Vivant Corp. reported a 42 percent increase in its consolidated core net income (CCNI) to P318 million in the first quarter, driven by strong contributions from its power and distribution businesses.
Vivant said that considering non-recurring income – which included a one-time customer refund by its distribution utility due to unutilized regulatory-related costs and an adjustment in its distribution wheeling service charges – net income attributable to equity holders of the parent company stood at P284 million, 26 percent higher than in the first quarter of 2024.
“The first quarter of 2025 saw healthy growth in our bottom line driven by the strong performance of our power generation and electricity distribution businesses,” said Arlo Sarmiento, Vivant chief executive said in a disclosure to the Philippine Stock Exchange.
“Furthermore, we are proud that earlier this year, our energy and water subsidiaries, namely Calamian Island Power Corp. (CIPC) and VHHI (Vivant Hydrocore Holdings Inc.), signed new long-term agreements with their respective partners, affirming our commitment to delivering impactful projects that improve everyday living.”
Vivant’s energy business contributed P505 million to the company’s income, with the distribution business being the largest contributor at P281 million, accounting for 56 percent of the total energy business contribution. Power generation followed, contributing P277 million during the period.
The retail energy segment had a loss contribution of P54 million as an increase in solar rooftop revenues was offset by the retail electricity supply (RES) business due to the expiry of some customer contracts.
Power generation net income contribution grew by 94 percent, driven by the participation of four of Vivant’s conventional plants in the reserve market (RM).
Volumes nominated through the RM reached 346 gigawatt-hours (GWh), over five times higher than the same period in 2024.
Among them, 1590 Energy Corp. recorded the largest jump in volume nominations with a 508 percent year-on-year increase.
Meanwhile, net income contribution from Visayan Electric Co. increased by 4 percent as energy sales reached 934 GWh, also 4 percent higher.
Residential sales led the growth with an 8 percent increase year-on-year, driven by warmer temperatures during the quarter. Commercial and industrial volumes followed, growing by 3 percent and 2 percent, respectively.
Vivant’s water business, which is still in its investment phase, had a loss contribution of P9 million during the period.
Consolidated revenues reached P2.4 billion, 24 percent higher than the P1.9 billion recorded in the same period in 2024.
Vivant said this increase was primarily due to the combined effect of higher sales volumes from certain power generation assets and solar rooftop businesses, offset by lower sales from RES and engineering services.
Operating expenses increased by 19 percent to P355 million, largely driven by increased headcount and higher professional fees brought about by business expansion initiatives, and higher depreciation and amortization costs due to asset acquisitions in the latter part of 2024.