This growth was largely propelled by the company’s strong showing in power generation and electricity distribution, reinforcing its strategic focus on expanding within the energy and water sectors.
Considering non-recurring items—including a one-time customer refund by Vivant’s distribution utility (DU) and adjustments to wheeling service charges—net income attributable to equity holders of the parent company stood at ₱284 million, marking a 26-percent rise from the same period in 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 Vivant CEO Arlo G. Sarmiento.
“We are proud that earlier this year, our energy and water subsidiaries, namely Calamian Island Power Corp. (CIPC) and VHHI, signed new long-term agreements with their respective partners,” Sarmiento added.
Energy business drives earnings
Vivant’s energy operations contributed ₱505 million to total income, with electricity distribution contributing ₱281 million—56 percent of this segment’s total. Power generation followed with a ₱277- million contribution. However, the retail electricity segment posted a ₱54-million loss, as gains in solar rooftop revenues were offset by the expiration of several retail electricity supply (RES) contracts.
A standout contributor was Vivant’s participation in the Reserve Market (RM), where four conventional plants delivered a 94-percent year-on-year surge in net income. Volume nominations hit 346 GWh, more than five times the level a year ago. Notably, 1590 Energy Corp. recorded a 508-percent year-on-year increase in volume nominations.
Meanwhile, distribution unit Visayan Electric Co. (Veco) delivered a 4-percent increase in net income, as energy sales reached 934 GWh. Residential sales saw the highest growth at 8 percent, driven by warmer weather, with commercial and industrial segments growing by 3 percent and 2 percent, respectively.
Water business, infrastructure push
Vivant’s water business, still in its early investment stage, reported a ₱9-million loss in the first quarter of 2025. Despite this, the company said progress continued on key infrastructure projects.
In March, Calamian Island Power Corp. (CIPC) signed a 15-year power supply agreement with Busuanga Island Electric Cooperative (BISELCO) for an additional 24 MW, part of an expansion project to bring total capacity to 33.8 MW in Palawan.
In April, Vivant Hydrocore Holdings Inc. (VHHI) sealed a 25-year joint venture agreement with the Metropolitan Cebu Water District (MCWD), targeting the delivery of up to 20,000 cubic meters of potable water daily. The country's first utility-scale seawater desalination facility is currently under testing and commissioning.
Outlook
Total consolidated revenues rose 24 percent to ₱2.4 billion, while operating expenses increased by 19 percent to ₱355 million, owing to expansion-related costs. Total assets stood at ₱32.8 billion, with interest-bearing debt at ₱7.3 billion and a current ratio of 1.80x.
Looking ahead, Vivant aims to accelerate its renewable energy (RE) initiatives under its “30 by 30” goal—30 percent RE by 2030—and expand its wastewater treatment and water infrastructure ventures. — Ed: Corrie S. Narisma
