Vivant Corporation said its consolidated core net income rose 11 percent to ₱962 million in the first half of 2025, lifted by its power generation business.
Net income attributable to equity holders of the parent reached ₱959 million, 9 percent higher than last year after accounting for non-recurring items such as foreign exchange losses, insurance proceeds, and reimbursements from subsidiaries.
“Vivant recorded another double-digit growth in CCNI for the first half of 2025. The performance of Vivant Energy Corporation (Vivant Energy), spurred by its participation in the reserve market primarily drove our earnings for the semester.
Despite the lower WESM prices in the first half of the year, the team’s collective effort secured strong returns,” CEO Arlo G. Sarmiento said.
Power generation, distribution, and water businesses
The company’s energy business contributed a total of ₱1.4 billion to income. Power generation accounted for ₱908 million or 63 percent, while the distribution utility business through its 35-percent owned Visayan Electric Company (VECO) contributed ₱589 million. Retail energy posted a ₱62 million loss due to lower selling prices in retail electricity supply.
Overall, Vivant’s generation assets delivered 1,972 gigawatt hours (GWh), down 21 percent year on year. Despite this decline, net income from power generation rose 25 percent due to higher margins from the Reserve Market, where four of its plants—Cebu Energy Development Corporation, Therma Visayas, Inc., 1590 Energy Corporation, and Meridian Power, Inc.—saw a more than sixfold increase in nominations compared to last year.
VECO’s contribution was flat as revenue gains from a 3 percent increase in sales volume were offset by higher expenses, financing costs, and a mandated one-time refund to customers for unutilized regulatory-related costs.
In Palawan, Vivant’s wastewater treatment plant in Puerto Princesa helped turn around its water business. The water arm, Vivant Hydrocore Holdings Inc., posted a ₱93 million income contribution, reversing a ₱10 million loss in 2024.
The turnaround was supported by improved sewage operations of Puerto Princesa Water Reclamation and Learning Center, Inc. (PPWRLC) and the recognition of finance income from Isla Mactan Cordova Corporation’s concession.
Its 45-percent owned Faith Lived Out Visions 2 Ventures Holdings, Inc. (FLOWS) added ₱5 million, up 13 percent.
Revenues, costs, and assets
Consolidated revenues declined 3 percent to ₱5.4 billion from ₱5.6 billion last year, due to lower power sales volumes. This was partly offset by finance income from the bulk water business.
Operating expenses rose 33 percent to ₱860 million, reflecting higher headcount, professional fees for business expansion, and increased depreciation and amortization.
As of June 30, 2025, consolidated assets stood at ₱32 billion, while equity attributable to the parent was at ₱20.4 billion. Interest-bearing debt amounted to ₱7 billion.
The current ratio was at 2.02 times, lower than 2.40 times at year-end 2024, while debt-to-equity stood at 0.46 times compared with 0.49 times last year.
Outlook
“As we enter the second half of the year, we remain excited about the Company’s future while we aim for continued earnings growth. Our business development teams in energy and water are committed to launching impactful projects that will create solutions for our changing world,” Sarmiento added.
Vivant said it is preparing to take part in the Department of Energy’s Green Energy Auction 4 as part of its goal to achieve a 30 percent renewable energy capacity by 2030.
A 22-megawatt solar facility in San Ildefonso, Bulacan, is expected to begin commercial operations in the fourth quarter, while commissioning of the Isla Mactan Cordova seawater desalination plant is in its final stages.
