Cebu-based power and water firm Vivant Corp said on Sunday its consolidated core net income rose 24% to 2.0 billion pesos ($35 million) in the first nine months of 2025, driven by stronger earnings from its power generation business and a turnaround in its water unit.
Including non-recurring items such as foreign exchange gains, insurance proceeds and cost reimbursements, net income attributable to equity holders of the parent climbed 12% year-on-year to 1.9 billion pesos for the January–September period.
“Vivant continued to show strong results despite the slower than expected GDP growth in the first nine months of the year,” chief executive Arlo Sarmiento said, citing contributions from power generation, distribution and wastewater operations.
The company’s energy portfolio contributed 2.5 billion pesos to income, with power generation accounting for 1.7 billion pesos, or 63% of total contributions from strategic business units. Vivant said net income from generation rose 12% despite a 15% drop in energy volumes sold to 3,211 GWh, as trading gains from the Reserve Market and the Wholesale Electricity Spot Market, along with ancillary services contracts, offset weaker volumes.
Reserve Market nominations across four plants surged 192% from a low base after a temporary market suspension in 2024, with 1590 Energy Corp posting the highest RM volumes at 865 GWh. North Bukidnon Power Corp and Cebu Energy Development Corp recorded year-on-year spot market sales increases of 102% and 36%, respectively.
Its 35%-owned Visayan Electric Co contributed 879 million pesos, marginally higher than 871 million pesos a year earlier, supported by a 3% rise in distribution sales volumes led by residential demand.
Vivant’s water business swung to a 184-million-peso income contribution from an 11-million-peso loss a year ago, helped by finance income recognition from the Isla Mactan Cordova Corp water concession after a 25-year joint venture with Metropolitan Cebu Water District took effect in June. Income from 45%-owned FLOWS also rose 13% to 8 million pesos on higher wastewater volumes and tariff adjustments in Puerto Princesa.
Consolidated revenues were broadly flat at 8.9 billion pesos as weaker power sales and lower equity earnings from associates were offset by concession asset recognition and higher interest income. Operating expenses rose 26% to 1.2 billion pesos on higher headcount, professional fees and depreciation from recent asset acquisitions.
As of end-September, Vivant’s consolidated assets stood at 33.3 billion pesos, with equity attributable to the parent at 21.3 billion pesos and interest-bearing debt at 6.9 billion pesos. Its debt-to-equity ratio eased to 0.44 from 0.49 at end-2024, while the current ratio slipped to 2.10 from 2.40.
Sarmiento said Vivant expects to “close the year strong,” pointing to the September acquisition of a 40% stake in Samal Solar Renewable Energy Corp, which operates a 53.14 MW solar plant in Bataan. The deal lifted Vivant’s attributable operating generation capacity to 471 MW, with a 3.95 MW expansion at the plant due for completion in 2026.
Cebu Business News
