Vivant Corp. announced that its net income in 2024 increased by 20 percent, driven by growth in power generation.

In a disclosure to the Philippine Stock Exchange on Monday, March 24, Vivant said its consolidated core net income (CCNI) stood at ₱2.3 billion, while its net income attributable to equity holders of the parent company was three percent higher year-on-year, at ₱2.4 billion.

Consolidated revenues were 48 percent higher, at ₱12.2 billion, due to higher sales volumes from its power generation assets, retail electricity supply (RES), and rooftop solar business unit.

Additionally, its operating expenses (opex) expanded by 59 percent to ₱1.6 billion due to more manpower, consultancy service engagements caused by digital transformation, and business expansion, as well as higher depreciation from its assets.

According to Vivant, its net income from power generation made up the largest share last year, accounting for 64 percent, or ₱2.2 billion.

Its distribution utility (DU) contributed 36 percent to the total net income, amounting to ₱1.2 billion.

While its two units contributed to the company’s financial growth, the retail electricity unit remained steady with a one percent increase, reaching ₱22.3 million. Meanwhile, the water unit has yet to make a financial contribution as it is currently in its investment phase.

Vivant’s plants in the reserve market and the Wholesale Electricity Spot Market (WESM) drove power generation’s contribution to the firm’s net income by 15 percent.

In turn, 4,965 gigawatt-hour (GWh) worth of energy was delivered to its consumers last year.

The net income contribution from DU Visayan Electric Co. (VECO) also grew by 22 percent, as its energy sales stood at 3,933 GWh.

Moreover, its consolidated assets were at ₱32 billion in 2024.

Arlo Sarmiento, chief executive officer of Vivant, expressed that 2024 was a record year for the firm, stating that, “Our business development teams in both energy and water continued to lay the groundwork for the company’s future growth.”

“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 (RE) 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,” he elaborated.