Cebu-based Vivant Corp reported double-digit profit growth for the first nine months of 2025 as stronger contributions from its power generation portfolio and a turnaround in its water business offset softer energy volumes and higher operating costs.
The listed power and water infrastructure firm said core net income for the period grew 24% to about 2.0 billion pesos, driven mainly by its generation assets.
Consolidated core net income, as reported, reached 1.9 billion pesos, while net income attributable to equity holders of the parent, after factoring in foreign exchange gains, insurance proceeds and cost reimbursements, rose 12% year-on-year to 1.9 billion pesos.
“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 resilience across power generation, distribution and wastewater operations.
The energy business contributed 2.5 billion pesos in total, with power generation accounting for 1.7 billion pesos, or 63% of strategic business unit contributions. The distribution utility (DU) segment, mainly through 35%-owned Visayan Electric Co (VECO), added 879 million pesos, slightly higher than a year earlier on 3% growth in sales volumes, led by residential demand.
Vivant’s portfolio of conventional plants sold 3,211 GWh in the nine-month period, down 15% year-on-year, but earnings from the segment still rose 12% on the back of trading gains in the Reserve Market (RM) and Wholesale Electricity Spot Market, and higher revenue from ancillary services contracts.
RM nominations across four participating plants surged 192% from a low 2024 base when the market was temporarily suspended. 1590 Energy Corp recorded the largest RM volume at 865 GWh, while North Bukidnon Power Corp and Cebu Energy Development Corp posted year-on-year spot market volume growth of 102% and 36%, respectively.
The water business delivered a sharp turnaround, posting a 184-million-peso income contribution in 9M2025 compared with an 11-million-peso loss a year earlier. The improvement was driven by finance income recognition from the concession of Isla Mactan Cordova Corp after Vivant’s water unit VHHI signed a 25-year joint venture with Metropolitan Cebu Water District in June.
Income from 45%-owned Faith Lived Out Visions 2 Ventures Holdings Inc (FLOWS) rose 13% to 8 million pesos, helped by higher volumes and a service fee adjustment at the Puerto Princesa Water Reclamation and Learning Center wastewater facility.
Consolidated revenues were broadly flat at 8.9 billion pesos as lower power sales and equity earnings from associates were offset by concession asset recognition and higher interest income. Operating expenses climbed 26% to 1.2 billion pesos on increased headcount, higher professional and outside services, and added depreciation and amortisation from assets acquired since late 2024.
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 total interest-bearing debt at 6.9 billion pesos. The debt-to-equity ratio improved to 0.44 from 0.49 at end-2024, while the current ratio eased to 2.10 from 2.40.
Sarmiento said Vivant expects to finish the year on a strong footing, supported by its September acquisition of a 40% stake in Samal Solar Renewable Energy Corp, which owns 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 solar facility scheduled for completion in 2026.
Business News Asia
