Cebu-based Vivant Corp. reported a record consolidated core net income of P2.3 billion in 2024, up 20 percent from the previous year, as its power generation business delivered double-digit growth.  

In a stock exchange report on Monday, the company said net income attributable to equity holders rose 3 percent to P2.4 billion, boosted by non-recurring gains from investment revaluation, insurance proceeds, and one-time fees.  

“The year 2024 was a record year for Vivant Corporation, led by its energy business which saw double-digit growth in earnings,” Vivant CEO Arlo G. Sarmiento said. 

“Beyond 2024, we have established a pipeline of projects that will enable us to continue improving the lives of our fellow Filipinos,” Sarmiento added, highlighting plans for a balanced energy portfolio and investments in desalination and wastewater treatment.

Power generation contributed P2.2 billion or 64 percent of total net income, driven by its participation in the Reserve Market and Wholesale Electricity Spot Market.

Distribution utility VECO’s net income surged 22 percent as energy sales climbed 11 percent to 3,933 GWh.  

Consolidated revenues jumped 48 percent to P12.2 billion, fueled by higher sales volumes in power generation, retail electricity, and solar rooftop businesses.  

Operating expenses, on the other hand, rose 59 percent to P1.6 billion due to increased manpower costs, consultancy fees for digital transformation, and higher depreciation from asset acquisitions.