Cebu-based holding firm Vivant Corp. powered through market headwinds in the first nine months of the year, with net income attributable to equity holders of the parent climbing 12 percent to P1.9 billion, after accounting for non-recurring items.

In a stock exchange report on Thursday, the company also reported its consolidated core net income jumped 24 percent to P2.0 billion, driven by strong performance in its power generation business.

“Vivant continued to show strong results despite the slower than expected GDP growth in the first nine months of the year. I am proud of the resilience of our teams as we navigated market challenges and saw positive results from our power generation, energy distribution, and wastewater treatment operations,” Vivant CEO Arlo G. Sarmiento said.

Power generation led earnings, contributing P1.7 billion—or 63 percent of strategic business income—after Reserve Market nominations jumped 192 percent. Net income from the 35-percent-owned Visayan Electric Company edged up to P879 million, supported by higher sales.

Vivant’s 45-percent stake in Faith Lived Out Visions 2 Ventures Holdings added P8 million, a 13 percent increase, while Vivant Energy expanded its generation capacity to 471 megawatts with a 40-percent acquisition of Samal Solar in Bataan.

From January to September, the company delivered 3,211 gigawatt-hours (GWh), with on-grid sales of 3,015 GWh and off-grid sales of 196 GWh. Despite a 15 percent drop in energy volumes, power net income rose 12 percent, boosted by Reserve Market and spot market gains.

“The recent acquisition of a minority stake in Samal Solar Renewable Energy Corp. which operates a solar power plant in Bataan will bring immediate value to the bottom-line while we expect the upcoming completion of our other business development initiatives to spur future growth,” Sarmiento said.

Meanwhile, Vivant’s water business returned to profit with P184 million, reversing a P11 million loss last year, after financing income from its 25-year Isla Mactan Cordova water concession. Consolidated revenues were P8.9 billion, largely flat, while operating expenses rose 26 percent to P1.2 billion. 

At September-end, consolidated assets stood at P33.3 billion, with equity at P21.3 billion and debt at P6.9 billion.