Photo from Vivant Energy Corp/Website
Listed firm Vivant Corporation (Vivant) reported lower earnings in the first nine months of 2024 due to the absence of one-time gains realized last year, with its top official showing optimism of still finishing the year on an upbeat note.
In a disclosure Wednesday, the company said its consolidated net income attributable to parent reached P1.7 billion, 15 percent lower from a year ago’s P2 billion, sans the gains linked to the fair value adjustments of acquired shares in two operating power entities, namely Calamian Islands Power Corp. and Delta P, Inc.
Article continues after this advertisementThe firm said its power generation businesses contributed the bulk or 63 percent or P1.5 billion of the bottom line. The group’s total gross conventional power generation capacity was at 1,123 megawatts as of the end of September.
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“Our conventional plants once again delivered for our customers in 2024. Looking ahead, we are committed to building a more balanced portfolio that will also include renewable energy (RE) facilities. Our target to reach 30 percent RE share by 2030 remains on track to date,” said Emil Andre Garcia, Vivant Energy president.
Article continues after this advertisementVivant’s distribution utility Visayan Electric Co. provided the 37 percent or P871 million, as energy sales increased to 2,934 gigawatt hours.
Article continues after this advertisementIts retail energy segment, meanwhile, pitched in P6.4 million.
Article continues after this advertisementThe group’s consolidated revenues surged 46 percent to P8.8 billion on the back of higher sales volumes from conventional power plants, retail electricity supply, and solar rooftop businesses.
“Vivant is proud to show solid results in the first nine months of 2024 and poised to close the year strong. Our power generation units continued to bring encouraging results through our participation in the spot and reserve markets,” said Vivant Corp. chief executive officer Arlo Sarmiento.
Article continues after this advertisementOperating expenses from January to September soared by 43 percent to P985 million.
Consolidated assets stood at P31.4 billion, while total equity was at P19.5 billion.
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