Semirara Mining and Power Corporation (SMPC), a leading integrated energy company, reported a consolidated net income of P39.9 billion last year, surpassing its previous all-time high of P16.2 billion by 146 percent.
The impressive results were driven by strong domestic coal shipments and higher spot electricity sales, as well as increased market prices.
Domestic coal sales soared by 33 percent to a historic high of 7.7 million metric tons (MT), while exports decreased by 24 percent to 7.1 million MT.
SMPC president and COO Maria Cristina C. Gotianun explained that the company had focused on the Philippine, South Korean, and other ASEAN markets to reduce its reliance on China, which had been importing heavily discounted Russian coal.
By diversifying its market focus, SMPC was able to obtain the best price for its inventory. The average selling price of Semirara coal increased by 91 percent to a record level of P5,136 per MT, thanks to soaring index prices and higher-grade coal sold.
Combined spot electricity sales from SMPC subsidiaries SEM-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. surged by 83 percent to 1,881 gigawatt hours (GWh), and spot electricity ASP expanded by 35 percent to P7.46/KWh due to thin supply-demand margins and higher fuel costs.
The power segment reported a 38 percent decline in spot sales from 538 GWh to 335 GWh due to the 86-day maintenance outage of SCPC Unit 1 and a 42-day unplanned outage of SCPC Unit 2.
