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Semirara Mining and Power Corp earns P16.2b net income in 2021, highest in its 41-year history

by Philippine Resources - March 17, 2022

Photo: Bilyonaryo

Integrated energy company Semirara Mining and Power Corporation (SMPC) ended 2021 with a net income of P16.2 billion, the highest in its 41-year history.

The 393-percent leap from P3.3 billion the previous year was mainly attributable to an 8- percent rise in coal production, 16-percent jump in coal shipments and 71-percent surge in average coal selling prices.

“Our results reflect the hard work of our people. They rose to the challenges of the pandemic and delivered exceptional value to our stakeholders,” said SMPC president and COO Maria Cristina C. Gotianun.

Contributions from the coal segment grew by 535 percent from P1.8 billion to P11.4 billion while both power subsidiaries delivered improved performances.

Sem-Calaca Power Corporation contributed P3.3 billion, a 154-percent upturn from P1.3 billion the previous year. Meanwhile, Southwest Luzon Power Generation Company recorded a 1,563-percent rise in contributions from P87 million to P1.4 billion.

For the fourth quarter alone, SMPC saw its net income expand by nearly twenty times from P297 million to P5.9 billion, its highest profit level for any given quarter.

Average selling prices from October to December rallied by 229 percent from P1,354 to P4,452 as global supply disruptions and accelerated demand from China, India and Europe pushed index prices to record levels.

Elevated coal prices offset the impact of lower shipments, which was nearly halved (46%) from 4.6 million metric tons (MMT) to 2.5 MMT owing to weather-induced coal production drops in the third quarter.

 

Article courtesy of the Philippine Stock Exchange


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