Integrated energy company Semirara Mining and Power Corp. (SMPC) posted a 29.7-percent decline in its net income last year at P19.6 billion compared to P27.9 billion in 2023.
The company, in a statement on Monday, attributed the lower profit to the normalization of energy markets with the average selling price of both electricity and coal lower in 2024.
For full year 2024, coal price indices decreased as the Newcastle Index declined by 22 percent from $173.0 to $134.8 per metric ton (MT), while the Indonesian Coal Index 4 fell by 15 percent from $63.2 to $53.79 per MT, reflecting a volatile market environment, SMPC said.
The company said electricity spot market prices in the Luzon-Visayas grid eased by 14 percent from P5.96 per kilowatt hour (kWh) to P5.14 per kWh, driven by the addition of new power capacities and lower fuel costs.
SMPC’s revenues dropped by 15 percent in 2024 to P65.19 billion from P76.96 billion in 2023, also due to lower selling prices of coal and electricity.
“Despite price corrections, we focused on key factors within our control — maximizing production, achieving record-high coal shipments and power generation. Our disciplined strategy and dedicated team played a crucial role in navigating energy market shifts,” said Maria Cristina Gotianun, SMPC president, chief operating officer and chief sustainability officer.
Amid the dismal financial performance, the company said it set new records last year with total shipments reaching 16.5 million MT, up by 4.4 percent from the previous record-high of 15.8 million MT.
In 2024, coal production hit the 16 million MT mark for the third consecutive year while gross power generation reached 5,358 gigawatt hours (GWh), an 18.7 percent jump from 2023’s 4,515 GWh, SMPC added.
