Semirara Mining and Power Corp. (SMPC) posted a record consolidated net income of P39.9 billion in 2022, surging 146 percent from P16.2 billion in 2021.
The company said this was driven by higher domestic coal shipments and improved spot electricity sales alongside elevated market prices.
SMPC reported its domestic coal sales jumped 33 percent from 5.8 million metric tons (MT) to a historic high of 7.7 million MT even if exports slumped by 24 percent from 9.4 million MT to 7.1 million MT.
“Last year, we focused on the Philippine, South Korean and other Asean markets to lessen our dependency on China, which had been importing heavily discounted Russian coal…
Diversifying our market focus allowed us to get the best price for our inventory,” said Maria Cristina Gotianun, SMPC president and chief operating officer, in a statement.
The company said average selling price of Semirara coal spiked by 91 percent from P2,695 to a record level of P5,136 on the back of soaring index prices and higher-grade coal sold.
Combined spot electricity sales from SMPC subsidiaries SEM-Calaca Power Corp. and Southwest Luzon Power Generation Corp. surged by 83 percent from 1,028 gigawatt hours (GWh) to 1,881 GWh.
Spot electricity average selling price also expanded by 35 percent from P5.51 per kilowatt hour (kWh) to P7.46 per kWh because of thin supply-demand margins and higher fuel costs. – Jed Macapagal
