Integrated energy company Semirara Mining and Power Corp. (SMPC) booked a 393-percent surge in net income to P16.2 billion in 2021 from the previous year’s P3.3 billion.
This is the highest in its 41-year history driven by increases posted in coal production by 8 percent; coal shipment, 16 percent; and average coal selling prices, 71 percent.
The company said contribution 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 Corp. contributed P3.3 billion, a 154-percent upturn from P1.3 billion the previous year as Southwest Luzon Power Generation Co. recorded a 1,563-percent rise in contributions from P87 million to P1.4 billion.
In the fourth quarter alone, SMPC’s net income expanded by nearly 20 times from P297 million to P5.9 billion, the highest in any given quarter.
For the same period, average selling prices 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.