Semirara Mining logged record income in 2021

Integrated energy company Semirara Mining and Power Corp. (SMPC) logged its highest net income in its 41-year history last year, thanks mainly to skyrocketing coal prices.

The Consunji family-controlled company ended 2021 with a net income of P16.2 billion, a 393-percent leap from the P3.3-billion net income it recorded in 2020, it said in a disclosure.

For the fourth quarter alone, SPMC’s net income also rose by nearly 20 times to P5.9 billion from P297 million—its highest profit level for any given quarter.

SMPC was able to take advantage of the 71-percent surge in average coal selling prices by increasing its production and shipments by 8 percent and 16 percent, respectively.

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

This allowed the company to grow its coal segment by 535 percent to P11.4 billion from P1.8 billion the year prior.

In the electricity segment, Sem-Calaca Power Corp. contributed P3.3 billion, up 154 percent from previous year’s P1.3 billion, while Southwest Luzon Power Generation Co. also recorded a 1,563-percent rise in its contributions to P1.4 billion from P87 million.

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