Consunji-led Semirara Mining and Power Corp. (SMPC) saw its bottom line hit P16.2 billion in 2021, the highest since the company’s establishment in 1980.
In an emailed statement, SMPC said its profits last year grew 393% from the P3.3 billion recorded in 2020, driven by an 8% rise in coal production, a 16% jump in coal shipments and a 71% 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 Gotianun.
Contributions from the coal segment grew 535% from P1.8 billion to P11.4 billion while both power subsidiaries delivered improved performances, the company said.
SMPC unit Sem-Calaca Power Corp. contributed P3.3 billion, a 154% upturn from P1.3 billion the previous year.
Meanwhile, Southwest Luzon Power Generation Company recorded a 1,563% rise in contributions from P87 million to P1.4 billion.
For the fourth quarter alone, SMPC saw its net income grow nearly 20 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% 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 (MT) to 2.5 million MT owing to weather-induced coal production drops in the third quarter, according to SMPC. — VBL, GMA News
Semirara Mining and Power net income hits record high of P16.2B in 2021
Source: News Panda Philippines
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