Semirara Mining and Power Corp., a coal miner and power producer, said Tuesday net profit last year hit a new record high P39.9 billion, more than double previous all-time high P16.2 billion posted in 2021.
The listed integrated energy company said robust domestic coal shipments and higher spot electricity sales, along with elevated market prices account for the record-breaking results.
Domestic coal sales jumped by 33 percent to a historic high 7.7 million metric tons from 5.8 million tons. Exports, however, fell 24 percent to 7.7 million tons from 9.4 million tons.
“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,” Semirara president and COO Maria Cristina C. Gotianun said in a statement.
“Diversifying our market focus allowed us to get the best price for our inventory,” she added.
Semirara said the average selling price coal rose 91 percent to P5,136 a ton from P2,695 a ton as index prices soared and higher-grade coal were sold.
The combined spot electricity sales from Semirara’s units SEM-Calaca Power Corp. and Southwest Luzon Power Generation Corp. surged by 8 percent to 1,881 gigaWatt-hours from 1,028 gWh.
Spot electricity prices rose 35 percent to P7.46 a kilowatt-hour from P5.51 per kWh because of thin supply-demand margins and higher fuel costs.
