MANILA, Philippines – Semirara Mining and Power Corporation (SMPC) ended 2021 with a net income of P16.2 billion, a 393% increase from its profits in 2020 and the highest ever in its 41-year history.

SMPC attributed the earnings jump to high demand for coal, with selling prices surging 71%.

Average selling prices in the fourth quarter rallied 229% to P4,452 per ton from P1,354 as global supply disruptions and demand from China, India, and Europe pushed up prices.

Elevated coal prices offset the impact of lower shipments, which were nearly halved (46%) from 4.6 million metric tons to 2.5 MMT due to weather-induced coal production drops in the third quarter.

Contributions from SMPC’s coal business grew 535% from P1.8 billion to P11.4 billion.

Its power businesses delivered improved performances as well. Sem-Calaca Power Corporation contributed P3.3 billion, a 154% upturn from P1.3 billion in 2020.

Southwest Luzon Power Generation Corporation recorded a 1,563% rise in contributions from P87 million to P1.4 billion.

“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 chief executive officer Maria Cristina Gotianun. – Rappler.com