Semirara Mining and Power Corporation (SMPC) reported a full-year net income of Php 19.6 billion in 2024, marking a 30% decline from Php 27.9 billion in 2023 as energy prices continued to stabilize.
SMPC President, Chief Operating Officer, and Chief Sustainability Officer Maria Cristina C. Gotianun attributed the company’s performance to operational efficiency despite market corrections. She highlighted record-high coal shipments, stable power generation, and sustained production as key factors in managing the downturn.
“Despite price corrections, we focused on key factors within our control—maximizing
production, achieving record-high coal shipments and power generation. Our disciplined
strategy and dedicated team played a crucial role in navigating energy market shifts,” said Gotianun.
Total shipments in 2024 reached 16.5 million metric tons (MMT), while coal production remained at 16 MMT for the third consecutive year. Gross power generation totaled 5,358 gigawatt hours (GWh) for the year.
In the fourth quarter, SMPC posted Php 3.9 billion in net income, a 26% drop from Php 5.3 billion in the same period last year, mainly due to weaker coal segment contributions. However, quarter-over-quarter results showed a 26% improvement from Php 3.1 billion in Q3 2024, driven by stronger coal sales.
Coal shipments for Q4 declined 19% to 4.3 MMT, while average selling prices dropped 15% to Php 2,821 per metric ton due to stabilizing market conditions and a higher share of lower-grade coal. Production also decreased 31% to 2.9 MMT following pre-stripping activities in new mining areas.
The power segment showed resilience, with total gross generation rising 8% to 1,290 GWh. Increased capacity from SEM-Calaca Power Corporation (SCPC) resulted in a 13% increase in power sales to 1,223 GWh, with 56% of electricity sold in the spot market.
Despite earnings challenges, SMPC remains strategically positioned, with 30% of its 840MW dependable capacity under contract and 504.10MW available for the spot market.
