Semirara Mining and Power Corporation (SMPC) recorded a net income of Php16.2 billion in 2021 – its highest over 41 years.
The Consunji-led firm said that the company’s profit jumped nearly five times from 2020’s Php3.3 billion. The increase was mainly attributed to the eight percent rise in coal production, 16% increase in coal shipments, and a 71% increase in average coal selling prices.
SMPC said that contributions from its coal segments increased by 535% from Php 1.8 billion from the previous year to Php 11.4-billion.
The firm also posted a net income of Php5.9 billion in the fourth quarter of 2021, its highest on a quarterly basis. This was nearly 20 times higher compared to the Php297 million it recorded in the same period in 2020.
Meanwhile, SMPC’s power subsidiaries also delivered improved performances in 2021. Sem-Calaca Power Corporation contributed a profit of Php3.3 billion, up 2.5 times from Php1.3 billion previously. Southwest Luzon Power Generation Company, on the other hand, contributed a net income of Php1.4 billion in 2021, 16 times its Php87 million figure in 2020.“
Our results reflect the hard work of our people. They rose to the challenges of the pandemic and delivered exceptional value to our stakeholders,” SMPC President and COO Maria Cristina Gotianun said in a statement.
