Semirara Mining and Power Corp. said Tuesday consolidated net income soared by 146 percent to a record P39.9 billion last year from P16.2 billion in 2021.
SMPC, led by the Consunji Group, said in a statement robust domestic coal shipments and higher spot electricity sales, along with elevated market prices, accounted for the record-breaking results.
Domestic coal sales jumped 33 percent to 7.7 million metric tons from 5.8 million MT, while exports slumped 24 percent to 7.1 million MT from 9.4 million MT.
“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,” said SMPC president and chief operating officer Maria Cristina Gotianun.
“Diversifying our market focus allowed us to get the best price for our inventory,” she said.