Semirara Mining and Power Corp. (SMPC) said Tuesday it achieved a record 16.5 million metric tons (MT) in coal shipments in 2024, surpassing the previous year’s 15.8 million MT.
SMPC said the increase in coal shipments was due to stronger demand from China and the domestic markets.
“For the third consecutive year, we have hit our maximum coal production of 16 million metric tons under our existing environmental compliance certificate [ECC]. This milestone underscores the SMPC team’s dedication and commitment to meet rising local and global energy demand,” said SMPC president, chief operating officer and chief sustainability officer Maria Cristina Gotianun.
Foreign shipments climbed 4 percent to 8.4 million MT last year, with exports to China increasing by 46 percent to 7.6 million MT.
SMPC said domestic shipments also grew 4 percent to 8 million MT driven by increased sales to local cement producers and the company’s Calaca power plants.
Around 20 percent of the 1.3 million MT sold to cement plants were supplied to associate company Cemex Holdings Philippines Inc. (CHP).
“While we anticipate market prices to further normalize in 2025, we remain focused on strengthening our customer network and enhancing operational efficiencies to effectively support national energy security and meet the growing demand from the industrial and cement sectors,” Gotianun said.
SMPC’s net income declined 8 percent in the third quarter of 2024 to P3.1 billion from P3.4 billion a year ago. It linked the decline to lower contributions from the coal segment amid stabilizing market prices.
SMPC’s nine-month net income also fell 31 percent from P22.62 billion in 2023 to P15.71 billion in 2024.