Semirara Mining and Power Corp. posted a net income of P16.2 billion in 2021, the highest in its 41-year history and significantly up from P3.3 billion in 2020 on the back of higher coal prices.
SMPC said in a statement the 393-percent leap in 2021 net income was mainly attributable to an 8-percent rise in coal production, 16-percent jump in coal shipments and 71-percent surge in average coal selling prices.
“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 operating officer Maria Cristina Gotianun.
Contribution from the coal segment jumped by 535 percent in 2021 to P11.4 billion from P1.8 billion in 2020, as both power subsidiaries delivered improved performances.
SMPC subsidiary Sem-Calaca Power Corp. contributed P3.3 billion, a 154-percent increase from P1.3 billion in the previous year. Sem-Calaca owns the 600-megawatt coal-fired power plant in Calaca, Batangas.