Semirara profit down 30% on weaker coal, energy prices
All-time high coal shipments and increased electricity generation of Consunji-led Semirara Mining and Power Corp. (SMPC) failed to lift its earnings last year amid weaker selling prices.
In a disclosure on Monday, SMPC said its net income for the period had dropped 30 percent to P19.6 billion from a year earlier.
Its top line also took a hit, declining by 15 percent to P65.19 billion “due to lower selling prices for both coal and electricity.”
But thanks to the increased sales volume, SMPC said it received “some relief.”
The group’s coal business continued to contribute the largest in its profit, followed by SEM-Calaca Power Corp. and Southwest Luzon Power Generation Corp.
The company said total shipments had reached 16.5 million metric tons (MT) in 2024, up 4.4 percent from 15.8 million MT in 2023. Coal production also amounted to 16 million MT last year.
Gross power generation, meanwhile, totaled 5,358 gigawatt hours (GWh).
In the last quarter of 2024, it said the average Newcastle Index—the benchmark price for seaborne thermal coal in the Asia-Pacific region—had inched up by 2 percent to $137.7. The Indonesian Coal Index, on the other hand, dropped 12 percent to $51.8.
The average selling price of power also decreased by 3 percent to P4.16 per kilowatt hour (kWh).
“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 SMPC president, chief operating officer and chief sustainability officer Maria Cristina Gotianun.
Meanwhile, the cash component of SMPC’s cost of sales—or the money spent to produce the products—was flat at P26.26 billion in 2024.
The group also cut its capital spending for 2025 from the earlier guidance of P6.9 billion to P6.4 billion. The figure, however, was still 21 percent higher than in 2024.
