Consunji-led Semirara Mining and Power Corporation (SMPC) recorded a net income of Php16.2 billion in 2021, its highest in 41 years, with profits jumping nearly five times from 2020’s Php3.3 billion.
SMPC power subsidiary Sem-Calaca Power Corporation (SCPC), which owns the 600-megawatt (MW) Calaca coal-fired power plant in Batangas, contributed Php 3.3 billion in profit, 2.5 times higher than the previous Php1.3 billion.
Meanwhile, SCPC’s sister firm Southwest Luzon Power Generation Corporation, which owns a 300MW coal plant – also in Calaca, Batangas – recorded a net income of Php1.4 billion last year, 16 times its Php8.7 million figure in 2020.
SMPC’s profit increase report comes as the Energy Regulatory Commission (ERC) slapped SCPC with a Php4.31 million fine for exceeding the number for allowed forced outage days in 2020. SCPC had said it plans to appeal the ERC’s decision.
Meanwhile, the company’s coal segment contributions increased by 535% from Php1.8 billion in 2020 to Php11.4 billion.
Coal production, which posted an eight percent rise, was the main driver of SMPC’s overall net income growth. In addition, the company registered an increase of 16% and 71% in coal shipments and average coal selling prices, respectively.
“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.
SMPC 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.