Semirara income drops to P19.6 B in 2024

The weaker selling prices in the energy market weighed on Consunji-led Semirara Mining and Power Corp. (SMPC), with its earnings declining by 30 percent to P19.63 billion in 2024 from P27.9 billion in 2023.

- BRIX LELIS

The company's net income was lower last year but still higher than the P16.2 billion reported in 2021 and the 2019 pre-pandemic level of P9.68 billion.

Revenues likewise contracted, sinking by 15 percent to P65.19 billion from P76.6 billion on lower selling prices of coal and electricity.

"Despite price corrections, we focused on key factors within our control — maximizing production, achieving record-high coal shipments and power generation," SMPC president, COO and chief sustainability officer Maria Cristina Gotianun said.

The country's leading coal producer saw an all-time high coal sales volume of 16.5 million metric tons in 2024, outpacing its previous record of 15.8 million MT in 2023.