SEMIRARA Mining and Power Corp. (SMPC) reported 16.5 million metric tons (MT) in coal shipments for 2024, a 4.4% increase from the previous year, driven by stronger demand from China and domestic markets.
Broken down, foreign shipments rose by 4% to 8.4 million MT, with exports to China increasing by 46% to 7.6 million MT, the company said in a statement on Tuesday.
SMPC shipped 8 million MT of coal within the Philippines, higher by 4% from the previous year, on the back of increased sales to local cement producers and Calaca power plants.
The company supplies the coal requirements of cement companies. Coal is used to fire the preheater cyclone and rotary kiln, which heat raw materials in the pyro-processing stage of cement production.
The company said that 20% of the 1.3 million MT sold to cement plants were supplied to associate company Cemex Holdings Philippines, Inc.
SMPC President and Chief Operating Officer Maria Cristina C. Gotianun said the company also hit its maximum coal production of 16 million MT under its existing environmental compliance certificate for the third consecutive year.
“This milestone underscores the SMPC team’s dedication and commitment to meeting rising local and global energy demand,” she said.
For the third quarter, SMPC saw its earnings drop by 8% to P3.1 billion due to reduced contribution from the coal segment amid stabilizing market indices.
Revenues grew by 12.5% to P13.08 billion from P11.63 billion in the previous year.
“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,” Ms. Gotianun said.
At the local bourse on Tuesday, shares in SMPC fell 0.86% to close at P34.70 apiece. — Sheldeen Joy Talavera