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SMPC achieves record coal shipments in 2023; moves to PSE industrial market sector

January 15, 2024

Integrated energy company Semirara Mining and Power Corporation (SMPC) achieved a record-breaking coal sales volume of 15.8 million metric tons (MT) in 2023, marking a 6-percent increase from the previous year.

 

The growth was largely fueled by a 13 percent rise in export sales, which surged from 7.1 million MT to 8.1 million MT. In contrast, domestic sales stayed flat at 7.7 million MT.

 

“Our sales performance aligns with our 2023 target of 15 to 16 million metric tons. It also reflects our team's relentless effort and commitment to deliver stable fuel supply amidst the challenging dynamics of the global market,” said SMPC president and COO Maria Cristina C. Gotianun.

 

In 2023, majority of Semirara coal exports went to China (65%), followed by South Korea (27%) and Brunei (4%). Shipments to Japan, India, and Vietnam made up the remainder.

 

China shipments recovered by 31 percent from 4 million MT to 5.2 million MT on heavy stockpiling, consumption recovery and lower hydropower generation.

 

Demand from South Korea was steady year-on-year at 2.2 million MT while Brunei sales nearly tripled from 102,967 MT to 306,800 MT.

 

Looking ahead to 2024, Gotianun added, “Our goal is to ship at least 15 million metric tons of Semirara coal, focusing on the domestic market. This aligns with our commitment to national energy security.”

 

Additionally, as of December 27, 2023, SMPC (PSE: SCC) underwent a reclassification in its market sector. Previously part of the Mining subsector of the Mining & Oil sector, SCC is now listed under the Electricity, Energy, Power & Water subsector of the Industrial sector.

 

The sector reclassification is the result of the Philippine Stock Exchange’s careful review of SCC’s revenue sources and business operations.


Source: Philippine Resources