MANILA, Philippines — Coal sales volume of integrated energy company Semirara Mining and Power Corp. (SMPC) hit a record high last year on the back of strong export sales, driven primarily by a recovery in China shipments.
SMPC saw coal sales volume of 15.8 million metric tons (MT) in 2023, up six percent from the previous year.
Fueling the growth was a 13-percent rise in export sales, which expanded from 7.1 million MT to 8.1 million MT.
Domestic sales, on the other hand, was flat year-on-year at 7.7 million MT.
SMPC president and COO Maria Cristina Gotianun said the company’s sales performance was within its 2023 target of 15 million to 16 million MT.
“It also reflects our team’s relentless effort and commitment to deliver stable fuel supply amidst the challenging dynamics of the global market,” she said.
The bulk or 65 percent of SMPC’s coal exports last year went to China, followed by South Korea (27 percent) and Brunei (four percent).
SMPC said China shipments recovered by 31 percent to 5.2 million MT in 2023 due to 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.
The remainder of SMPC’s 2023 coal exports were shipped to Japan, India and Vietnam.
For this year, Gotianun said the company’s 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,” she said.
SMPC is an integrated energy company with significant coal reserves and increasing power generation capacity.
As the largest domestic coal producer, the company supplies affordable fuel to power plants, cement factories and other industrial facilities across the country.
SMPC underwent a reclassification in its market sector as of Dec. 27, 2023,
Previously part of the mining subsector of the mining and oil sector, it is now listed under the electricity, energy, power and water subsector of the industrial sector.
The sector reclassification is the result of the Philippine Stock Exchange’s careful review of the company’s revenue sources and business operations.