Integrated energy company Semirara Mining and Power Corporation's "exceptional performance" due to the combined effects of elevated market prices and high coal production drove up its nine-month profit to an all-time high.

In a stock report on Wednesday, the company said its consolidated net income jumped 250 percent from P10.3 billion to P36 billion, which was more than double or 122 percent higher than its 2021 net income of P16.2 billion.

"Historically, the third quarter is our slowest because of the rainy season and sluggish demand. But because of improved market prices, we did much better than expected," SMPC president and COO Maria Cristina Gotianun said.

From July to September alone, SMPC netted P10.2 billion, a 153-percent upswing from P4 billion during the same period last year.

The company's nine months average selling prices of Semirara coal rallied by 122 percent from P2,351/metric ton to P5,224/MT due to the surge in global index prices following Russia's invasion of Ukraine.

Average Newcastle prices surged by 191 percent from $121.70 to $353.80 while average Indonesian Coal Index 4 expanded by 50 percent from $56.10 to $84.30.

Nine-month coal production grew by 27 percent from 10.8 million metric tons to a record 13.7 MMT due to controlled water seepage levels in the Molave mine and better coal access in East Block 4 and South Block 5.

Historically, the third quarter is our slowest because of the rainy season and sluggish demand. But because of improved market prices, we did much better than expected.

Meanwhile, its power business posted a 216-percent increase in spot market sales from 489 gigawatt hours to 1,546 GWh owing to a 5-percent uptick in plant availability, a 7-percent improvement in the gross generation, and a pivot away from bilateral contracts.

Its average spot selling price rose by 38 percent from P5.30 to P7.33 on recovering demand, higher fuel costs, and thin power supply margins.