After delivering record-high coal export sales last year, Semirara Mining and Power Corp., or SMPC, an integrated energy company, has committed to focus on the domestic market this year to maintain growth and usher in national energy security.
In a stock report on Friday, Semirara disclosed that it set a new record for coal sales volume in 2023, with 15.8 million metric tons, or MT sold, representing a 6 percent increase from the previous year.
A significant increase in export sales—from 7.1 million MT to 8.1 million MT—fueled the growth. In contrast, domestic sales remained unchanged at 7.7 million MT.
"(This year, 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," SMPC president and COO Maria Cristina C. Gotianun said.
Last year, the majority, or 65 percent of Semirara coal exports went to China; followed by South Korea, 27 percent; and Brunei, 4 percent. 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.
"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 a stable fuel supply amidst the challenging dynamics of the global market," Gotianun said.
Additionally, as of 27 December 2023, SMPC underwent a reclassification in its market sector.
Previously part of the Mining subsector of the Mining and Oil sector, SCC 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 SCC's revenue sources and business operations.
