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Manila Bulletin devider Business devider Trade & Industry devider Semirara Mining H1 profit inches up as power unit offsets weaker coal business

Semirara Mining H1 profit inches up as power unit offsets weaker coal business

Published Aug 5, 2026 10:24 am
ONE of the coal pits of Semirara Mining and Power Corp. (SMPC), the country’s largest coal producer, in Caluya town, Antique province. (Tara Yap)
ONE of the coal pits of Semirara Mining and Power Corp. (SMPC), the country’s largest coal producer, in Caluya town, Antique province. (Tara Yap)

Consunji-led Semirara Mining and Power Corp. (SMPC) posted a two-percent increase in net income in the first six months of 2026 despite weaker earnings from its coal business.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, Aug. 5, SMPC said it posted a consolidated net income of ₱8.6 billion in the first half of the year. This was slightly higher than the ₱8.4 billion recorded in the same period last year.

Its second-quarter profit, on the other hand, increased by 17 percent to ₱4.8 billion from ₱4.1 billion in the same period last year due to better power plant availability and generation, as well as higher selling prices.

During the quarter, the company’s power sales rose nine percent to 1,563 gigawatt-hours (GWh) from 1,435 GWh, while the overall average selling price increased by 29 percent to ₱5.81 per kilowatt-hour (kWh), reflecting higher spot market prices. Spot market volumes accounted for 53 percent of total power sales, while the remaining 47 percent was sold through bilateral contracts.

As a result, SMPC’s power business contributed ₱4.6 billion in the second quarter, accounting for 96 percent of total earnings.

As of June 30, about 52 percent of the company’s 860-megawatt (MW) dependable capacity had been contracted, while 339.8 MW was allocated for spot market sales.

SMPC’s coal business, however, posted lower production and shipments, as well as higher fuel costs. It contributed ₱191 million, or four percent of total second-quarter earnings.

Coal output during the period fell 55 percent to 2.5 million metric tons (MMT) from 5.6 MMT, while shipments declined 13 percent to four MMT from 4.6 MMT. Stripping activities in the new Narra block and limited production at Acacia mine weighed on coal operations.

Despite this, the average selling price increased by 27 percent to ₱2,833 per metric ton (MT) from ₱2,223 per MT.

SMPC is set to end its coal operating contract in the Semirara coal mine by July 2027, while the Department of Energy (DOE) is looking to resume the competitive auction for the coal reserve within the year. - Gabriell Christel Galang

Related Tags

Semirara Mining and Power Corp. (SMPC) Coal mining
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