Semirara Mining and Power (SCC) Q4 2024 earnings summary

Executive summary

• Net income and EPS declined 26% in Q4 and 30% for FY 2024, reflecting normalizing energy markets and weaker coal prices.

• Coal segment contributed 66% of Q4 and 57% of FY earnings, with power segment share rising to 43% for the year.

• Record-high coal shipments (16.5 MMT) and production (16 MMT) achieved for the third consecutive year.

• Acquired a 10% indirect stake in Cemex Holdings Philippines in December 2024.

Financial highlights

• Q4 net income: Php 3.92 bn (-26% YoY); FY net income: Php 19.63 bn (-30% YoY); ROE at 33%.

• Q4 revenues: Php 15.52 bn (-25% YoY); FY revenues: Php 65.19 bn (-15% YoY).

• Q4 core EBITDA: Php 6.19 bn (-21% YoY); FY core EBITDA: Php 27.75 bn (-22% YoY).

• Q4 cash costs fell 28% YoY; FY cash costs down 9% YoY.

• Debt reduced to Php 2.6 bn (-61% YoY); ending cash balance at Php 9.5 bn (-50% YoY).

Outlook and guidance

• 2025 coal production and shipment target: 16 MMT, with 61% domestic and 39% export mix.

• Income tax holiday for Narra Mine extended to May 2025, with potential for one more year.

• Power segment targets 30% contracted capacity of 840 MW, with planned outages scheduled for 2025.

• Market expects continued pressure on coal and power prices due to global oversupply and rising baseload capacity.