Coal mining company remits P16B in royalties to gov’t

SEMIRARA Mining and Power Corp. (SMPC) chairman Isidro Consunji said the listed company’s remittance to the government as royalties in 2022 surged by 151 percent to nearly P16 billion.

During SMPC’s virtual annual stockholders’ meeting Tuesday, Consunji said the firm posted its highest remittance to the government and host communities in

2022 for the past 25 years.

The SMPC remitted P5.9 billion in royalties to the government in 2021.

“Because of our alltime high coal revenues, government share surged by 151 percent to nearly P16 billion, the highest ever contributed by our company to the national government and our host communities,” Consunji said.

He reported that SMPC’s consolidated revenues last year increased by 74 percent to P91.1 billion from P52.4 billion in 2021, while net income also surged by 146 percent to P39.9 billion from P16.2 billion in the same comparable period.

Likewise, the firm’s operating cash flow almost doubled to P40.8 billion in 2022, also a record-high for SMPC in the past 25 years come and learn from her.

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Editor: GILBERT Y. CHAO