Listed miner Benguet Corp. posted P2.4 billion in audited revenue in 2024, compared to the previous year’s revenue of P2.5 billion.
The company said after tax net income in 2024 amounted to P436 million, lower than the P554 million earned in 2023. Management said this is the effect of debt settlement.
It said despite lower nickel sales in 2024, Benguet continued to show strong operating results, with its Acupan mine contributing significantly from its gold output.
The 16-percent slump in nickel prices was offset by the 24-percent jump in gold prices year-on-year. The rationalization program initiated in Acupan in 2024 led to the positive performance of the gold operation.
The appreciation of the US dollar against the peso also boosted the performance of the company last year. Total equity rose to P9.14 billion from P8.37 billion a year ago.
“As gold prices continued to soar, breaching the $3,000 per oz level this year, Benguet is positive that 2025 will surpass the 2024 operating results,” the company said in a statement.
“Looking forward, after having fully settled its long outstanding debt, the management is poised to undertake diversification strategies and to continue to improve shareholders value,” Benguet Corp. said.