Listed miner Benguet Corp. posted higher revenues in 2021 on the back of strong metal prices and favorable market condition that prevailed throughout the year.
Revenues surged over two times to P3.8 billion in 2021 from the previous year’s P1.6 billion. Operating income soared almost five times year-on-year from P340 million in 2020 to P1.6 billion in 2021, pushing income after tax to P1.4 billion, or over three times the previous year’s net income of P381 million.
Nickel operations under Benguetcorp Resources Management Corp. (formerly Benguetcorp Nickel Mines Inc.) accounted for 72 percent of the revenue. Gold operation provided 25 percent, while lime operations/healthcare business contributed 3 percent.
The substantial growth was driven by higher demand for raw materials as global economies recovered from the pandemic. The company said that despite restrictive quarantine and strict adherence to minimum health protocols, it remained focused on production targets and business goals.