 Listed miner Benguet Corporation has approved the issuance of its 2024 audited financial statements. The key highlights include an audited revenue of P2.4 billion in 2024 as compared to the previous year's revenue of P2.5 billion. After tax net income in 2024 amounted of P436 million, lower than the P554 million earned in 2023. Management state that this is the effect of the debt settlement. 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% slump in nickel prices has been offsetted by the 24% jump in gold prices year-on-year. The rationalization program initiated in Acupan in 2024 is further instrumental for the positive performance of the gold operation. Appreciation of the US dollar against the peso likewise boosted the performance of the Company in 2024. Thus, its 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. 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. |
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