Benguet Corporation reported an audited revenue of P2.4 billion for 2024, slightly lower than its P2.5 billion revenue in 2023. Net income after tax stood at P436 million, down from P554 million in the previous year. This decline in profit was largely attributed to the effects of debt settlement.
Despite a decrease in nickel sales in 2024, Benguet exhibited strong operational performance, primarily driven by its Acupan Mine, which made substantial contributions to its gold production. The impact of a 16% drop in nickel prices was effectively offset by a 24% year-on-year surge in gold prices. Additionally, the company benefited from the appreciation of the US dollar against the Philippine peso, further enhancing its financial results.
The rationalization program launched at the Acupan Mine in 2024 played a pivotal role in bolstering the performance of its gold operations. As a result, Benguet’s total equity rose to P9.14 billion, a notable increase from P8.37 billion in 2023.
With gold prices soaring beyond $3,000 per ounce this year, Benguet remains optimistic about surpassing its 2024 operational achievements in 2025. The company is poised to continue delivering robust results and improving shareholder value through diversification strategies, following the successful settlement of its long-standing debt.
In a recent regular Board of Directors meeting, Benguet Corporation disclosed key decisions aimed at enhancing its growth trajectory. Notably, the Board approved an operating agreement with Asiga Mining Corporation, granting Benguet operational rights over Asiga’s 3,483-hectare claim holdings in Santiago, Agusan del Norte. This property holds significant gold and copper-molybdenum prospects, which align with Benguet’s strategy to explore new opportunities and strengthen its portfolio.
Looking ahead, Benguet Corporation is confident in its ability to build on its successes and sustain growth in an evolving market landscape.
