Benguet Corp. income up 267% on high metal prices

Benguet Corp. reported its consolidated net income reached P1.4 billion in 2021, with high metal prices and favorable market conditions boosting profitability.

In a disclosure to the Philippine Stock Exchange, the listed miner said the figure was significantly higher than the P381.4 million recorded the year prior.

Its operating net income reached P1.6 billion, nearly five times higher than the P340 million previously, while revenues more than doubled to P3.8 billion from P1.6 billion.

Benguet said its finances improved due to “strong metal prices and favorable market conditions that prevailed throughout the year.”

Nickel operations under Benguetcorp Resources Management Corp. accounted for 72 percent of revenues.

Gold contributed 25 percent, while the remaining 3 percent came from the company’s lime operations and health-care business.

“The substantial growth was largely driven by higher demand for raw materials as global economies recover from the pandemic,” Benguet said.

“Clearly, despite restrictive quarantine and strict adherence to minimum health protocols, the company remained focused on its production targets and business goals,” it added.

Based on its website, Benguet is the oldest mining company in the Philippines.

Aside from mining and mineral exploration, the firm is also into health care and diagnostics services, mining logistics, trading of industrial equipment and supplies, port services and real estate development and lime production through various subsidiaries.