LISTED mining firm Benguet Corp. reported on Wednesday that its net income climbed more than three times to P1.4 billion in 2021 from the previous year’s P381 million due to strong metal prices and favorable market conditions.
“The substantial growth was largely driven by higher demand for raw materials as global economies recover from the pandemic. Clearly, despite restrictive quarantine and strict adherence to minimum health protocols, the company remained focused on its production targets and business goals,” the company said in a disclosure.
Revenues more than doubled to P3.8 billion in 2021 from P1.6 billion previously while operating income quadrupled to P1.6 billion from P340 million.
Nickel operations under BenguetCorp Resources Management Corp. accounted for 72% of the revenue, followed by gold operations at 25% while lime operations and the healthcare business at 3%.
Benguet Corp. is engaged in mining and mineral exploration, producing gold, silver, nickel ore and limestone. The company primarily operates mining projects in Benguet and Zambales.
Over the years, it invested in the development of the Balatoc tailings project and Surigao coal project. It continues to hold interest in the various projects, namely: Acupan gold, Ampucao gold-copper, Pantingan gold, Benguet oreline contract operation, and the Ilocos Norte and the Kalinga financial or technical assistance agreement (FTAA) prospects.
It also ventured in other businesses, including healthcare and diagnostics services through BenguetCorp Laboratories, Inc.; mining logistics through Arrow Freight Corp.; trading of industrial equipment and supplies through Benguetrade, Inc.; port services through Keystone Port Logistics and Management Services Corp.; and real estate development and lime production through BMC Forestry Corp.
At the stock exchange, Benguet Corp. shares surged 4.68% or 29 centavos to finish at P6.49 each on Wednesday. — Luisa Maria Jacinta C. Jocson