Management says the focus now is on diversification and long-term value creation after using 2024 to stabilize its balance sheet.
Outlook
“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,” it said in a stock exchange filing on Thursday.
“Looking forward, after having fully settled its long-outstanding debt, the management is poised to undertake diversification strategies and to continue to improve shareholder value,” it added.
2024 Results
The listed miner reported revenue of P2.4 billion, slightly down from P2.5 billion in 2023, while net income dropped to P436 million from P554 million, mainly due to debt settlement.
The company’s gold-rich Acupan mine in Itogon, Benguet played a key role, offsetting weaker nickel sales. Nickel prices fell by 16 percent during the year, but this was balanced by a 24 percent surge in gold prices.
A stronger US dollar also worked in Benguet’s favor, boosting its financial performance. The company’s total equity rose to P9.14 billion from P8.37 billion the year prior.
