Benguet Corp. announced on Thursday that its audited financial statement for 2024 revealed a decline in net income to P436 million, down from P554 million in 2023. The drop was largely attributed to the mining company’s debt settlement.
Revenue also slipped to P2.4 billion from P2.5 billion in 2023, partly due to a 16 percent decrease in nickel prices. However, this decline was partially offset by a 24 percent increase in gold prices last year compared to 2023 levels.
The company highlighted the impact of its rationalization program at the Acupan mine in 2024 and the appreciation of the US dollar against the Philippine peso, which both contributed positively to its gold operations.
Despite the decline in overall net income, Benguet remains optimistic, expecting to surpass its 2024 operating results as gold prices continue to soar, recently breaching the USD3,000 per ounce mark.
The company also emphasized that settling its long-standing debt provides it with greater flexibility to pursue diversification strategies and improve shareholder value.