Benguet income Triples

MANILA, Philippines — Listed Benguet Corp. tripled its net income in 2021 to P1.4 billion, driven by higher metal prices and favorable market conditions.

In a disclosure to the Philippine Stock Exchange yesterday, Benguet Corp. said its income is higher than the P381 million income in 2020.

Similarly, revenues also doubled to P3.8 billion from P1.6 billion the previous year.

“Nickel operations under Benguetcorp Resources Management Corp. accounted for 72 percent of the revenue,” the company said.

In contrast, gold operations accounted for 25 percent of the company’s revenues, while limestone operations and healthcare business contributed three percent.

Operating income also soared nearly five times to P1.6 billion from P340 million in the year before.

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

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

Benguet is mainly involved in the production and marketing of gold, nickel laterite ore and limestone.