Listed mining firm Benguet Corporation is forecasting a robust financial performance in 2025, buoyed by surging gold prices that have already breached the $3,000 per ounce mark this year. In a recent disclosure to the Philippine Stock Exchange (PSE), the company expressed optimism about surpassing its 2024 operating results while outlining plans to diversify and enhance shareholder value.
“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,” the mining firm stated. The company also highlighted its newly strengthened financial position, noting, “Looking forward, after having fully settled its long outstanding debt, the management is poised to undertake diversification strategies and to continue to improve shareholders value.”
Benguet’s optimism comes despite a dip in its 2024 financials. The company reported a net income of P436 million for the year, a 21.3% decrease from the P554 million earned in 2023. Revenues also declined slightly to P2.4 billion from P2.5 billion the previous year.
According to the company’s SEC filing dated March 26, 2025, the drop in net income was attributed to the effects of its debt settlement, finalized in December 2024 through a mutual rescission agreement that rendered Benguet debt-free.
Despite lower nickel sales due to a 16% slump in nickel prices, Benguet’s Acupan mine played a pivotal role in sustaining its performance, contributing significantly through its gold output. This was bolstered by a 24% year-on-year increase in bold prices and a favorable exchange rate with the appreciation of the US dollar against the peso. These factors helped offset the nickel downturn, pushing the company’s total equity to P9.14 billion in 2024, up from P8.37 billion the previous year.
The company credited its rationalization program at the Acupan mine, initiated in 2024, for further enhancing its gold operations. With its debt now cleared and gold prices on an upward trajectory, Benguet is positioning itself for growth and diversification in the coming year.
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