Apex Mining Group conveyed a favorable outcome for the first half of the year as its consolidated net income increased by 35% or Php 492.3 million, from Php 1.40 billion in the same period in 2023 to Php 1.89 billion in 2024.
The increase, according to Apex, was due to the jump in the realized gold price, the sales of gold ounces, and the Peso’s depreciation versus US Dollar.
While the gross revenue from the sales by Apex Mining and Itogon-Suyoc Resources, Inc., one of its subsidiaries, increased by over 22% annually during the reference period, from Php 5.69 billion to Php 6.94 billion, gross expenditure decreased by 14% annually, to Php 4.256 billion from Php 3.729 billion.
“The Apex Mining group derives its revenues from the sale gold and silver,” said the firm in a statement.
Additionally, the operating mines of Apex Mining produced and sold around 52,993 oz. of gold in the first half of this year, 4% higher than that of 2023’s 50,796 oz.
Meanwhile, the silver production and sales had reached 176,838 oz, 1% higher than 2023’s 175,569 oz.
The mining company also revealed that, in the first half of 2024, the realized price of silver grew by 13% to USD 26.86 from USD 23.68, while the realized price of gold jumped by 16% from USD 1,953 to USD 2,264.
“The surge in realized gold price this year drove the revenues up in the first half of 2024,” said Apex.
Moreover, the parent company, Apex Mining Co., Inc. posted a robust net income of Php 1.84 billion in the first half of 2024, reflecting a significant 36% growth over the Php 1.35 billion net income recorded in the corresponding period of the previous year.
