Listed mining firm Benguet Corporation posted a net income of Php1.4 billion in 2021, up over 3.6 times from Php381 million in 2020.
The company also registered a revenue of Php3.8 billion, more than twice last year’s Php 1.6 billion. Nickel operations under subsidiary Benguetcorp Resources Management Corporation accounted for 72% of the company’s revenue, while gold operations accounted for 25%, and operations for the remaining three percent.
Operating income, meanwhile, was at Php1.6 billion in 2021, almost five times its 2020 figure of Php340 million.
The company attributed its financial performance to “strong metal prices and favorable market conditions” throughout the year.
“Despite restrictive quarantine and strict adherence to minimum health protocols, the company remained focused on its production targets and business goals,” Benguet Corp. said in a statement.
