Benguet Corp. Revenues up
LISTED MINER BENGUET CORPORATION rode higher in 2021 at the back of strong metal prices and favorable market conditions that prevailed throughout the year.
Revenue surged to P3.8 billion, over two times last year’s P1.6 billion.
Operating income soared almost five times year on year from P340 million in 2020 to P1.6 billion in 2021, pushing after tax income to P1.4 billion, over three times the previous year’s net income of P381 million.
Nickel operations under Benguetcorp Resources Management Corporation (formerly Benguetcorp Nickel Mines, Inc.) accounted for 72% of the revenue.
On the other hand, gold operation provided 25% of revenue, while lime operations/healthcare business contributed 3%.
The substantial growth was largely driven by higher demand for raw materials as global economies recover from the pandemic.
Clearly, despite restrictive quarantine and strict adherence to minimum health protocols, the Company remained focused on its production targets and business goals.
