Benguet’s first-half profit jumps 52%

Benguet Corp. saw its bottom line jump by more than half in the first six months, as higher metal prices and stronger output pushed revenues past P3 billion.

In its quarterly report, the mining company said its net income reached P948.76 million from January to June, up 52.1 percent from P623.87 million in the same period last year.

Also, revenues surged by 44.4 percent to P3.1 billion from P2.15 billion a year earlier, buoyed by higher gold prices, a recovery in nickel prices and increased volumes in both segments.

Benguet’s gold business contributed P1.2 billion in revenues, more than double the P548.7 million recorded in the same period in 2025.

The firm sold 4,209.95 ounces of gold at an average price of $4,686.55 per ounce in the first half.

This was higher than the 3,122.98 ounces sold at an average price of $3,080.45 per ounce in the same period last year.

Benguet also exported 763,129 tons of nickel ore valued at P1.8 billion in the first half, up from 709,170 tons valued at P1.5 billion in the same period in 2025.

All of the company’s nickel ore sales during the period were shipped to China and Indonesia.

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Nickel ore was sold at an average price of $40.20 per ton in the first semester of 2026, higher than $37.62 per ton in the same period last year.

Benguet’s profit growth came despite higher costs, with total costs and operating expenses reaching P1.93 billion, up 42.3 percent from P1.36 billion.

Costs of mine products sold increased to P777.6 million from P544.9 million, while selling and general expenses climbed to P766.9 million from P587.3 million.

Still, revenue growth outpaced the rise in expenses, lifting Benguet’s income from operations by 47.9 percent to P1.17 billion from P791.6 million.