Benguet Corp., the country’s oldest mining company, reported a strong earnings performance for the second quarter of 2025 as revenues and net income rose sharply on the back of higher production and sales.
The listed miner said consolidated revenues reached P1.1 billion in the April-to-June period, a 33% increase from P800 million in the same quarter last year. First-half 2025 revenues climbed to P2.1 billion, up 66% from P1.3 billion in the first six months of 2024.
After-tax net income for the second quarter stood at P371 million, a 72% jump from P215 million in the same period last year. For the first half, net income surged to P624 million, more than double the P268 million posted a year earlier.
Earnings per share amounted to P0.52 in the second quarter and P0.87 for the first half. The company’s operating margin also rose to 43%, compared to 29% a year earlier.
Management attributed the stronger performance to both efficiency gains and higher commodity output. “The improvement in the margins is a reflection of the effort to increase commodity production and sales volume while maintaining efficiency in operations,” the company said in a statement.
The results add to the company’s momentum from earlier this year when Benguet announced it had fully settled its decades-long debt, paving the way for diversification beyond its traditional mining business.
“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 said in a disclosure in March.
Currently, the Romualdez family-led firm operates a gold mine in Benguet, nickel mines in Zambales and a processing facility in Baguio City. Beyond mining, it has diversified into health care and diagnostics, logistics, industrial equipment trading, port services, shipping, real estate and lime kiln operations.
In December 2024, Benguet unveiled plans to further expand its portfolio to include agriculture, bulk water and renewable energy projects. “Now with improved creditworthiness and clean balance sheet, [Benguet] can resume capital market activities and engage investors in undertaking new projects and expansion of existing operations that will create new revenue streams for the company and will hopefully lead to future dividend payouts,” the company said.
Founded in 1903, Benguet is marking its 122nd year of operations. Management said its focus on sustainable growth has been key to its longevity, even as it continues to face volatility in global commodity prices and foreign exchange rates.
“Despite volatility in foreign exchange rates and commodity markets, Benguet continues to deliver solid operating results,” the company said.
With revenues already surpassing P2 billion in the first half and net income more than doubling year on year, Benguet said it is confident 2025 results will top last year’s performance.
“Moving forward, management is committed to further strengthening its operations, pursuing growth opportunities, and enhancing shareholder value,” the statement added.
