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Apex Mining Company Inc.

Apex Mining Group Reports 35% Increase in Net Income to P1.89 Billion

Strategic Insights

— 2 min read

The Apex Mining Group posted a significant increase in its consolidated net income for the first half of the year, reaching P1.89 billion, a 35% surge from last year's P1.4 billion. The company attributed this growth to the rise in realized gold price, gold ounces sold, and the depreciation of the peso against the dollar. The group's consolidated gross revenues from gold and silver sales reached P6.94 billion, a 22% increase from the previous year's P5.69 billion.

Key Takeaways:

  • Apex Mining Group's consolidated net income for the first half of the year reached P1.89 billion, a 35% increase from last year's P1.4 billion.
  • The company attributed the growth to the rise in realized gold price, gold ounces sold, and the depreciation of the peso against the dollar.
  • Quarter on quarter, the consolidated net income in the second quarter reached P1.03 billion, higher than last year's P848.26 million.
  • Apex Mining's operating mines include the Maco Mine in Maco, Davao de Oro, and Sangilo Mine in Itogon, Benguet, which produced and sold 52,993 ounces of gold in the first half.
  • Silver production and sale reached 176,838 ounces, a 1% increase from the previous year's 175,569 oz.
  • Realized price per ounce of gold in the first half was $2,264, up 16% from last year's $1,953.
  • Apex Mining Co. Inc., the parent company, recorded a net income of P1.84 billion from January to June, a 36% increase from last year's net income of P1.35 billion.
  • The company's Maco Mine milled 426,396 tons of ore in the first half, with a gold recovery rate of 85.8%, down from last year's 87.34%.
  • Apex Mining's first-half spending under its Social Development Management Program reached P53.7 million, which includes medical missions, psycho-social interventions, and full scholarships for 40 children orphaned by the landslide.

Statistics:

  • P1.89 billion: consolidated net income for the first half of the year
  • P1.4 billion: consolidated net income last year
  • 35%: percentage increase in consolidated net income
  • P1.03 billion: consolidated net income in the second quarter
  • P848.26 million: consolidated net income in the same quarter last year
  • 52,993 oz: gold ounces sold by Apex Mining's operating mines in the first half
  • 176,838 oz: silver production and sale in the first half
  • $2,264: realized price per ounce of gold in the first half
  • 16%: percentage increase in realized gold price
  • P1.84 billion: net income of Apex Mining Co. Inc. from January to June
  • 36%: percentage increase in net income
  • P53.7 million: first-half spending under Apex Mining's Social Development Management Program
  • 426,396 tons: ore milled by Maco Mine in the first half
  • 85.8%: gold recovery rate in the first half

Sources:

  • "Apex Mining Group reports 35% increase in net income to P1.89 billion" (BusinessWorld)
  • "Apex Mining's consolidated gross revenues reach P6.94 billion" (BusinessWorld)
  • "Apex Mining's operating mines produce 52,993 ounces of gold in first half" (BusinessWorld)
  • "Realized price per ounce of gold up 16% to $2,264" (BusinessWorld)
  • "Apex Mining Co. Inc. records P1.84 billion net income in first half" (BusinessWorld)
  • "Apex Mining's first-half spending under Social Development Management Program reaches P53.7 million" (BusinessWorld)

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