August 17, 2022 | 00:00
MANILA, Philippines – Apex Mining Co. Inc. reported a 220% increase in its consolidated net profit in the first half of the year to 1.57 billion pesos, thanks to higher production.
In a financial report to the Philippine Stock Exchange on Monday, Apex said consolidated net profit for the second quarter of the year reached 917.6 million pesos, an increase of 337% from 209.9 million pesos. at the same time last year.
“This consolidated quarterly net profit is an all-time high for Apex Mining,” said company president and CEO Luis Sarmiento.
“We are constantly looking to maximize revenue through increased production and minimize costs through prudent spending,” he said.
Apex Mining said total revenue for the first half hit a record high of 4.77 billion pesos, up 54 percent from the same period last year.
Gold sales rose 39% to 46,257 ounces from 33,336 ounces a year ago.
Average realized gold prices also rose 7% to $1,901 per ounce. Silver sales increased 10% to 190,434 ounces.
Mill throughput at the company’s Maco mine increased 19% to 392,146 tonnes.
“Higher tonnage, ore grade and recovery rate resulted in gold production volume of 43,748 ounces, 45% higher than the 30,189 ounces produced in the same period a year ago” , the company said.
The Sangilo mine produced a total of 3,836 ounces of gold during the first half, higher than the 2,001 ounces recorded during the first half of 2021.
In March, Prime Strategic Holdings Inc., led by Razon, completed its tender offer for shares of Apex Mining. She now directly and indirectly owns 3.41 billion common shares, or 54.75% of Apex.