Apex Mining Co. Inc. booked a 28 percent improvement in net income in 2019 to P306 million from P239 million in 2018 due to better metal prices in the world market.
Apex posted a record revenue of P5 billion in 2019, 6 percent higher than the previous year’s P4.7 billion as metal prices averaged at $1,389 per ounce for gold from $1,260 and $16.14 per ounce for silver from $15.49, the highest in recent years.
Despite good prices, Apex Mining booked lower sales of gold to 64,763 ounces in 2019, down 2 percent from 2018’s 66,053 oz.
Sale of silver went up 22 percent to 369,616 grams from 303,385 grams.
“The strengthening of the metal prices towards the latter part of the year, with gold breaking above $1,500 per ounce and silver reaching $17 per ounce, somewhat offset our lower production,” said Luis Sarmiento, Apex president and chief executive officer.
Milling throughput of Maco mine reached 711,788 tons in 2019 with a daily average of 2,063 tons which bested 2018’s record of 609,604 tons or 1,789 tons per day. Mill recovery was at its highest at 85.5 percent compared to the 84.8 percent record established in 2018.
However, ore grade was lower in 2019, averaging at 3.19 grams of gold per ton and 20.47 grams of silver per ton, compared to 4.25 grams and 24.80 grams, respectively, a year ago.
“We could have produced more gold ounces this year were it not for the lower ore grade which we had to contend with passing through the lower grade zones of the Maco mine in the first half of the year. The higher milling tonnage and recovery rates helped in minimizing the reduction in gold output while at the same time increasing our silver production,” Sarmiento added.
AllHome Corp. said profit for last year amounted to P1.1 billion, up 105.3 percent from P511.4 million the prior year.
Total revenues grew 68 percent to P12.1 billion, from P7.2 billion in 2018.
“Together with AllHome’s debut in the stock market, 2019 was a milestone for the Company also in terms of operations as we registered strong growth in both topline and bottomline numbers for the year,” said Manuel Villar Jr., AllHome chairman.
“We are very pleased with the Company’s solid performance in achieving our full year target. As we have previously mentioned, the home improvement industry in the Philippines is still underpenetrated and we are taking advantage of such by aggressively opening AllHome to more locations across the country,” he added.
AllHome listed with the Philippine Stock Exchange via an initial public offering in October last year.
Benjamarie Therese Serrano, AllHome president, said the company added 22 new stores to its store network, to close 2019 with 45.
“Our 45 stores are composed of 22 large mall-based, 10 large free-standing and 13 specialty stores,” she said.
AllHome closed the year with assets of P19.7 billion, up 140.24 percent from P8.2 billion in end-2018.
