Apex Mining shares rise on earnings, higher dividend

SHARES of Apex Mining Co., Inc. rose week on week after the company reported higher earnings and increased its dividend payout, an analyst said.

Data from the Philippine Stock Exchange (PSE) showed that Apex Mining was the ninth most traded stock by value last week, with 53.52 million shares worth P739.59 million changing hands as of Friday.

The stock closed at P14.40, up 2.9% from P14.00 in the previous week. This outperformed the mining sector’s 1.4% decline and the Philippine Stock Exchange index’s (PSEi) 0.8% drop.

Year to date, the stock has risen 15.8% from its P12.44 close on the last trading day of 2025. This gain also exceeded the mining sector’s 4.7% increase and the PSEi’s 1.3% decline.

Luis A. Limlingan, head of sales at Regina Capital Development Corp., said Apex Mining’s strong earnings for 2025, as reported in its annual report released last week, supported the rise in its share price.

The company reported a 33.9% increase in full-year earnings to P18.71 billion from P13.37 billion in 2024.

Attributable net income rose 77.2% to P7.66 billion from P4.33 billion a year earlier.

Mr. Limlingan said the company’s performance last year may have been driven mainly by gold prices reaching an all-time high during the period.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that the country’s gold holdings reached a record $18.578 billion at end-2025, rising 68.8% from $11.006 billion at the end of 2024.

Gold prices reached an all-time high of $4,549.92 per ounce in December, while spot silver also hit a record high of $64.64 per ounce during the same month, Reuters reported.

“Even though APEX Mining sold fewer ounces of gold, it earned much more per ounce, driven by all-time-high gold prices, thereby boosting revenue… when metal prices rise, more income flows directly to profit,” Mr. Limlingan said.

A separate company disclosure showed that Apex Mining sold 100,425 ounces of gold in 2025, 4% lower than the previous year, but at a price 45% higher at $3,531 per ounce.

Mr. Limlingan added that the company’s recently raised dividend payout may have also been welcomed by the market last week.

On March 17, Apex Mining said it doubled its cash dividend rate to 20% of consolidated net income, to be taken from unrestricted retained earnings.

Luis R. Sarmiento, president and chief executive officer of the company, said in the announcement that the increase “manifests the company’s commitment to continuously provide value to its shareholders.”

He added that the company’s expansion plans are “proceeding smoothly” despite uncertainties seen around the globe.

Mr. Limlingan said the stock showed “heightened volatility,” as profit taking followed after “gold prices pulled back from recent highs amid expectations of potential rate hikes.”

BSP Governor Eli Remolona, Jr. recently signaled the central bank’s focus on managing the impact of oil price shocks.

He affirmed the possibility of oil reaching $200 per barrel, saying that the BSP would be “forced to tighten [its policy] if that happens.”

The central bank recently held an off-cycle meeting and kept its key policy rates unchanged. Its next meeting is scheduled on April 23.

Despite the volatility, Mr. Limlingan said the stock is expected to continue tracking gold prices, with its near-term direction “commodity driven.”

For the next trading week, he placed immediate support at P14.00 and resistance at P15.40. — Matthew Miguel L. Castillo