Nickel Asia Corporation (NAC) more than doubled its attributable net income to PHP 5.19 billion for the nine-month period ending September 30, 2025, from PHP 2.55 billion last year. This was driven by higher nickel ore prices and steady sales from its mining operations.
The company said EBITDA rose 64% to PHP 10.88 billion, reflecting robust revenues from its saprolite and limonite ore sales, which grew 41% to PHP 20.96 billion. NAC’s operating mines sold a total of 13.89 million wet metric tons (WMT) of nickel ore, which is slightly up from 13.57 million WMT a year earlier.
Average ore prices increased to USD 26.55 per WMT, while export prices surged 52% year-on-year to USD 37.52 per WMT. Deliveries to local processing plants reached 5.57 million WMT, maintaining stable domestic demand.
In its renewable energy portfolio, NAC’s subsidiary Emerging Power Inc. (EPI) recorded a 2% increase in generation to 171,279 MWh, operating at a capacity of 172 MW. EPI’s EBITDA, however, fell 16% to PHP 617 million due to lower spot market prices. The company said several large-scale solar projects are under development in Leyte, Zambales, Subic, and Bataan, which will expand its renewable capacity by over 400 MWp in the next two years.
NAC’s exploration arm, Cordillera Exploration Co. Inc., reported encouraging results from its Cordon Project in Isabela, confirming gold-bearing veins and porphyry copper-gold mineralization.
The company’s board also approved a special cash dividend of PHP 0.07 per share, payable on December 15, 2025, to shareholders of record as of November 28, 2025. This brings total dividends for the year to PHP 0.18 per share.
President and CEO Martin Antonio Zamora said the company expects nickel prices to stay elevated amid tight supply and Indonesia’s stricter mining policies. “The positive results from our exploration further strengthen our diversification into copper and gold, while our renewable energy projects drive additional growth,” he said.
Do you think Nickel Asia’s expansion into renewables and exploration will keep its growth sustainable amidst global price shifts?
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