Nickel Asia Corporation reported an 88% surge in net income for the first half of 2025, reaching PHP2.10 billion from PHP1.12 billion in the same period last year. The sudden surge is attributed to stronger saprolite export prices.
In a disclosure dated August 6, NAC said earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose to PHP4.59 billion from PHP2.96 billion year-on-year.
Revenues from saprolite and limonite ore increased by 36% to PHP10.59 billion from PHP7.79 billion. However, overall nickel ore shipments declined by 4% to 7.85 million wet metric tons (WMT), compared to 8.16 million WMT in the previous year. This was primarily due to unfavorable weather conditions.
The company saw a significant improvement in pricing, with the weighted average ore price rising by 44% to USD23.87 per WMT from USD16.60. Exports of saprolite and limonite ore totaled 3.92 million WMT at an average price of USD38.31 per WMT, which is up from 4.23 million WMT at USD21.95 per WMT in the first half of 2024. This reflects a 75% year-on-year increase in export prices.
Deliveries of limonite ore to the Coral Bay and Taganito high-pressure acid leach (HPAL) plants amounted to 3.93 million WMT. These were priced at an average of USD6.96 per pound of payable nickel, equivalent to USD9.43 per WMT, slightly lower than the USD7.94 per pound and USD10.84 per WMT figures posted in the same period last year.
Nickel Asia Corporation is the country’s largest producer of lateritic nickel ore, with seven operating mines across the Philippines.
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