Nickel Asia Corp. registered an attributable net income of Php 7.93 billion in 2022, a slight increase from the previous year amid higher nickel prices offsetting lower production.
In a disclosure to the Philippine Stock Exchange (PSE), Nickel Asia noted a 1.5% rise in its net income from 2021’s Php 7.81 billion.
Its earnings before interest, tax, depreciation and amortization (EBITDA) was at Php 14.31 billion, a 0.8% drop from Php 14.42 billion in the previous year.
Nickel Asia’s nickel ore sales volume went down by 11% to 15.94 million wet metric tons (WMT) from 17.94 million WMT in 2021.
“Despite the inclement weather that affected our nickel mining business, 2022 remained a good year for NAC with prices for the metal buoyed by high demand,” Nickel Asia president and CEO Antonio Zamora said in a statement.
The company’s revenue, however, increased by two percent to Php 28.03 billion from Php 27.40 billion in 2021.
“The gains we made in 2022 show that we remain committed to our ambitious 2025 target of becoming the premier ESG investment in the country and top 25 in market capitalization of the listed companies in the Philippine Stock Exchange. This year will be no different as we continue to build a strong foundation to achieve our goals,” Zamora added.
Sales-wise, Nickel Asia was able to export 8.15 million WMT of saprolite and limonite ore to Japanese and Chinese customers at a weighted average price of $39.39 per WMT.
It also delivered 7.79 million WMT worth of limonite ore to the Coral Bay and Taganito High-Pressure Acid Leach (HPAL) plants and realized an average price of $39.39/WMT.
