Despite weaker nickel prices and an 8.5% drop in ore sales revenue, Nickel Asia Corporation (NAC) maintained profitability, posting a net income of P1.52 billion for 2024. This figure includes a P1.55 billion provision for its geothermal project in Naujan, Oriental Mindoro. Excluding this provision, NAC’s adjusted net income stood at P3.07 billion, reflecting an 18.1% decline from P3.75 billion in 2023.
The company’s strategic divestment from Coral Bay Nickel Corporation, alongside expanded mining operations and a growing renewable energy portfolio, signals a long-term shift toward sustainable growth. NAC ramped up ore shipments, with total volume increasing to 17.02 million WMT, a 3.5% rise from 16.45 million WMT in 2023. However, the weighted average price for nickel ore fell by 14% to $20.04 per WMT from $23.30 per WMT in the previous year.
Nickel ore sales revenue dropped to P19.56 billion in 2024, down from P21.38 billion in 2023. Demand from Indonesia helped drive a revenue recovery in the second half of the year after sales declined by 16% in the first half. NAC also reported a reduced loss of P897.93 million from its equity share in two High-Pressure Acid Leach (HPAL) plants, improving from a P1.04 billion loss in 2023.
The company continued expanding its mining operations with new shipments from the Manicani mine in Eastern Samar and the South Upper Guintalunan mine in Palawan. It also increased production at the Dinapigue mine in Isabela and began exploratory drilling at the Marian Project for a potential copper-gold deposit. These efforts align with NAC’s strategy to strengthen its upstream mining operations and secure future mineral production.
NAC’s renewable energy subsidiary, Emerging Power Inc. (EPI), remains on track to achieve its 1-GW installed capacity target by 2028. NAC President and CEO Martin Antonio G. Zamora highlighted the company’s focus on balancing mining and renewable investments. He emphasized that the growing demand for nickel and other critical minerals, along with the global shift to cleaner energy, presents a unique opportunity for NAC to support both industries.
To streamline its portfolio, NAC completed the sale of its 15.625% minority stake in Coral Bay Nickel Corporation. The divestment was made at its carrying value as of September 30, 2024. This move is part of NAC’s effort to refocus capital on mining and renewable energy, particularly solar projects.
The NAC Board of Directors declared a cash dividend of P0.11 per share, including a special dividend of P0.04 per share. The dividend will be payable on March 26, 2025, to shareholders of record as of March 13, 2025.
NAC remains committed to expanding its core operations and renewable energy ventures despite market challenges. The company aims to sustain strong nickel ore shipments, accelerate copper-gold exploration, and push forward with EPI’s renewable energy goals. With a strategy focused on resource sustainability and energy transition, NAC is positioning itself for long-term growth in the mining and clean energy sectors.
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