Nickel Asia Corp. on Tuesday reported net income of P7.93 billion in 2022, a 15 percent rise from only P7.81 billion the previous year, despite lower sales volume.
Its nickel ore sales fell 11 percent to 15.94 million wet metric tons from the previous year’s 17.94 MT.
Revenues increased by 2 percent year-on-year to P28.03 billion from P27.4 billion in 2021 as nickel ore sold slightly higher to $29.17 per WMT from $29.13 per WMT.
The business exported 8.15 million WMT of saprolite and limonite ore to Japanese and Chinese customers at the weighted average price of $39.39 per WMT during the year, compared to 10.79 million WMT at $40.40 per WMT last year.
Nickel Asia delivered 7.79 million WMT of limonite ore to the Coral Bay and the Taganito high pressure acid leach (HPAL) plants, the prices of which are linked to the London Metal Exchange (LME) platform and realized an average price of $11.64 per pound of payable nickel.
This compares against 7.14 million WMT at $8.35 per pound of payable nickel in 2021. Expressed in US dollar per WMT, deliveries to the two HPAL plants generated $18.72 and $12.03 in 2022 and 2021, respectively.
As a result of higher LME prices, Nickel Asia recognized gains from its equity share in the two HPAL plants the combined amount of P942.1 million in 2022, a 69 percent increase compared to P557.9 million the previous year.
The realized exchange rate for ore sales was P54.90 compared to P49.48 the year prior.
Total operating cash cost was almost the same year-on-year at P12.25 billion. On a per WMT of ore sold basis, total operating cash costs increased to P769 per WMT compared to P683 per WMT the previous year, the company said.
