Nickel Asia Corp., a leading player in the Philippines’ natural resources sector, reported its audited financial results for 2024, revealing a net income of P1.52 billion.
The 2024 results included a P1.55 billion provision for the company’s geothermal venture in Naujan, Oriental Mindoro, through its subsidiary, Mindoro Geothermal Power Corp. Excluding this provision, Nickel Asia said attributable net income stood at P3.07 billion, a decrease from the previous year’s P3.75 billion.
The mining company said revenue from ore sales decreased by 8.5 percent to P19.56 billion compared with P21.38 billion in 2023. However, a strong recovery in the second half of the year, fueled by increased demand from Indonesia, mitigated the earlier downturn. Ore sales to Indonesia accounted for one-third of the company’s exports. Earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled P8.79 billion, down from P10.90 billion in 2023.
The weighted average price for nickel ore dropped by 14 percent, to USD20.04 per Wet Metric Tonne (WMT) from USD23.30 per WMT the prior year. Despite this, Nickel Asia managed a 2.8 percent increase in its realized exchange rate, bringing it to P57.36 per US dollar.
In terms of production, Nickel Asia sold 17.02 million WMT of nickel ore, reflecting a 3.5 percent year-on-year increase. However, losses from the company’s equity stake in two high-pressure acid leach (HPAL) plants decreased, reaching P897.93 million from P1.04 billion the previous year.
In parallel with its mining operations, Nickel Asia said that its renewable energy arm, Emerging Power, Inc. (EPI), is making significant strides. EPI’s solar projects, including the 145-megawatt-peak Subic-Cawag solar plant and the ongoing Leyte solar venture, are expected to add over 400-MWp of capacity by the end of 2025, with plans to reach over 800-MWp by 2026.
On January 31, Nickel Asia completed the sale of its 15.625 percent stake in Coral Bay Nickel Corporation (CBNC), a move aimed at strengthening its financial position and redirecting focus towards core projects in solar and upstream mining.
Nickel Asia said the 2025 outlook remains positive, with continued demand for nickel and critical minerals expected to support growth. Nickel Asia chief executive officer Martin Antonio G. Zamora emphasized the company’s focus on optimizing operations and expanding its footprint in both solar energy and nickel mining, positioning Nickel Asia to benefit from the global transition to cleaner energy.
