Nickel Asia Corp. (NAC), the country’s largest nickel miner, reported a 148 percent surge in attributable net income for the first quarter of 2025, reaching ₱501.03 million from ₱202.38 million a year ago, driven by higher ore prices and a one-time gain from a strategic divestment.
In a disclosure on Thursday, NAC attributed the earnings growth to an ₱800 million gain from the sale of its 15.625 percent stake in Coral Bay Nickel Corp., alongside improved ore prices in the global market. Revenue from ore shipments rose 16 percent to ₱2.36 billion, even as sales volume dipped to 2.48 million wet metric tons (WMT) from 2.61 million WMT due to adverse weather. The company offset volume declines with an 18 percent increase in the average selling price per WMT, which climbed to USD16.40.
President and CEO Martin Antonio Zamora highlighted the company’s positive outlook, citing improving weather conditions and the ramp-up of operations at its Surigao, Manicani, and Dinapigue mines. Enhancements to shipping infrastructure at Dinapigue are also expected to improve operational efficiency.
Beyond mining, NAC is advancing its renewable energy ambitions through subsidiary Emerging Power Inc. (EPI). The group remains on track to reach its 1,000-MW capacity goal by 2028, with 120 MW from its Leyte Phase 1 solar project set to go online in the second half of 2025. Additional solar developments include the 145-MW Subic-Cawag project (targeted for 2026) and upcoming sites in Zambales and Bataan.
“We remain focused on scaling responsibly and maintaining strong performance amid evolving global market conditions,” Zamora said, noting continued investment in mining, renewables, and mineral exploration through Cordillera Exploration Co., Inc.
