Nickel Asia Corp. (NAC) recorded an 18- percent drop in its attributable net income in 2024 at P3.07 billion from P3.75 billion in 2023.
The company said in a statement on Thursday the drop was due to lower metal prices last year.
NAC said that if a P1.55-billion provision from its its geothermal investment in Naujan, Oriental
Mindoro was included, its attributable net income will only be at P1.52 billion for the year.
The company said that weighted average nickel ore price dropped 14 percent at $20.04 per wet metric ton (WMT) in 2024 from $23.30 per WMT in 2023 while the company also realized a foreign exchange rate of P57.36 per US dollar from ore sales in 2024, up by 2.8 percent from 2023’s P55.78 last year.
NAC’s operating mines sold a total of 17.02 million WMT of nickel ore in 2024, a 3.5 percent increase from 2023’s 16.45 million WMT.
Revenue from ore sales decreased by 8.5 percent in 2024 to P19.56 billion from P21.38 billion in 2023.
Despite the drop, the company expressed optimism about this year’s prospects. “The increasing demand for nickel and other critical minerals, as well as the global shift towards cleaner forms of energy, place us in a unique position to support both agendas. As we continue to grow, it is imperative for us to continuously enhance our processes and improve our operational efficiency,” said Martin Antonio Zamora, NAC president and chief executive officer.
