Nickel Asia Corp. (NAC) recorded a 53 percent slump in its attributable net income in 2023 at P3.7 billion from P7.9 billion in 2022.
The company said the decline was driven by lower nickel ore prices due to the increase in Indonesian nickel production.
NAC said revenues from the sale of ore also declined by 16 percent to P21.4 billion from P25.5 billion in the same period in 2022.
In terms of volume, operating mines sold a combined 16.5 million wet metric tons (WMT) of nickel ore, an improvement of 3 percent compared to the same period the year prior.
NAC said weighted average nickel ore sales price in 2023 also decreased by 20 percent to $23.30 per WMT from $29.17 per WMT in 2022.
Martin Antonio Zamora, NAC president and chief executive officer, said despite the challenges in the global nickel industry, the company remains on track to become an environmental, social and governance investment and a top 25 company in the Philippine Stock Exchange by 2025.
“We are enthusiastic about three promising nickel projects, namely Dinapigue, Bulanjao and Manicani, scheduled to either ramp up or kick off this year. Together, they are poised to significantly bolster our nickel ore sales volumes in the coming years,” Zamora said.
